Dr. J. Hall and Dr. S. Young have been operating a dental practice as a partnership...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Dr. J. Hall and Dr. S. Young have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Hall and 40% for Dr. Young. The dental practice had the following general ledger account balances at November 30, 2024, its fiscal year end: Cash $35,350 Supplies 16,840 Equipment 183,860 Accumulated depreciation-equipment 43,200 Accounts payable 16,400 Notes payable, due 2025 58,400 J. Hall, capital 61,500 J. Hall, drawings 148,090 S. Young, capital 34,410 S. Young, drawings 98,030 Service revenue 443,210 Salaries expense 83,530 Question 6 of 9 < Prepare the income statement for the partnership. DRS. HALL AND YOUNG Income Statement Year Ended November 30, 2024 Revenues Service Revenue Expenses Salaries Expense $ 83530 Office Expense Interest Expense Total Expenses Profit for the Year 87180 i 4240 18.75/25 $ 443210 $ 174950 i 268260 (b) Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Nov. 30 (To close revenue account.) Nov. 30 (To close expense accounts.) Debit Credit Question 6 of 9 Nov. 30 > Nov. 30 (To close Income Summary.) Nov. 30 (To close Hall drawings account.) (To close Young drawings account.) 18.75/25 III Current Liabilities Liabilities and Partners' Equity Accounts Payable Long-term Liabilities Notes Payable Total Liabilities Partners' Equity J. Hall, Capital S. Young, Capital Total Partners' Equity Total Liabilities and Partners' Equity $ 74366 43684 +A $ 16400 58400 74800 118050 $ 192850 Prepare the statement of partners' equity for the partnership. (List items that increase partner's equity first.) r 1, 2023 it for the Year wings r 30, 2024 $ DRS. HALL AND YOUNG Statement of Partners' Equity Year Ended November 30, 2024 J. Hall 61500 $ 160956 222456 148090 i 74366 $ S. Young 34410 107304 141714 98030 i 43684 $ Total 95910 268260 364170 246120 i 118050 Current Assets Cash Supplies Total Current Assets Property, Plant, and Equipment Equipment Less : Accumulated Depreciation Total Assets DRS. HALL AND YOUNG Balance Sheet November 30, 2024 S Assets 183860 43200 i $ 35350 16840 52190 140660 $ 192850 Dr. J. Hall and Dr. S. Young have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Hall and 40% for Dr. Young. The dental practice had the following general ledger account balances at November 30, 2024, its fiscal year end: Cash $35,350 Supplies 16,840 Equipment 183,860 Accumulated depreciation-equipment 43,200 Accounts payable 16,400 Notes payable, due 2025 58,400 J. Hall, capital 61,500 J. Hall, drawings 148,090 S. Young, capital 34,410 S. Young, drawings 98,030 Service revenue 443,210 Salaries expense 83,530 Question 6 of 9 < Prepare the income statement for the partnership. DRS. HALL AND YOUNG Income Statement Year Ended November 30, 2024 Revenues Service Revenue Expenses Salaries Expense $ 83530 Office Expense Interest Expense Total Expenses Profit for the Year 87180 i 4240 18.75/25 $ 443210 $ 174950 i 268260 (b) Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Nov. 30 (To close revenue account.) Nov. 30 (To close expense accounts.) Debit Credit Question 6 of 9 Nov. 30 > Nov. 30 (To close Income Summary.) Nov. 30 (To close Hall drawings account.) (To close Young drawings account.) 18.75/25 III Current Liabilities Liabilities and Partners' Equity Accounts Payable Long-term Liabilities Notes Payable Total Liabilities Partners' Equity J. Hall, Capital S. Young, Capital Total Partners' Equity Total Liabilities and Partners' Equity $ 74366 43684 +A $ 16400 58400 74800 118050 $ 192850 Prepare the statement of partners' equity for the partnership. (List items that increase partner's equity first.) r 1, 2023 it for the Year wings r 30, 2024 $ DRS. HALL AND YOUNG Statement of Partners' Equity Year Ended November 30, 2024 J. Hall 61500 $ 160956 222456 148090 i 74366 $ S. Young 34410 107304 141714 98030 i 43684 $ Total 95910 268260 364170 246120 i 118050 Current Assets Cash Supplies Total Current Assets Property, Plant, and Equipment Equipment Less : Accumulated Depreciation Total Assets DRS. HALL AND YOUNG Balance Sheet November 30, 2024 S Assets 183860 43200 i $ 35350 16840 52190 140660 $ 192850
Expert Answer:
Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these finance questions
-
ABC Co. applies overhead to production on the basis of machine hours, reported the following data for the period just ended: Actual units produced: 13,000 Actual variable overhead incurred: $68,700...
