Assume the same information as in QS 12-14 except that the Equipment was sold for $85,000 on April 1, 2014. Prepare the journal entry to record the final distribution ofcash.
Answer to relevant QuestionsFor each scenario below, recommend a form of business organization: sole proprietorship, partnership, or corporation. Along with each recommendation explain how business profits would be taxed if the form of organization ...The HR Partnership has total partners’ equity of $760,000, which is made up of Hall, Capital, $600,000 and Reynolds, Capital, $160,000. The partners share net incomes and losses in a ratio of 75% to Hall and 25% to ...Liam and Katano formed a partnership by investing $95,000 and $105,000 respectively. They agreed to share income based on an allocation to Liam of an annual salary allowance of $150,000, interest allowance to both Liam and ...Zeller, Acker, and Benton are partners with capital balances as follows: Zeller, $84,000; Acker, $69,000; and Benton, $147,000. The partners share incomes and losses in a 3:2:5 ratios. Dent is admitted to the partnership on ...On November 1, 2014, Harris, Davis, and Tallis formed a partnership by contributing $56,000 in cash, $91,000 of equipment, and a truck worth $42,000, respectively. The partners agreed to share profits and losses as follows: ...
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