On February 7, Al O’Toole sold his equity in the partnership to Bill Mays for $5,500. Al’s capital account had a $4,250 balance. Record the journal entry.
Answer to relevant QuestionsFrom the following capital balances, calculate the profit and loss ratio for each account:Billy Brown, Capital ........ $ 600Alex Jeter, Capital ......... 1,100Tim Pace, Capital ......... . 500L. Wade, V. Sadler, and E. Racca are partners with capital balances of $88,000, $83,000, and $69,000, respectively. Racca sells his interest in the company for $91,000 to P. Solvay. Wade and Sadler have consented to the new ...a. The partnership of Carol and Jack began with the partners investing $5,000 and $3,000, respectively. At the end of the first year, the partnership earned net income of $7,800. Under each of the following independent ...Large Corporation has capital stock of $7,800. Its Retained Earnings account has a $14,700 balance. Cash has a balance of $9,500. What is the total of stockholders’ equity for Large Corporation?Lenny Corporation was authorized to issue 27,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Lenny issues 6,200 shares at $17 on July 20, 201X:a. Common stock ...
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