Works. Adjusted trial balance information for the year ended Decer Account Accounts payable Accumulated depreciation Brian Adams, capital** Brian Adams, withdrawals Cash Equipment Expenses Balance* $ 11,100 Keith Williams, c 91,000 Keith Williams, w 38,000 Note payable, due 76,000 Office supplies 227,200 Revenues 332,000 Utilities payable 118,000 Assume all account balances are normal.
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- Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. Account Balance* Account Balance* Accounts payable $ 9,800 Keith Williams, capital** $ 31,300 Accumulated depreciation 78,000 Keith Williams, withdrawals 53,000 Brian Adams, capital** 25,000 Note payable, due May 2022*** 126,000 Brian Adams, withdrawals 63,000 Office supplies 19,000 Cash 211,600 Revenues 486,000 Equipment 306,000 Utilities payable 1,500 Expenses 105,000 *Assume all account balances are normal.**The partners made no investments during the year.***$43,000 of the note payable is due in May 2021.Required:1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared…Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2023, appears below. Account Account Accounts payable Accumulated depreciation Brian Adams, capital** Brian Adams, withdrawals Cash Equipment Expenses Balance* $ 11,100 Keith Williams, capital** Balance* $ 44,300 91,000 Keith Williams, withdrawals 66,000 38,000 Note payable, due May 2025*** 152,000 76,000 227,200 332,000 Office supplies Revenues Utilities payable 32,000 512,000 2,800 118,000 Assume all account balances are normal. The partners made no investments during the year. ***$56,000 of the note payable is due in May 2024. Required: 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared by allowing a $106,000 per year salary allowance to Williams, a $166,000 per year…Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31, 2023, appears below. Account Balance* Account Balance* Accounts payable $ 9,500 Keith Williams, capital** $ 28, 300 Accumulated depreciation 75,000 Keith Williams, withdrawals 50,000 Brian Adams, capital** 22,000 Note payable, due May 2025*** 120,000 Brian Adams, withdrawals 60,000 Office supplies 16,000 Cash 208,000 Revenues 480,000 Equipment 300,000 Utilities payable 1, 200 Expenses 102,000 *Assume all account balances are normal. ** The partners made no investments during the year. ***$40,000 of the note payable is due in May 2024. Required: 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared by allowing a $90,000 per year salary allowance to Williams, a $150,000 per…
- Baxter and Mandy have been operating a partnership for a few years. The partnership has provided the trial balance below as at Dec 31, 2023. BAXDY CONSULTANTS TRIAL BALANCE AS AT DEC 31, 2023 Cash Supplies Equipment Accumulated depreciation - Equipment Accounts Payable Wages Payable Short-Term Note Payable Long-Term Note Payable Capital - Baxter Capital - Mandy Withdrawals, Baxter Withdrawals, Mandy Consulting Revenue Selling, General, & Administrative Expenses TOTAL 462,000 11,000 640,000 82,000 48,000 24,000 88,000 450,000 157,000 172,000 68,000 97,000 675,000 418,000 1,696,000 1,696,000 Additional Information: 1. The short-term notes payable is a 90-day 6% note that was issued on November 1, 2023. The accrued interest has not yet been recorded. 2. The long-term note payable is a non-interest-bearing note that was issued on January 1, 2023 for $600,000. An installment of $150,000 is due every Dec 15. The installment that was due Dec 15, 2023 was paid and properly recorded. 3. The…Adax Designs Services is a partnership with Adam and Max as partners. The partnership has been operating successfully for a number of years now. The partners have a written partnership agreement. The following information was extracted from the accounting records of Adax. Design Services for the financial year ended 28 February 2021: Balances in the ledger as at 28 February 2021 Land and buildings at cost 835 000 Accumulated depreciation: buildings (65 000) Equipment at carrying amount 270 000 Debtors 103 000 Capital- Andile 400 000 Capital- Sipho 300 000 Current account- Andile Credit balance (1 March 2020) 40 000 Current account -Sipho – Debit balance (1 March 2020 20 000 Drawings - Andile: General 130 000 Drawings – Sipho: General 102 000 Net profit for the year ended 28 February 2021 The following must still be taken.into. account: 800 000 1. The partnership agreement makes provision for the following: • Interest on capital must be provided at 12% per year on the balances in the…Use the following accounts;CashBankShort-term investmentsLoss on sale of short-term investmentForeign exchange gainForeign exchange lossCapitalGain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company’s first month: Date12/1 The owner invested $ 200,000 cash for capital.12/5 r@ktas Co., opened deposit account on Don’t Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10 The Company purchased short-term investment with cash for $2,500.12/18 The Company sold short-term investment with cash for $2.000Note:• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements:1- Give the journal entry for each transaction.2- Post each transaction to T accounts.
