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Accounting 5th Edition Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones - Solutions

E13-8 Gene Shattler, Inc.. has the following selected account balances at June 30, 20X2. Prepare the stockholders' equity section of the company's balance sheet. Common stock, no par with $1 stated value. 100,000 shares authorized and issued Accumulated depreciation- machinery and equipment.
E13-9 Qualcomm Communications has the following stockholders' equity: Preferred stock. 8%. $10 par. 100,000 shares authorized. 20,000 shares issued. Common stock, $0.50 par, 500,000 shares authorized, 300,000 shares issued.. Paid-in capital in excess of par-common. Total paid-in capital Retained
E13-10 The following elements of stockholders' equity are adapted from the balance sheet of Levitz Corporation. Stockholders' Equity Preferred stock, cumulative. $2 par (Note 7) Series A. 50,000 shares issued. Series B, 370,000 shares issued. Common stock. $0.10 par. 9,000,000 shares issued Note 7.
E13-11 The balance sheet of lota Corporation reported the following: Preferred stock: 100 shares issued and outstanding. liquidation value $6.000. Common stockholders' equity, 10.000 shares issued and outstanding. Total stockholders' equity $ 4,800 222.000 $226.800 Assume that lota has paid
E13-12 Refer to Exercise 13-11. Compute the book value per share of the preferred stock and the common stock if three years' preferred dividends (including dividends for the current year) are in arrears. The preferred stock dividend rate is 6%. Round book value to the nearest cent.
E13-13 Weimeyer Furniture, Inc., reported these figures for 20X3 and 20X2: Income statement: Interest expense. Net income Balance sheet: Total assets.. Preferred stock, $1.30, no-par. 100,000 shares issued and 20X3 20X2 $ 17,400,000 12.000.000 326.000.000 $ 7,100,000 18,700.000 317,000,000
E13-14 The income statement of Pier 1 Imports, Inc., reported income before income tax of $130 million during a recent year. Assume Pier 1's taxable income for the year was $100 million. The company's income tax rate was 40%. 1. Journalize Pier I's entry to record income tax for the year. 2. Show
E13-15 Wal-Mart Stores, Inc., reported these comparative stockholders' equity data (adapted, with amounts in millions except par value): Common stock ($0.10 par value)...... Capital in excess of par value. Retained earnings... January 31, 20X0 19X9 $ 446 $ 445 714 435 25,129 20.741 During 20X0.
P13-1A Joy Shields and Lin Liu are opening a Cracker Barrel Restaurant in Denver. Colorado. There are no competing family restaurants in the immediate vicinity. Their funda- mental decision is how to organize the business, which will manage the restaurant and country store. Shields thinks the
P13-2A The partnership of Duran & Nueces needed additional capital to expand into new markets, so the business incorporated as Ventura. Inc. The charter from the state of Arizona authorizes Ventura to issue 50.000 shares of 6%, $100-par preferred stock and 100.000 shares of no-par common stock. To
P13-3A Hudson Corporation was organized in 20X1. At December 31, 20X1, Hudson's balance sheet reported the following stockholders' equity: Preferred stock, 6%, $50 par, 100.000 shares authorized. none issued Common stock, $1 par. 500,000 shares authorized. 60.000 shares issued... Paid-in capital in
P13-4A The following summaries for Yurman Jewelry, Inc., and Northern Lights Insurance Company provide the information needed to prepare the stockholders' equity section of each company's balance sheet. The two companies are independent. Yurman Jewelry, Inc. Yurman Jewelry is authorized to issue
P13-5A The Procter & Gamble Company reported the following stockholders' equity, as adapted, on its balance sheet at June 30, 19X9: Stockholders' Equity Preferred stock, 6.125%- Authorized 600,000,000 shares: issued 1,781.000 shares... Common stock-$1 stated value- Authorized 5,000,000,000 shares:
P13-6A +Link Back to Chapter 1 (Accounting Equation). The following accounts and related balances of Omaha Mutual, Inc., are arranged in no particular order. Common stock. $5 par, Retained earnings.. $ ? 100.000 shares authorized. Inventory. 181.000 22.000 shares issued. $110,000 Property, plant,
P13-7A Eastern Seaboard Airline Corporation has 5,000 shares of 5%. $10 par value pre- ferred stock and 100.000 shares of $1.50 par common stock outstanding. During a three-year period, Eastern Seaboard declared and paid cash dividends as follows: 20X1, $1,500; 20X2. $15,000; and 20X3, $23.000.
