User Account

All Pages

Prepare the journal entry to record baker withdrawal

Assignment Help Accounting Basics
Reference no: EM131880578

Question - Able, Baker, and Charley are partners with capital balances of $90,000, $100,000, and $150,000, respectively. Profits and losses are shared in a 1:2:3 ratio. Baker decided to withdraw and the partnership revalued its assets. The value of inventory was decreased by $ 30,000 and the value of land was increased by $70,000. Able and Charley then agree to pay Baker $200,000 for his withdrawal from the partnership. Prepare the journal entry to record Baker's withdrawal using the bonus method.

Reference no: EM131880578

Questions Cloud

What are most crucial components of project implementation : What are the most crucial components of project implementation-hardware and software components or people and organizational components? Why?
Determine the ending balances in the shareholder accounts : The asset had a book value of $211,000 and a fair value of $243,000. Determine the ending balances in the shareholder equity accounts
Analyze next year data in the same way : What is the probability that the true percent or proportion of Americans that would answer "YES" next year will be in next year's confidence interval.
Prepare an toolkit consisting of existing digital forensic : Prepare an investigative toolkit consisting of existing Digital forensic tool kits. What tools would you have in your toolkit?
Prepare the journal entry to record baker withdrawal : Able and Charley then agree to pay Baker $200,000 for his withdrawal from the partnership. Prepare the journal entry to record Baker's withdrawal
Calculate the net short-term capital gain or loss : Sold stock received as an inheritance from Pamela's Mother for $35,000. Calculate the Net short-term capital gain or loss
Explain the coding scheme used for encoding arabic alphabets : Explain the coding scheme used for encoding Arabic alphabets in the computer. Explain what it means that bitmapped image is device-dependent.
What is the amount budgeted for direct material purchases : Beat, Inc., expects to sell 60,000 athletic uniforms for $80 each in 2012. What is the amount budgeted for direct material purchases in 2012
Describe the system development life cycle : Describe the system development life cycle (SDLC). Describe a scenario in which the SDLC might be employed in a business.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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