-
Dr. J. Kovak and Dr. S. Donovan have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Kovak and 40% for Dr. Donovan. The dental...
-
Dr. J. Kovacik and Dr. S. Donovan have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Kovacik and 40% for Dr. Donovan. The dental...
-
Consider an asset allocation problem with one risky asset and one risk-free asset .There are four investors .Each investor maximizes a mean-variance utility function to make their optimal investment...
-
A change in which of the following would cause the LM curve to shift? To rotate? To both shift and rotate? Which do not affect the position or slope of the LM curve? (a) Nominal money supply (Ms) (b)...
-
Find z0 such that P(z > z0) = .5.
-
You have just been called in by your boss to respond to a point mentioned on television that leadership is not real and is only a figment of peoples imaginations. Prepare a report that analyzes the...
-
On January 1, 2015, Red Flash Photography had the following balances: Cash, $15,000; Supplies, $7,000; Land, $64,000; Unearned Revenue, $6,000; Common Stock $60,000; Retained Earnings, $20,000....
-
You may use any technology This page, oddressed in an experiment at Ohio State University, Sixteen students volunteered to take part in How much does drinking beer increase the alcohol content of...
-
Question 9 1 pts Noah Lott Tutoring Services borrowed $100,000 from the Fifth Third Bank. The entry to record the borrowing of funds would include: (Choose all of the correct answers.) O Credit to...
-
You have been given a choice between two retirement policies as described below. Policy A: You will receive equal annual payments of $10,000 beginning 35 years from now for 10 years. Policy B: You...
-
April 5: Purchased a used truck for $31,000, paying $6,000 cash and giving a note payable for the remainder. DATE 4/5 QUESTION 5 April 12: Earned $17,000 in fees and billed customers. DATE 4/12...
-
5. A 72.0 cm long stretched string is resonating at the third harmonic. If the source frequency is 460 Hz, then what is the speed of the wave? Answer in m/s.
-
The cost structure of Dennis's Retail Mart is dominated by variable costs with a contribution margin ratio of 0.32 and fixed costs of $62,000. Every dollar of sales contributes 32 cents toward fixed...
-
Plan finances for new business ventures in Australia Finance principles Net Profit is $69,332, while profit target for the first year is $36,000.00. 1. Compare the information above Net Profit above...
-
Exploring Habits of Mind COMM-1010 Review the Habits of Mind Reading Download Habits of Mind Reading https://slcc.instructure.com/courses/956685/files/158284929?wrap=1 and the summary table below...
-
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
-
Assume that Mexico has a 1-year interest rate that is higher than the U.S. 1-year interest rate. Assume that you believe in the international Fisher effect (IFE) and interest rate parity. Assume zero...
-
Assume that locational arbitrage ensures that spot exchange rates are properly aligned. Also assume that you believe in purchasing power parity. The spot rate of the British pound is $1.80. The spot...
-
The U.S. 3-month interest rate (unannualized) is 1 percent. The Canadian 3-month interest rate (unannualized) is 4 percent. Interest rate parity exists. The expected inflation over this period is 5...
Study smarter with the SolutionInn App