Question: I need to have someone put this word document into Excel please Kara Ries, Tammy Bax and Joe Thomas invested $80,000, $112,000 and $128,000 respectively

I need to have someone put this word document into Excel please

I need to have someone put this word document into Excel please

Kara Ries, Tammy Bax and Joe Thomas invested $80,000, $112,000 and $128,000 respectively in a partnership. During its first calendar year, he firm earned $249,000. Prepare the entry to close the firm's Income Summary account as of its December 31 year - end and to allocate th e $2 49,000 net income to the partners under each of the following separate assumptions: The partners 1. Have no agreement on the method of sharing income and loss. 10 pts. 2. Agreed to share income and loss in the ratio of their beginning capital investments and 15 pts. 3. Agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas: granting 10% interest on the partners' beginning capital investments and sharing the remainder equally. 1. Dec. 31 Income Summary 249,000 Kim Ries, Capital 83,000 Tere Bax, Capital 83,000 Josh Thomas, Capital 83,000 To close Income Summary. 2. Dec. 31 Income Summary 249,000 Kim Ries, Capital 62,250 Tere Bax, Capital 87,150 Josh Thomas, Capital 99,600 To close Income Summary*. *Supporting computations ($80,000/$320,000) x $249,000 = $62,250 ($112,000/$320,000) x $249,000 = $87,150 ($128,000/$320,000) x $249,000 = $99,600 3. Dec. 31 Income Summary 249,000 Kim Ries, Capital 79,000 Tere Bax, Capital 72,200 Josh Thomas, Capital 97,800 To close Income Summary*. *Supporting calculations Ries Bax Net income Bax Total $249,000 Salary allowances Ries Thomas $66,000 $56,000 Thomas $80,000 Total salaries 202,000 Balance after salary allowances 47,000 Interest allowances Ries (10% on $80,000) 8,000 Bax (10% on $112,000) 11,200 Thomas (10% on $128,000) 12,800 Total interest 32,000 Bal. after interest and salaries 15,000 Balance allocated equally 5,000 5,000 5,000 Total allocated equally 15,000 Balance of income ______ ______ ______ $ Shares of the partners $79,000 $72,200 $97,800 0 Kohler Corporation reports the following components of stockholders equity on December 31, 2013: Common Stock - $10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding. $400,000 Paid - in capital in excess of par value, common stock 60,000 Retained Earnings 270,000 Total Stockholders' Equity $730,000 In year 2014, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2010. 2. Prepare a statement of retained earnings for the year ended December 31, 2010. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2010. Part 1 Jan. 1 Treasury Stock, Common Cash Purchased treasury stock (4,000 x $20). 80,000 80,000 Jan. 5 Retained Earnings 72,000 Common Dividend Payable 72,000 Declared $2 dividend on 36,000 outstanding shares. Feb. 28 Common Dividend Payable 72,000 Cash 72,000 Paid cash dividend. July 6 Cash* 36,000 Treasury Stock, Common** 30,000 Paid-In Capital, Treasury Stock*** 6,000 Reissued treasury stock. *(1,500 x $24) **(1,500 x $20) ***(1,500 x $4) Aug. 22 Cash* 42,500 Paid-In Capital, Treasury Stock 6,000 Retained Earnings 1,500 Treasury Stock, Common** 50,000 Reissued treasury stock. *(2,500 x $17) **(2,500 x $20) Sept. 5 Retained Earnings 80,000 Common Dividend Payable 80,000 Declared $2 dividend on 40,000 outstanding shares. Oct. 28 Common Dividend Payable 80,000 Cash 80,000 Paid cash dividend. Dec. 31 Income Summary Retained Earnings 388,000 388,000 Closed Income Summary account. Problem 21-1A (Concluded) Part 2 Kohler CORPORATION Statement of Retained Earnings For Year Ended December 31, 2014 Retained earnings, December 31, 2009 Plus net income $270,000 388,000 658,000 Less:Cash dividends declared (152,000) Treasury stock reissuances (1,500) Retained earnings, December 31, 2010 $504,500 Part 3 Kohler CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2014 Common stock$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings(from part 2) Total stockholders' equity $400,000 60,000 504,500 $964,500

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