User Account

All Pages

The amos billings and cleaver partnership had two assets 1

Assignment Help Accounting Basics
Reference no: EM13591222

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:

  • Amos, capital $45,000
  • billings, capital $75,000
  • Cleaver, capital $30,000

Required: If the investment was sold for $80,000, how much cash would each partner have received?

Reference no: EM13591222

Questions Cloud

A point charge of 1muc is located at x -30cm and a second : a point charge of 1muc is located at x -3.0cm and a second point charge of -11muc is located at x 4.0cm. where should
Taxpayer a earned 50000 working as a carpenter during the : taxpayer a earned 50000 working as a carpenter during the year. taxpayer b also a carpenter by trade worked the entire
The function f is defined by fx x -1 sketch its graph : the function f is defined by fx x -1. sketch its graph. observe that there is no value c such that f3-f0 fc3-0. why
Bruno manufacturing inc has sales of 2200000 for the first : bruno manufacturing inc. has sales of 2200000 for the first quarter of 2010. in making the sales the company incurred
The amos billings and cleaver partnership had two assets 1 : the amos billings and cleaver partnership had two assets 1 cash of 40000 and 2 an investment with a book value of
The partnership incurred losses in recent years and decided : as of january 1 2011 the partnership of canton yulls and garr had the following account balances and percentages for
Prove that if f is differentiable at a and fa 6 0 then f : prove that if f is differentiable at a and fa 6 0 then f is also differentiable at a. give an example to show why the
Royal carpet cleaning provided 90000 of services during : royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the
Rondo and his business associate larry are considering : rondo and his business associate larry are considering forming a business entity called rampl but they are unsure about

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much interest will accrue on a 20000 face value 60-day

1. the sales returns and allowances a account is presented on the balance sheet as a deduction from accounts

  The financial statements of the melton manufacturing

the financial statements of the melton manufacturing company reports net sales of 300000 and accounts receivable of

  Sycamore company uses a certain part in its manufacturing

sycamore company uses a certain part in its manufacturing process that it buys from an outside supplier for 29 per part

  Effective annual rate on the investment

You buy an investment today for $9,000. You sell the investment in 120 days for $9,500. The effective annual rate on this investment is:

  Loon taxable income for the year

Assume the same facts except that Loon's long-term capital gain is $100,000 (instead of $60,000). Compute Loon's taxable income for the year.

  Prepare the journal entry to record the first interest

1. a company issues 10000 10 5 year bonds with semi annual paymentsprincipal amount face value matuity value or par

  1nbspnbspnbspnbspnbsp the following items were among those

1nbspnbspnbspnbspnbsp the following items were among those that were reported on dye co.s income statement for the year

  Manley company planned to sell 40000 units this year at

manley company planned to sell 40000 units this year at 6.00 per unit. actual results indicate that 42000 units were

  Pretax accounting income and taxable income

Carlson Corp. reported the following pretax accounting income and taxable income for its first three years of operations:

  From the first e-activity the article indicates

from the first e-activity the article indicates approximately 90 of the companies in the study were sensitive to the

  Pnb industries has 20 million shares of common stock

pnb industries has 20 million shares of common stock outstanding with a market price of 18.00 per share. the company

  Commenting on the need for reconcil

Write a brief discussion commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd