On December 31, the capital balances and profit and loss ratios in the MRS Partnership are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, the capital balances and profit and loss ratios in the MRS Partnership are as follows Capital Profit and Partner Balance loss ratio B. McLaren $106,000 51% P. Ready 93,000 24% D. Symes 53,000 25% Assume Symes withdraws from the partnership on December 31 of the current year under each of the following independent conditions: Symes is paid $50,000 cash from partnership assets. Symes is paid $59,000 cash from partnership assets. McLaren and Ready agree to purchase Symes' equity by paying $27,500 each from their personal assets. Each purchaser receives 50% of Symes' equity. (a) (b) (c) Ready agrees to purchase all of Symes' equity by paying $60.000 cash from his personal assets. McLaren agrees to purchase all of Symes' equity by paying $48,000 cash from his personal assets. Symes withdraws $53,000 cash from the partnership. (d) (e) (f) No. Account Titles and Explanation Debit Credit (a) (b) D. Symes, Capital P. Ready, Capital Cash Income Summary B. McLaren, Capital (c) (d) (e) (f) > > > > > > > Part (a) D. Symes, Capital B. McLaren, Capital (a) (b) (c) (d) (e) (f) P. Ready, Capital Bal. Total equity %24 > > > Part (b) D. Symes, Capital B. McLaren, Capital (a) (b) P. Ready, Capital (d) (e) (f) Bal. Total equity <> > > %24 <> On December 31, the capital balances and profit and loss ratios in the MRS Partnership are as follows Capital Profit and Partner Balance loss ratio B. McLaren $106,000 51% P. Ready 93,000 24% D. Symes 53,000 25% Assume Symes withdraws from the partnership on December 31 of the current year under each of the following independent conditions: Symes is paid $50,000 cash from partnership assets. Symes is paid $59,000 cash from partnership assets. McLaren and Ready agree to purchase Symes' equity by paying $27,500 each from their personal assets. Each purchaser receives 50% of Symes' equity. (a) (b) (c) Ready agrees to purchase all of Symes' equity by paying $60.000 cash from his personal assets. McLaren agrees to purchase all of Symes' equity by paying $48,000 cash from his personal assets. Symes withdraws $53,000 cash from the partnership. (d) (e) (f) No. Account Titles and Explanation Debit Credit (a) (b) D. Symes, Capital P. Ready, Capital Cash Income Summary B. McLaren, Capital (c) (d) (e) (f) > > > > > > > Part (a) D. Symes, Capital B. McLaren, Capital (a) (b) (c) (d) (e) (f) P. Ready, Capital Bal. Total equity %24 > > > Part (b) D. Symes, Capital B. McLaren, Capital (a) (b) P. Ready, Capital (d) (e) (f) Bal. Total equity <> > > %24 <>
Expert Answer:
Answer rating: 100% (QA)
MRS Partnership Journal Enteries Part a Trans Particulars Debit in Credit in DSymes Capital a Symes ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
On December 31, the capital balances and profit and loss ratios in the VKD Company are as follows: Partner Capital Balance Profit and Loss Ratio B....
-
On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Antoni is withdrawing from the partnership. Instructions Journalize the withdrawal of Antoni under each...
-
On December 31, the capital balances and profit and loss ratios in VKD Company are as follows: Instructions Journalize the withdrawal of Dixon under each of the following independent assumptions: (a)...
-
What (if anything) is wrong with each of the following statements? a. if (a > b) then c = 0; b. if a > b { c = 0; } c. if (a > b) c = 0; d. if (a > b) c = 0 else b = 0;
-
Assume that the heights of female students are normally distributed with a mean given by = 64.2 in. and a standard deviation given by = 2.6 in. (based on data from a survey of college students)....
-
Mr. Dell has $120 in income this year and will have zero income next year. The expected return from investing in the stock market is 10 percent a year. Mr. Dell also has an investment...
-
Credit Card Use. Consider the following hypothetical bank data on consumers' use of credit card credit facilities in Table 11.3 . Create JMP data, and create a neural network like that used for the...
-
December 31, 20X5 Posey Company acquired 90% of Stargell Corporation's outstanding common stock for $1,116,900. On that date: ? The fair value of the noncontrolling interest was $124,100; ? Stargell...
-
On December 31, 2020, Sheridan Company had $1,303,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,400 shares of its common stock...
-
Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university, earning a salary of $152,000,...
-
Select a company or brand and write up your rationale for this selection . Submit the firm or organization in which you describe the business or brand you selected and explain briefly why you chose...
-
Employees in the United States are comfortable with commission- and incentive-based pay plans, whereas employees in Italy and Mexico prefer pay plans that are mo pay. Which of Hofstede's cultural...
-
An advantage of business games is that: they feature active learner involvement they stress the avoidance of competition both A and B none of the above
-
Calculate the treynor, sharpe, and jensen measures with a portfolio beta of 1.12 and a risk free rate of 2.90 Symbol Description AAPL Apple Inc ALA ALTAGAS INCOME TRUST AMC Entertainment Holdings...
-
Please give answer on urgent base Read the following case scenario and Prepare a 1,500 word financial report ASSIGNMENT SCENARIO: Faisal and Sarah are in their late 50's and considered themselves...
-
Find lim 0 2 sin(20) 1 - sin(0)
-
What is a fundamental characteristic of fund accounting for nonprofits?
-
According to a New York Times columnist, The estate tax affects a surprisingly small number of people. In 2003, . . . just 1.25 percent of all deaths resulted in taxable estates, with most of them...
-
Royal Bank of Canada is one of the largest banks in Canada. According to its 2014 annual report, it had approximately 78,000 employees serving 16 million customers throughout the world. The bank's...
-
Selected financial data for Shumway Ltd. are shown below. Instructions (a) Calculate for each of 2017 and 2016 the following ratios: 1. Receivables turnover 2. Collection period 3. Inventory turnover...
-
Refer to the information presented for King Corp. in P17-7B. Additional information: 1. Net sales for the year were $927,250. 2. Cost of goods sold for the year was $552,750. 3. Operating expenses,...
-
Initially, both legs of a mercury manometer are open to the atmosphere, and the mercury height in the left leg is \(40.0 \mathrm{~mm}\). You inflate a balloon until it has a surface area of \(0.300...
-
At an atmospheric pressure of \(1.00 \mathrm{~atm}\), the height of the liquid in the tube of a mercury barometer is \(760 \mathrm{~mm}\) only if you ignore capillary rise in the tube. Obtain an...
-
A hydrogen-filled balloon is used to lift a \(125-\mathrm{kg}\) stone off the ground. The basket holding the stone has a mass of \(15.0 \mathrm{~kg}\). What must the minimum radius \(R\) of the...
Study smarter with the SolutionInn App