User Account

All Pages

Prior to the distribution of cash to the partner

Assignment Help Accounting Basics
Reference no: EM131131900

Prior to the distribution of cash to the partners, the accounts in the NJF Company are:

Cash $28,000, Newell Capital (Cr.) $17,000, Jennings Capital (Cr.) $15,000, and Farley Capital (Dr.) $4,000.The income ratios are 5:3:2, respectively.

Instructions

(a) Prepare the entry to record 

(1) Farley's payment of $4,000 in cash to the partnership and 

(2) The distribution of cash to the partners with credit balances.

(b) Prepare the entry to record 

(1) The absorption of Farley's capital deficiency by the other partners and 

(2) The distribution of cash to the partners with credit balances. 

Reference no: EM131131900

Questions Cloud

Is fair presentation of what someone taking that position : Think about how the two arguments compare to each other. Is one better than the other? If so, what makes that one better? Is each a fair presentation of what someone taking that position would say? Are the premises reasonable? How might each argum..
Discussing the purpose of business research : We are discussing the purpose of Business Research and contrasting it to the purpose of Scientific Research. The purposes do overlap in some ways but are different in others.
Graph the budget constraint for a typical worker : Assuming the worker faces no other taxes, graph the budget constraint for a typical worker earning a wage of W per hour
Explain project management as a discipline : Explain project management as a discipline. Describe the industries in which project managers are in high demand. Provide evidence to support your response.
Prior to the distribution of cash to the partner : Prior to the distribution of cash to the partners, the accounts in the NJF Company are:
Traditional and non-traditional factory physics methods : Due to your lean coursework in both "traditional" and "non-traditional" Factory Physics methods, upper management believes you have the skills and would be the best person to lead the company's path to becoming lean. Describe your overall plan to imp..
Determine which project the company should choose : Project B requires an initial outlay of $25,000 and has expected cash inflows of $6,500 for each of the following 5 years. Use a simple rate of return measure to determine which project the company should choose.
Determine the coordinates of the centroid : An underwater instrument is modeled as shown in the figure. Determine the coordinates of the centroid of this composite volume
Write a term paper after watching the given video : For this assignment you will write a paper after watching the video below and choosing one of the featured topics to focus on. Turn in the same number of pages as assignment #1.

Reviews

Write a Review

Accounting Basics Questions & Answers

  The standard operating capacity of corona manufacturing co

the standard operating capacity of corona manufacturing co. is 1000 units. a detailed study of the manufacturing data

  Abigail bobby and claudia are equal owners in lafter an s

abigail bobby and claudia are equal owners in lafter an s corporation that was a c corporation several years ago. while

  How could you measure the concept of human capital

How could you measure the concept of Human Capital?

  Sec financial reporting rules

Do SEC financial reporting rules apply to companies that are not publicly traded?

  Telecom systems can issue debt yielding 9 percent the

telecom systems can issue debt yielding 9 percent. the company is in a 30 percent bracket. what is its aftertax cost of

  Equity method of accounting for investments

Prepare any necessary journal entries for MBH at December 31, 2006, under the equity method of accounting for investments.

  What business structure would you recommend to green

The popular response encouraged him to create a website and start a mail-order business. He outsources some of the printing responsibilities, and hired someone part time to help him ship out his work to website-based customers.

  Capital budgeting analysis

A project in South Korea requires an initial investment of 2 billion South Korean won. The project is expected to generate net cash flows to the subsidiary of 3 billion and 4 billion won in the two years of operation, respectively.

  Comparative balance sheets and income statement

The following comparative balance sheets and income statement are available for ABC Inc. Prepare a statement of cash flows for 2016 using the indirect method and analyze the statement.

  What is the maximum amount of the dstribution

Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.

  Aspects of culture to which socilinquistics relates language

Desscribe three aspects of culture to which socilinquistics relates language, whether it is vocal,kinestics, specific styles or codes etc.

  During the year the company earned a gross profit of

a condensed balance sheet for bradford corporation prepared at the end of the year appears as follows assets

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