. The January 1. 2020, balance sheet of the partnership of Linda Kingston and Jeannette Allen is...
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The January 1. 2020, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below. Liabilities and Capital Assets $ 20,000 180,000 Liabilities... Capital-Kingston Capital-Allen. ... $ 60,000 56,000 ..... Cash.... Other assets. 84,000 $200,000 Total liabilities and capital.. $200,000 Total assets The partnership reported revenues of $80.000 and expenses of $55,000 for 2020. Neither partner with- drew funds from the partnership during the year. Kingston invested $8,000 in the firm on June 28, 2020. Required Compute the December 31, 2020, capital balance for each partner under each of the following assumptions: The January 1. 2020, balance sheet of the partnership of Linda Kingston and Jeannette Allen is shown below. Liabilities and Capital Assets $ 20,000 180,000 Liabilities... Capital-Kingston Capital-Allen. ... $ 60,000 56,000 ..... Cash.... Other assets. 84,000 $200,000 Total liabilities and capital.. $200,000 Total assets The partnership reported revenues of $80.000 and expenses of $55,000 for 2020. Neither partner with- drew funds from the partnership during the year. Kingston invested $8,000 in the firm on June 28, 2020. Required Compute the December 31, 2020, capital balance for each partner under each of the following assumptions:
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ans a Kingston Allen Capital Jan 1 56000 84000 Investment 8000 0 Allocation of bas... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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