P13-8A The balance sheet of Hardwood Furniture. Inc.. reported the following: Stockholders' Investment [same as Stockholders' Equity] Cumulative preferred stock. Common stock, $1 par, authorized 40,000,000 shares; issued 16,000,000 shares. Additional paid-in capital.. Retained earnings (Deficit).
P13-9A The accounting (not the income tax) records of Solarex Energy Corporation provide the income statement for 20X4. Total revenue. Expenses: $930,000 Cost of goods sold $430,000 Operating expenses. 270,000 Total expenses before tax. 700,000 Income before income tax, $230,000 The operating
P13-1B Ted Andrews and Ron Durham are opening a Pier 1 Imports store in a shopping center in Taos, New Mexico. The area is growing, and no competitors are located nearby. Their basic decision is how to organize the business. Andrews thinks the partnership form is best. Durham favors the corporate
P13-2B The partners who own Craven & Thames wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated the partnership as C & T Services, Inc. The charter from the state of Louisiana authorizes the corporation to issue 10,000 shares of 6%. $100 par
P13-3B Zaponata Corporation was organized in 20X1. At December 31, 20X1, Zaponata's balance sheet reported the following stockholders' equity: Required Preferred stock. 5%. $10 par. 50,000 shares authorized. none issued Common stock. $2 par, 100,000 shares authorized. 10.000 shares issued.. Paid-in
P13-4B Stockholders' equity information for two independent companies, Granada Enterprises, Inc.. and Traigon Corp. is as follows: Granada Enterprises, Inc. Granada is authorized to issue 60,000 shares of $5 par common stock. All the stock was issued at $12 per share. The company incurred a net
P13-5B Tandy Corporation, which operates Radio Shack stores, included the following stockholders' equity on its year-end balance sheet at December 31, 19X8, with all dollar amounts, except par value per share, in millions: Stockholders' Equity Preferred stock, 6% cumulative Common stock-par value
P13-6B +Link Back to Chapter 1 (Accounting Equation). The following accounts and related balances of Witt, Inc., are arranged in no particular order: Interest expense Property, plant, and equipment, net Common stock, $1 par, $ 6,100 261.000 Accounts receivable. net............. $ 46,000 Paid-in
P13-7B OnPoint Consulting. Inc., has 10.000 shares of $4.50, no-par preferred stock and 50.000 shares of no-par common stock outstanding. OnPoint declared and paid the follow- ing dividends during a three-year period: 20X1. $20.000: 20X2. $100,000; and 20X3, $215,000. Required 1. Compute the total
P13-8B The balance sheet of The Gonzalez Group reported the following: Stockholders' Investment [same as stockholders' equity] Nonvoting preferred stock, no-par (liquidation value, $358,000) $320,000 Common stock. $1.50 par value. authorized 75,000 shares: issued 36,000 shares 54.000 [Additional]
P13-9B The accounting (not the income tax) records of Fox Security Systems, Inc.. provide the income statement for 20X3. Total revenue. Expenses: $680,000 Cost of goods sold. $290.000 Operating expenses. 180,000 Total expenses before tax. 470,000 Income before income tax $210,000 The operating
Case 1. Terry Caine and Nicole Jacks have written a spreadsheet program that they believe will rival Excel and Lotus. They need additional capital to market the product, and they plan to incorporate the business. They are considering alternative capital structures for the corpo- ration. Their
Case 2. Answering the following questions will enhance your understanding of the capital stock of corporations. Consider each question independently of the others. 1. Why are capital stock and retained earnings shown separately in the shareholders' equity section? 2. Chiu Wang, major shareholder of
Jeremy Copeland paid $50.000 for a franchise that entitled him to market Success Associates software programs in the countries of the European Common Market. Copeland intended to sell individual franchises for the major language groups of western Europe-German, French. English. Spanish, and