- Lawler and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: X Data table Lawler's Business Current Market Value its. Select the explanation on the last line of the journal entry table.) Accounts Receivable 10,600 Merchandise Inventory 29,000 Prepaid Expenses 2,800 Credit 26,000 Store Equipment, Net Accounts Payable (25,000) Done More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $70,000. Lawler's withdrawals were $36,000, and Riello's withdrawings totaled $26,000. Print Done Requirement 1. Journalize the partners' initial…Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as his partner is shown below: Mateo Roa Balance Sheet October 1, 2021 Assets Cash P 60,000 30,000 Notes Receivable Accounts Receivable Less: Allowance for Uncollectible 230,000 Accts. Merchandise Inventory 80,000 Furniture and Fixtures Less: Accumulated Depreciation 54,000 P 454.000 Total Assets Liabilities and Owner's Equity Notes Payable P 40,000 100,000 Accounts Payable Mateo Roa, Capital 314,000 Total Liabilities and Owner's Equity P454,000 Martin Penaco offered to invest cash to give him a capital credit equal to one-half of Mateo Roa's capital after giving effect to the adjustments below. Roa accepted the offer. 1. The merchandise is to be valued at P74,000. 2. The accounts receivable is estimated to be 95% collectible. 3. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July 1, 2021 and P20,000, 12% dated August 1, 2021. 4. Interest on notes payable to be…The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR Capital on 2021 January 01: S S Shoe 30 000 Lace 30 000 Current Accounts on 2021 January 01: Shoe 1 500 Lace Drawings during the year were: Shoe Lace Land and building Equipment Cash at bank Bank loan 90 000 Electricity Office salaries Advertising Bad debts Provision for bad debts 700 Debtors Creditors 9 500 Provision for depreciation: Equipment 2 000 Stock on 2021 December 31 Gross profit for the year 150 000 Additional information: i. Provision for bad debts is to be increased by $50. ii. Amount for advertising included payment of $120 for 2022. iii. Electricity bill of $145 is due. iv. Equipment is to be depreciated at 20% per annum. v. Interest on capital is allowed at 20% per annum. vi. Interest on drawings is 5% per annum. vii. Profits and losses are to be shared between Shoe and Lace in the ratio 2:3. A. Prepare Profit and Loss and Appropriation Account for year ended 2021 December…
- Z admits A as a partner in business. Accounts in the ledger for Z on November 20, 2018, just before the admission of A, show the following balances: Cash P 6,800Accounts Receivable 14,200Merchandise Inventory 20,000Prepaid expense 1,000Accounts Payable 9,000Z, Capital 33,000 It is agreed that the purposes of establishing Z's interest the following adjustments shall be made:a) An allowance for doubtful accounts of 3% of accounts receivable is to be establishedb) The merchandise inventory is to be valued at P23,000.c) Prepaid salary expenses of P600 and accrued rent expense of P800 are to be recognized. A is to invest sufficient cash to obtain a 1/3 interest in the partnership.(1) Z's adjusted capital before…The following balances were extracted from the ledger of DUMISANI STORES (with partners S. Dumi and Z. Sani) on 28 February 2020, the end of the accounting period. Capital: Dumi R75 000 Capital: Sani 25 000 Current account: Dumi (1 March 2019) 4 500 Cr Current account: Sani (1 March 2019) 3 700 Dr Drawings: Dumi 25 000 Drawings: Sani 23 000 Note: Dumi decreased his capital by R25 000 and Sani increased her capital by R25 000 on 28 February 2020. The profit for the year is R92 000.The partnership agreement stipulates the following;(a) Salary allowance to Dumi, R30 000 p.a.(b) Salary allowance to Sani, R15 000 p.a.(c) Interest on capital @ 12% p.a.(d) Remaining profit and losses to be shared between Dumi and Sani in the of 3 : 2.Required.Prepare the Appropriation Account in the General Ledger.Z admits A as a partner in business. Accounts in the ledger for Z on November 20, 2018, just before the admission of A, show the following balances: Cash Accounts Receivable Merchandise Inventory Prepaid expense Accounts Payable Z, Capital P 6,800 14,200 20,000 1,000 9,000 33,000 It is agreed that the purposes of establishing Z's interest the following adjustments shall be made: a) An allowance for doubtful accounts of 3% of accounts receivable is to be established b) The merchandise inventory is to be valued at P23,000. c) Prepaid salary expenses of P600 and accrued rent expense of P800 are to be recognized. A is to invest sufficient cash to obtain a 1/3 interest in the partnership. (1) Z's adjusted capital before the admission of A; and (2) the amount cash investment by A: