2. Andy and Bill's partnership has a credit balance in Income Summary at the end of...
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2. Andy and Bill's partnership has a credit balance in Income Summary at the end of the year. You are to close the Income Summary to the Capital accounts. The partnership agreement stipulates that profits and losses should be allocated based upon the capital ratios of each partner. Prepare the appropriate journal entry to close the Income Summary. 3. Andy and Bill admit a new partner, Catherine. Catherine will contribute $50,000 cash for a 25% share. Record the correct journal entry. 4. Assume the same facts as in 3 except: Andy and Bill admit a new partner, Catherine. Catherine will contribute $50,000 cash for a 20% share. Andy and Bill have agreed to split any bonus by 50/50. Record the correct journal entry. 5. Assume the same facts as in 3 except: Catherine will contribute $30,000 for a 40% share. Andy and Bill have agreed to split any bonus by 50/50. Record the correct journal entry. 6. Assume the following capital account balances. They are all credit balances. Capital Andy $82,500 Capital Bill $52,500 Capital Catherine $45,000 Bill desires to withdraw from the partnership. He agrees to receive $60,000 cash. The remaining partners have agree to split any bonus 50/50 between them. Record the correct journal entry. 7. Assume the following capital account balances. They are all credit balances. Capital Andy $82,500 Capital Bill $52,500 Capital Catherine $45,000 Bill desires to withdraw from the partnership. He agrees to receive $45,000 cash. The remaining the retrol Chapter 13 and 14 Homework problems 1. ABC Co. is authorized to issue 100,000 shares of $10 par common stock 3/15/2021 the company issues 20,000 shares in exchange for $25 per share 3/30/2021 the company declares a cash dividend of $2 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 10% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $50. 9/5 the company declares a cash dividend of 51 per share, payable 9/30 to shareholders of record dane 9/15 12/01 The company purchases 1000 shares of its own stock for $40 per share 6/30/2022 The company sells 500 shares of treasury stock for $50 per share 5/31/2023 The company sells 250 shares of treasury stock for $36 per share 9/30/2023 The company sells 250 shares of treasury stock for $28 per share. 2 ABC Co. is authorized to issue 500,000 shares of $10 par common stock. 3/15/2021 the company issues 100,000 shares in exchange for $30 per share 3/30/2021 the company declares a cash dividend of $1.50 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 5% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $40. 3/5 the company declares a cash dividend of $2 per share, payable 9/30 to shareholders of record date 9/15. 12/01 The company purchases 500 shares of its own stock for $60 per share 6/30/2022 The company sells 200 shares of treasury stock for $565 per share 5/31/2023 The company sells 200 shares of treasury stock for $56 per share. 3/30/2023 The company sells 100 shares of treasury stock for $30 per share. 3. ABC Co. is authorized to issue 10,000 shares of $10 par common stock. 3/15/2021 the company issues 4,000 shares in exchange for $80 per share 3/30/2021 the company declares a cash dividend of $.75 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 15% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $90. 9/5 the company declares a cash dividend of $1.25 per share, payable 9/30 to shareholders of reco date 9/15. 12/01 The company purchases 100 shares of its own stock for $100 per share 6/30/2022 The company sells 50 shares of treasury stock for $110 per share 5/31/2023 The company sells 25 shares of treasury stock for $92 per share 9/30/2023 The company sells 25 shares of treasury stock for $80 per share 2. Andy and Bill's partnership has a credit balance in Income Summary at the end of the year. You are to close the Income Summary to the Capital accounts. The partnership agreement stipulates that profits and losses should be allocated based upon the capital ratios of each partner. Prepare the appropriate journal entry to close the Income Summary. 3. Andy and Bill admit a new partner, Catherine. Catherine will contribute $50,000 cash for a 25% share. Record the correct journal entry. 4. Assume the same facts as in 3 except: Andy and Bill admit a new partner, Catherine. Catherine will contribute $50,000 cash for a 20% share. Andy and Bill have agreed to split any bonus by 50/50. Record the correct journal entry. 5. Assume the same facts as in 3 except: Catherine will contribute $30,000 for a 40% share. Andy and Bill have agreed to split any bonus by 50/50. Record the correct journal entry. 6. Assume the following capital account balances. They are all credit balances. Capital Andy $82,500 Capital Bill $52,500 Capital Catherine $45,000 Bill desires to withdraw from the partnership. He agrees to receive $60,000 cash. The remaining partners have agree to split any bonus 50/50 between them. Record the correct journal entry. 7. Assume the following capital account balances. They are all credit balances. Capital Andy $82,500 Capital Bill $52,500 Capital Catherine $45,000 Bill desires to withdraw from the partnership. He agrees to receive $45,000 cash. The remaining the retrol Chapter 13 and 14 Homework problems 1. ABC Co. is authorized to issue 100,000 shares of $10 par common stock 3/15/2021 the company issues 20,000 shares in exchange for $25 per share 3/30/2021 the company declares a cash dividend of $2 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 10% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $50. 9/5 the company declares a cash dividend of 51 per share, payable 9/30 to shareholders of record dane 9/15 12/01 The company purchases 1000 shares of its own stock for $40 per share 6/30/2022 The company sells 500 shares of treasury stock for $50 per share 5/31/2023 The company sells 250 shares of treasury stock for $36 per share 9/30/2023 The company sells 250 shares of treasury stock for $28 per share. 2 ABC Co. is authorized to issue 500,000 shares of $10 par common stock. 3/15/2021 the company issues 100,000 shares in exchange for $30 per share 3/30/2021 the company declares a cash dividend of $1.50 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 5% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $40. 3/5 the company declares a cash dividend of $2 per share, payable 9/30 to shareholders of record date 9/15. 12/01 The company purchases 500 shares of its own stock for $60 per share 6/30/2022 The company sells 200 shares of treasury stock for $565 per share 5/31/2023 The company sells 200 shares of treasury stock for $56 per share. 3/30/2023 The company sells 100 shares of treasury stock for $30 per share. 3. ABC Co. is authorized to issue 10,000 shares of $10 par common stock. 3/15/2021 the company issues 4,000 shares in exchange for $80 per share 3/30/2021 the company declares a cash dividend of $.75 per share, payable 4/30 to shareholders of record date 4/15. 6/15/2021 The company declares a 15% stock dividend, distributable 7/15/2021 to shareholders of record date 7/1. The market price of the stock is $90. 9/5 the company declares a cash dividend of $1.25 per share, payable 9/30 to shareholders of reco date 9/15. 12/01 The company purchases 100 shares of its own stock for $100 per share 6/30/2022 The company sells 50 shares of treasury stock for $110 per share 5/31/2023 The company sells 25 shares of treasury stock for $92 per share 9/30/2023 The company sells 25 shares of treasury stock for $80 per share
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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