The Target Corporation financial statements appear in Appendix A. Answer the following questions about Target's stock. Required 1. How much of Target's preferred stock was outstanding at January 29, 2000? How can you tell? The statement of shareholders' investment (stockholders' equity) reports
Competitive pressures are the norm in business. Lexus automobiles (made in Japan) have cut into the sales of Mercedes Benz (a German company). Jaguar Motors (a British com- pany. General Motors' Cadillac Division, and Ford's Lincoln Division (both U.S. compa- nies). Dell, Gateway, and Compaq
Go to http://finance.yahoo.com and type in the stock symbol YHOO. Using the pull- down menu, select Basic, and then click on Get Quotes. In the chart under "Last Trade." identify how much investors were willing to pay for a share of stock on the last trade. 2. In the chart under "More Info" click
A friend receives a stock dividend on an investment. He believes that stock dividends are the same as cash dividends. Explain why the two are not the same.
Identify four items on the income statement that generate income tax expense. What is an income tax saving. and how does it arise?
What type of account is Treasury Stock? Where is Treasury Stock reported on the balance sheet?
DE14-1 Vartec Telecom Company has 200.000 shares of $2.50 par common stock outstanding. Vartec distributes a 5% stock dividend when the market value of its stock is $13 per share. 1. Journalize Vartec's distribution of the stock dividend on March 19. An explanation is not required. 2. What is the
DE 14-2 Strongarm Steel Works has 30,000 shares of $1 par common stock outstanding. Strongarm issued this stock at a price of $10 per share. Strongarm declares and distributes a 50% stock dividend when the market value of its common stock is $62.50 per share. 1. Journalize Strongarm's distribution
DE14-3 + Link Back to Chapter 13 (Cash Dividends). Compare and contrast the accounting for cash dividends and stock dividends. In the space provided, insert either "Cash dividends." "Stock dividends." or "Both cash dividends and stock dividends" to complete each of the fol- lowing statements: 1. 2.
DE14-4 Examine Georgia Lumber's stockholders' equity on page 543. Suppose Georgia Lumber split its common stock 2-for-1 in order to decrease the market price of its stock. The company's stock was trading at $15 immediately before the split. 1. Prepare the stockholders' equity section of Georgia
DE 14-5 Examine Georgia Lumber's stockholders' equity on page 543. Suppose Georgia Lumber split its common stock 1 for 2 (a reverse stock split) in order to increase the market price of its stock. The company's stock was trading at $15 immediately before the split. 1. Prepare the stockholders'
DE14-6 Wearall Rubber Products has prospered during the past ten years, and the com- pany's stock price shot up to $59 recently. Wearall management wishes to decrease its stock price to around $30, which will be attractive to more investors. Should Wearall issue a 100% stock dividend or split the
DE 14-7 Jupiter Drilling Company's stockholders' equity (before the purchase of treasury stock) appears on page 546. Suppose Jupiter later purchases 600 shares of its common stock as treasury stock, paying cash of $5 per share. 1. Journalize the purchase of treasury stock. 2. Prepare the
DE 14-8 Return to the Jupiter Drilling Company situation in Daily Exercise 14-7. After pur- chasing the 600 shares of treasury stock for $5 per share. Jupiter later sold 400 of the treasury shares for $12 per share. 1. Journalize the sale of treasury stock. 2. Prepare the stockholders' equity
DE14-9 Biscoff Productions. Inc.. began operations in 20X0. After issuing its common stock to the public. Biscoff completed the following treasury stock transactions during the year:a. Purchased 2,000 shares of the company's $1 par common stock as treasury stock, paying cash of $6 per share.b. Sold
DE14-10 Study Exhibit 14-6 on page 551. Suppose the corporation retired its preferred stock. What will be the amount of the company's total stockholders' equity if the cost to retire the preferred stock is $353,000? Is the company larger or smaller after the stock retirement? Give your reason.
