Reference no: EM132539878
A- Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts receivable worth $11,000. Jenson's investment included cash, $5,000; inventory, $18,000; and supplies, $1,000. Prepare the journal entries to record each partner's investment in the new partnership.
B- On January 2, 2018, Smith and Jones agree to accept Johnson as a partner upon his investment of $60,000 cash in the partnership. Johnson is to receive a 20% ownership interest in the new partnership. Any bonus is attributable to the existing partners and is shared equally. The equity of Smith and Jones $174,000. Calculate the Johnson's equity share and prepare journal entries .
C- S, M and Z form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $ 2,000 to S and 1,500 $ to Z , Capital balances on January 1 were as follow :
S $ 40,000 , M $25,000 and Z $30,000 .
Required :
Problem 1: Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 15,100 and Journalize the allocation of net losses .
After you solve the questions your answer must include the following items :
- Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses .
Problem 2: Explain How to form a partnership in Egypt - legally and financially
|
Demonstrate basic earnings per share
: Determine basic earnings per share. On April 1, 2019, River company issued 2,000,000 12% bonds at face amount. Determine diluted earnings per share
|
|
What is the most you should pay for the annuity
: You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity
|
|
How many years would it take for Brockman
: Brockman Corporation's earnings per share were $3.50 last year, and its growth rate during the prior 5 years, How many years would it take for Brockman
|
|
Minimum of two accounts are impacted by every transaction
: Explain the reason that a minimum of two accounts are impacted by every transaction.
|
|
Explain how to form a partnership in egypt
: Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 15,100 and Journalize the allocation of net losses
|
|
Question - issues involving alternative depreciation methods
: Question - Issues Involving Alternative Depreciation Methods. Compute depreciation expense for the years 2011 through 2014 under each depreciation method
|
|
Give journal entries of ms sonu trader from the transactions
: Give journal entries of M/s Sonu traders from the following transactions.Commenced business with cash 1,10,000,Opened bank account with ICICI 50,000
|
|
Digital technology and social networks
: How does digital technology and social networks affect our social and interpersonal skills? Is social media actually making us less social?
|
|
Prepare the bank reconciliation for Chen and Chan Ltd
: On 30 April 2020 Chen & Chan Ltd had a cash balance as per company records of $5,644.50 debit. Prepare the bank reconciliation for Chen and Chan Ltd
|