Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $22,200 cash, and...

  

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Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $22,200 cash, and Nichols contributes $14,000 cash and equipment having a book value of $4.736. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $5,920. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Nabb & Fry Co. reports net income of $27,000. Interest allowances are Nabb $6,700 and Fry $4,000, salary allowances are Nabb $14,300 and Fry $10,000, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg. (15,000).) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income Nabb Division of Net Income $ $ Fry $ $ Total At the end of its first year of operations on December 31, 2022, Cullumber Company's accounts show the following. Partner Drawings Capital Art Niensted $24,380 $50,880 Greg Bolen 31,800 Krista Sayler 10,600 26,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) 11.564 Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 1. 2. 3. Net income is $31,800. Income is shared 6:3:1. Net income is $42,400. Niensted and Bolen are given salary allowances of $15,900 and $10,600, respectively. The remainder is shared equally. Net Income is $20,140. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,900 salary allowance. The remainder is shared equally. Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $22,200 cash, and Nichols contributes $14,000 cash and equipment having a book value of $4.736. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $5,920. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Nabb & Fry Co. reports net income of $27,000. Interest allowances are Nabb $6,700 and Fry $4,000, salary allowances are Nabb $14,300 and Fry $10,000, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negative sign preceding the number eg. -15,000 or parenthesis eg. (15,000).) Salary allowance Interest allowance Remaining excess/deficiency Total division of net income Nabb Division of Net Income $ $ Fry $ $ Total At the end of its first year of operations on December 31, 2022, Cullumber Company's accounts show the following. Partner Drawings Capital Art Niensted $24,380 $50,880 Greg Bolen 31,800 Krista Sayler 10,600 26,500 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) 11.564 Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 1. 2. 3. Net income is $31,800. Income is shared 6:3:1. Net income is $42,400. Niensted and Bolen are given salary allowances of $15,900 and $10,600, respectively. The remainder is shared equally. Net Income is $20,140. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,900 salary allowance. The remainder is shared equally.

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Answer 1 I The journal entry to record the Nichols investment in partnership w... View the full answer