DE14-11 Study Exhibit 14-6, page 551. The company's board of directors is preparing to declare a cash dividend. 1. The company has plenty of cash. What is the maximum amount of cash dividends the board of directors can declare? Explain how you arrived at your answer. 2. What is the nature of the
DE14-12 List the major parts of a complex corporate income statement for Ninja Motor Corporation for the year ended December 31, 20X1. Include all the major parts of the income statement, starting with net sales revenue and ending with net income (net loss). You may ignore dollar amounts and
DE 14-13 Study the income statement of Allied Electronics Corporation in Exhibit 14-7, page 554. Answer these questions about the company's operations: 1. How much total gross profit did Allied earn on the sale of its products-before deducting any operating expenses? Name this item and give its
DE 14-14 MCI World Com, Inc., reported a net loss for 19X8. The net loss included a $58 million expense from the cumulative effect of an accounting change, less income tax saving of $22 million, and an extraordinary loss of $207 million. less income tax saving of $78 million. The company's loss
DE 14-15 ETransmission Corporation accounting records include the following items, listed in no particular order, at December 31, 20X3. Extraordinary gain Cost of goods sold Operating expenses. $ 5,000 71.000 Other gains (losses). Net sales revenue $ (2,000) 182,000 64,000 Loss on discontinued
DE14-16 Return to the ETransmission Corporation data in Daily Exercise 14-15. ETransmission had 8.000 shares of common stock outstanding at December 31, 20X2. The company issued an additional 6.000 shares of common stock on August 31, 20X3. ETransmission declared and paid preferred dividends of
DE 14-17 The Procter & Gamble Company has preferred stock outstanding, and the cor- poration issued additional common stock during the year. 1. Give the basic equation to compute earnings per share of common stock for net income. 2. List all the income items for which Procter & Gamble must report
DE 14-18 Use the ETransmission Corporation data in Daily Exercise 14-15. In addition. ETransmission had unrealized losses of $4,000 on investments and a $2.000 foreign-currency translation adjustment (a gain) during 20X3. Start with ETransmission Corporation's net income from Daily Exercise 14-15
DE14-19 Examine De Graff Corporation's statement of retained earnings on page 559. Suppose instead that De Graff had overpaid 20X4 income tax expense by $10.000. Show how De Graff would report this prior-period adjustment on the statement of retained earnings for 20X5.
DE14-20 +Link Back to Chapter 1 (Accounting Equation). Use the statement of stockholders' equity in Exhibit 14-10. page 559, to answer the following questions about Allied Electronics Corporation. 1. Make a single journal entry to record Allied's declaration and payment of cash dividends during
E14-1 Ogden Aviation Services, Inc., is authorized to issue 500,000 shares of $1 par common stock. The company issued 80.000 shares at $4 per share, and all 80,000 shares are outstand- ing. When the retained earnings balance was $150,000. Ogden distributed a 50% stock divi- dend. Later. Ogden
E14-2 The stockholders' equity for Jaworski, Inc., on September 30, 20X4-end of the com- pany's fiscal year-follows: Stockholders' Equity Common stock. $8 par. 100.000 shares authorized. 50.000 shares issued. Paid-in capital in excess of par-common. Retained earnings. Total stockholders' equity.
