SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:34. The adjusted trial balance of the partnership (in condensed form) at June 30, 2017, follows Cash Noncash assets Liabilities K. Santiago, capital R. Astorga, capital J. Camino, capital K. Santiago, withdrawals R. Astorga, withdrawals J. Camino, withdrawals Revenues Expenses Totals SAC & COMPANY Adjusted Trial Balance June 30, 2017 $166,000 800,000 126,000 272,000 312,000 624,000 $2,300,000 $ 690,000 152,000 282,000 428,000 748,000 $2,300,000 Required 1. Prepare the June 30, 2017, entries to close the Revenue, Expense, Income Summary, and Withdrawals accounts. 2. Using T-accounts, insert the opening balances in the partners Capital accounts, post the dosing entries to the Capital accounts, and determine each partner's ending Capital balance. SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:34. The adjusted trial balance of the partnership (in condensed form) at June 30, 2017, follows Cash Noncash assets Liabilities K. Santiago, capital R. Astorga, capital J. Camino, capital K. Santiago, withdrawals R. Astorga, withdrawals J. Camino, withdrawals Revenues Expenses Totals SAC & COMPANY Adjusted Trial Balance June 30, 2017 $166,000 800,000 126,000 272,000 312,000 624,000 $2,300,000 $ 690,000 152,000 282,000 428,000 748,000 $2,300,000 Required 1. Prepare the June 30, 2017, entries to close the Revenue, Expense, Income Summary, and Withdrawals accounts. 2. Using T-accounts, insert the opening balances in the partners Capital accounts, post the dosing entries to the Capital accounts, and determine each partner's ending Capital balance.
Expert Answer:
Answer rating: 100% (QA)
Closing Entries 1 Closing Revenues and Expenses Account Debit Credit Revenues 748000 Expenses 624000 ... View the full answer
Related Book For
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form)...
-
SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form)...
-
Partners Rane, Snow, and Hale share profits and losses in the ratio of respectively. The partners vote to dissolve the partnership when its assets, liabilities, and capital are as follows: The...
-
Imagine you are a member of your local school board. You wantan answer to the very simple question, Are students learning?What can you recommend to school principals to answer thequestion?
-
During the week of April 15, 2013, a Gallup Poll asked 1500 U.S. adults, aged 18 or over, how they rated economic conditions. Only 17% rated the economy as Excellent/Good. Construct a 95% confidence...
-
Floral Gardens Incorporated is a nationwide chain of garden centres that operates as a private company. In 2017, it issued three new financial instruments. All three of these instruments are new to...
-
Comment on the following field situations and make recommendations for corrective action. a. One of the interviewers has an excessive rate of refusals in in-home personal interviewing. b. In a CATI...
-
The following tasks are to be performed on an assembly line: The workday is seven hours long. Demand for completed product is 750 per day. a. Find the cycle time required to produce 750 units per...
-
The following formula for k(t), describes the rate of change as the function of time (t):k(f) = 4e-1. What is the average rate of change between t 2 seconds and t = 5 seconds?
-
The income statement for J and T Seafood appears below. J AND T SEAFOOD Income Statement For the Year Ended December 31, 2008 Sales ...........................$400,000 Cost of goods sold...
-
An annuity pays $500 per year for the next 25 years. If the present value of the annuity is $7,500 today what is the annual rate of return promised by the annuity?
-
The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross...
-
Label each attribute listed below with the term from the word bank that best desc Word Bank: data Attributes: 1. report analytic Customer name 2. Customers with the same phone number 3. Average...
-
For leads that are to be further nurtured, please describe at least 2 things you might do as part of your nurturing process to move them to a higher score and onto account managers?
-
Hongyi has decided to change his investment strategy. Instead of holding the property forever, he will sell it after ten years. The property currently has a market value of $750,000. Hongyi expects...
-
Explain about the FED's policy toolkit. Also, delineate the process through which the FED's conduct open market operations.
-
Briefly describe the impact of a ransomware attack on an organisation. Moreover, how should the company deal with this criminal event? Should they pay the ransom for unlocking their data and...
-
From the choice of simple moving average, exponential smoothing, and linear regression analysis, which forecasting technique would you consider the most accurate? Why? please write it in word...
-
Accountants for Grech Restaurant Supply Ltd. have developed the following data from the companys accounting records for the year ended December 31, 2020: a. Credit sales, $291,950. b. Income tax...
-
You qualified for a student loan in the amount of $10,000. Once you graduate, you are required to repay this loan over 10 years at a rate of interest of 4 percent. The monthly interest and principal...
-
Midnight Distribution Corporations balance sheet reported the following information at December 31, 2019: Preferred shares, $3, cumulative, 11,000 shares issued, liquidation value $55 per share...
-
Your boss gives you a sample of "gunk" and asks you to measure its viscosity. You do this in a cup and bob viscometer that has an outer (cup) diameter of 2 in., an inner (bob) diameter of $1.75...
-
The following data were obtained for a proprietary salad dressing tested at $22^{\circ} \mathrm{C}$ in a cup and bob viscometer (cup diameter $=4.2 \mathrm{~cm}$, bob diameter $=4.01 \mathrm{~cm}$,...
-
An inclined tube manometer with a reservoir is used to measure the pressure gradient in a large pipe carrying oil $(\mathrm{SG}=0.91)$ (see Figure $\mathrm{P} 4.5)$. The pipe is inclined at an angle...
Study smarter with the SolutionInn App