Prepare the partnership''s income statement

Assignment Help Accounting Basics
Reference no: EM13668354

The partnership of Lewis and Clark had these balances at April 30, 2008:

Cash........$28,000

Liabilities........56,000

Clark Capital...14,000

Other Assests...84,000

Service Revenue....$196,000

Lewis, Capital....42,000

Total Expenses.....49,000

Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for hte year ended April 30, 2008.

Reference no: EM13668354

Questions Cloud

Post the effects to the appropriate t-accounts : Post the effects to the appropriate T-accounts and determine ending account balances
Pay the college and earn the same profit expected : Pay the college and earn the same profit expected in requirement
Events occurred for taylor corporation : Events occurred for Taylor Corporation
Audit evidence than traditional sampling techniques : Audit evidence than traditional sampling techniques?
Prepare the partnership''s income statement : Prepare the partnership's income statement
League inc uses a process cost system : League Inc uses a process cost system to accumulate the costs
Net operating income : Net operating income
Discover the focal length of the lens : A luminous disk of diameter 2 cm is places 0.8m to the left of a flat screen. A converging lens is places among the disk and the screen at a location 20cm from the disk and a real image is formed on the screen.
Calculate the temperature during the isothermal compression : A cylinder with a piston contains 0.250 mol of ideal oxygen at a pressure of 2.25x105 Pa and a temperature of 355K. The gas first expands isobraically to three time sits original volume. It is then compressed isothermally back to its original volume,..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cost of land under cost principle

A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land wo..

  Topeka bike company received a 940 check from a customer

topeka bike company received a 940 check from a customer for the balance due. the transaction was erroneously recorded

  Income statement effects of the transacton

(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.

  Vineyard test laboratories does heat testing and stress

vineyard test laboratories does heat testing and stress testing on materials and operates at capacity. under its

  Konig enterprises ltd owns and operates three restaurants

konig enterprises ltd. owns and operates three restaurants in vancouver b.c. the company allocates its fixed

  Inventoryinventory valuation methods basic computationsthe

inventory.inventory valuation methods basic computations.the january beginning inventory of the white company consisted

  On january 2 fred critchfield paid 18000 for 900 shares of

on january 2 fred critchfield paid 18000 for 900 shares of the common stock of acme company. mr. critchfield received

  Two direct labor hours are required for each product unit

derf company applies overhead on the basis of direct labor hours. two direct labor hours are required for each product

  On august 1 2013 a company issues bonds with par value of

on august 1 2013 a company issues bonds with par value of 600000. the bonds mature in 10 years and pay 6 annual

  The zaf radiator company uses a normal -cost accounting

the zaf radiator company uses a normal -cost accounting system with a single manufacturing overhead cost pool and

  Affect the valuation of the stock

Discuss your findings and how it will affect the valuation of the stock.

  Vaughn company which uses a periodic inventoy system had a

1. given the following information calculate the amount of cash finallly remitted by the customer on feb 212. vaughn

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!

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