E14-3 Redwood Construction, Inc.. had the following stockholders' equity at May 31: Common stock. $4 par, 200,000 shares authorized, 50.000 shares issued Paid-in capital in excess of par Retained earnings...... Total stockholders' equity. $200,000 100,000 210,000 $510,000 On November 6. Redwood
E14-4 Identify the effects of the following transactions on total stockholders' equity. Each transaction is independent.a. Purchase of 1.500 shares of treasury stock (par value $0.50) at $5 per share.b. A 50% stock dividend. Before the dividend, 5.000.000 shares of $1 par common stock were
E14-5 Journalize the following transactions of Foot Locker, a chain of sports stores: Feb. 4 Issued 20,000 shares of no-par common stock at $15 per share. Purchased 1,000 shares of treasury stock at $14 per share. Apr. 22 Aug. 22 Sold 600 shares of treasury stock at $16 per share.
E14-6 Lordstrom's, Inc., had the following stockholders' equity on November 30: Stockholders' Equity Common stock, $5 par, 500,000 shares authorized. 50,000 shares issued.. Paid-in capital in excess of par. Retained earnings. Total stockholders' equity $250,000 150,000 520,000 $920,000 On November
E14-7 The agreement under which Tadashi, Inc., issued its long-term debt requires the restriction of $100,000 of the company's retained earnings balance. Total retained earnings is $250,000, and total paid-in capital is $220.000. Required Show how to report stockholders' equity on Tadashi's balance
E14-8 Beauvette Corporation's accounting records include the following for 20X3: Sales revenue. Operating expenses (including income tax) Cumulative effect of change in depreciation method (debit) Cost of goods sold.... Loss on discontinued operations... $410,000 Income tax expense- extraordinary
E14-9 Kilgore Corporation earned net income of $71,000 for the second quarter of 20X6. The ledger reveals the following figures: Preferred stock. $5.00 per year, no-par. 1.600 shares issued and outstanding. Common stock. $10 par. 52,000 shares issued. Treasury stock, common, 2,000 shares at cost..
E14-10 Bastrop, Inc.. had 40,000 shares of common stock and 10.000 shares of 5%. $10 par preferred stock outstanding on December 31, 20X1. On April 30, 20X2, the company issued 9,000 additional common shares and ended 20X2 with 49,000 shares of common stock out- standing. Income from continuing
E14-11 Light Crust, Inc.. a bakery, reported a prior-period adjustment in 20X3. An account- ing error caused net income of prior years to be overstated by $3.8 million. Retained earnings at December 31, 20X2, as previously reported, stood at $395.3 million. Net income for 20X3 was $111.9 million,
E14-12 The Parisian Hotel Company, a large hotel chain, had retained earnings of $413 mil- lion at the beginning of 20X7. The company showed these figures at December 31, 20X7: Net income Cash dividends-preferred common Decrease in retained earnings due to retirement of preferred stock Required (S
E14-13 During 20X3, The Belleville Group earned income from continuing operations of $95,000. The company also sold its land development segment (discontinued operations) at a loss of $30,000 and had an extraordinary gain of $8.000 on an insurance settlement. Late in the year. Belleville sold
E14-14 At December 31, 20X1. NEWSTATE Corp. reported the following stockholders' equity on page 567. During 20X2. NEWSTATE completed these transactions and events (listed in chronological order): Common stock. $5 par. 200,000 shares authorized. 120,000 shares issued.. Additional paid-in capital
E14-15 Omni Communications, Inc.. began 20X5 with 3 million shares of $1 par common stock issued and outstanding. Beginning paid-in capital in excess of par was $6 million, and retained earnings was $7 million. In February 20X5, Omni issued 100,000 shares of stock at $11 per share. In September,
P14-1A Driemann Corp. completed the following transactions during the current year: April 18 May 23 June 10 July 30 Declared a cash dividend on the 5%, $100 par preferred stock (1,000 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of common stock outstanding. The
P14-2A The balance sheet of Kugel, Inc., at December 31, 20X6. reported 100,000 shares of no-par common stock authorized, with 30,000 shares issued and a Common Stock balance of $180.000. Retained Earnings had a balance of $141.500. During 20X7. the company com- pleted the following selected
P14-3A Ecker Enterprises is ideally positioned in the clothing business. Located in Lansing. Michigan, Ecker is the only company with a distribution network for its imported goods. The company does a brisk business with specialty stores such as Neiman Marcus, Saks Fifth Avenue, and Nordstrom.
P14-4A The balance sheet of Beech Bros. Design Co. at December 31, 20X6, reported the following stockholders' equity: Paid-in capital: Common stock, $10 par, 100.000 shares authorized, 20,000 shares issued Paid-in capital in excess of Total paid-in capital.. Retained earnings... Total stockholders'
P14-5A The following information was taken from the records of Beaulac Excursions, Inc.. at September 30, 20X1 Interest expense.. Cost of goods sold Cumulative effect of change in depreciation method (expense). Loss on sale of plant assets. $ 11,000 General expenses. $113.000 424,000 Preferred
P14-6A Luke Capps, accountant for Mabry Furniture Company, was injured in a boating accident. Another employee prepared the accompanying income statement for the year ended December 31, 20X3. The individual amounts listed on the income statement are correct. However, some accounts are reported
P14-7A The capital structure of Midori Flooring, Inc., at December 31, 20X6. included 20.000 shares of $1.25 preferred stock and 44,000 shares of common stock. Common shares outstanding during 20X7 were 44,000 January through May, 50.000 June through August, and 60,500 September through December.
P14-8A Boulder Technology, Inc., reported the following statement of stockholders' equity for the year ended October 31. 20X4: BOULDER TECHNOLOGY, INC. Statement of Stockholders' Equity Year Ended October 31, 20X4 Common (Dollar Amounts in Millions) Stock Balance, Nov. 1, 20X3 $427 Additional
Rex Randall and Ken Smith's partnership agreement states that Randall gets 60% of profits and Smith gets 40%. If the agreement does not discuss the treatment of losses, how are losses shared? How do the partners share profits and losses if the agreement specifies no profit-and- loss-sharing ratio?
The partnership of Cope and Hope is in the process of liquidation. How do the partners share (a) gains and losses on the sale of noncash assets, and (b) the final cash distribution?
DE12-1 After studying the characteristics of a partnership, write two short paragraphs, as follows: 1. Explain the advantages of a partnership over a proprietorship and a corporation. 2. Explain the disadvantages of a partnership over a proprietorship and a corporation.
DE12-2 Timothy Lane and Sam Medford are forming a business to imprint T-shirts. Lane suggests that they organize as a partnership in order to avoid the unlimited personal liability of a proprietorship. According to Lane, partnerships are not very risky. Lane explains to Medford that if the business
DE12-3 Dean Hahn invests a building in a partnership with Margo Klem. Hahn purchased the building in 20X1 for $300,000. Accumulated depreciation to the date of forming the part- nership is $80.000. A real estate appraiser states that the building is now worth $285,000. Hahn wants $400,000 capital
DE12-4 Seth Green and Nate Smith are forming the partnership Sun Florida Development to develop a theme park near Panama City. Green contributes cash of $4 million and land val- ued at $17 million. When Green purchased the land in 20X1, its cost was $8 million. The part- nership will assume Green's
DE12-5 Examine the Benz and Hanna balance sheet in Exhibit 12-3, page 471. Note that Benz invested far more in the partnership than Hanna. Suppose the two partners fail to agree upon a profit-and-loss-sharing ratio. For the first month (June 20X5), the partnership lost $15,000. 1. How much of this
DE12-6 Link Back to Chapter 4 (Closing Entries). Return to the Benz and Hanna balance sheet in Exhibit 12-3. page 471. The partnership earned $115,000 during the year ended May 31, 20X6, its first year of operation. The partners share profits and losses based on their capi- tal balances at the
DE12-7 Lawson, Martinez, and Edwards have capital balances of $20.000. $30.000. and $50,000, respectively. The partners share profits and losses as follows:a. The first $40,000 is divided based on the partners' capital balances.b. The next $40,000 is based on service. equally shared by Lawson and
DE12-8 Lucy Fung and Ako Kiawa have capital balances of $30,000 and $40.000, respectively. The partners share profits and losses as follows:a. Fung receives a salary of $15,000 and Kiawa a salary of $10,000.b. The partners earn 7% interest on their capital balances.c. The remainder is shared
DE 12-9 Study the Ingel and Jay partnership balance sheet near the top of page 476. Claire Reynoldo pays $110,000 to purchase Michael Jay's interest in the partnership. 1. Journalize the partnership's transaction to admit Reynoldo to the partnership. What happens to the $20,000 difference between
DE12-10 Return to the partnership balance sheet of Ingel and Jay near the top of page 476. Larry Welsh invests cash of $80,000 to acquire a one-third interest in the part- nership. 1. Does Welsh's investment provide a bonus to the partners? Show calculations to support your answer. 2. Journalize
DE12-11 Study the partnership balance sheet of Nagasawa and Osburn on page 476. Suppose Christine Kliptel invests $50,000 to purchase a one-fifth interest in the new partner- ship of Nagasawa, Osburn, and Kliptel (NOK Partners). Journalize the partnership's receipt of cash from Kliptel.
DE12-12 This exercise uses the data given in Daily Exercise 12-11. After recording the part- nership's receipt of cash from Kliptel in Daily Exercise 12-11. prepare the balance sheet of the new partnership of NOK Partners at June 30, 20X2. Include a complete heading.
DE12-13 Refer to the partnership balance sheet of Page and Franco near the top of page 478 and the paragraph immediately following the balance sheet. Assume Everett invests $140,000 to acquire a 30% interest in the new partnership of Page, Franco, and Everett. Journalize the partnership's receipt
DE12-14 Examine the Green, Henry, and Isaac balance sheet at the top of page 480. 1. The partners share profits and losses as follows: 25% to Green. 50% to Henry, and 25% to Isaac. Suppose Susan Green is withdrawing from the business, and the partners agree that no appraisal of assets is needed.
DE12-15 Return to the Green, Henry, and Isaac partnership balance sheet near the middle of page 480. Suppose Henry is retiring from the business and the partners agree to revalue the assets at their current market value. A real-estate appraiser issues his professional opinion that the current
DE12-16 This exercise uses the data given in Daily Exercise 12-15 with one modification. Assume Henry is retiring from the partnership and agrees to take cash of $60,500. Journalize the payment of $60,500 to Henry upon his withdrawal from the partnership.
DE12-17 Use the data in Exhibit 12-4, page 483. Suppose the partnership of Avignon, Bloch. and Crane liquidates by selling all noncash assets for $75,000. Complete the liquidation schedule as shown in Exhibit 12-4.
DE12-18 This exercise builds on the solution to Daily Exercise 12-17. After completing the liquidation schedule in Daily Exercise 12-17, journaliz the partnership's (a) sale of noncash assets for $75,000 (use a single account for Noncash Assets), (b) payment of liabilities, and (c) payment of cash
DE 12-19 This exercise uses the Green. Henry, and Isaac balance sheet, after revaluation of inventory and land, given in the middle of page 480. Furthermore, assume Isaac has with- drawn from the partnership at less than his book value, as recorded at the top of page 481. Prepare the balance sheet
DE12-20 The partnership of Frost and Martin had these balances at September 30, 20X4: Cash Liabilities... Martin, capital. Other assets $20,000 Service revenue. 40.000 Frost, capital. 10.000 Total expenses 60.000 $140,000 30.000 35.000 Frost gets two-thirds of profits and losses, and Martin

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