User Account

All Pages

Show entry made to close income summary to partner capital

Assignment Help Financial Accounting
Reference no: EM131290404

The Roe, Soh, and Tow Partnership earned $150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income:

Salary to Roe of $40,000; Salary to Soh of $60,000, Salary to Tow of $50,000

Interest on average capitals – the interest amounts are computed as $3,000 to Roe, $4,200 to Soh, and $4,800 to Tow.

Any remaining income is to be allocated 25 percent to Roe, 40 percent to Soh, and 35% to Tow.

Show the entry made to close income summary to partner capital.

Reference no: EM131290404

Questions Cloud

Identify the tax issues related to williams decision : William, a high school teacher, earns about $50,000 each year. In December 2016, he won $1 million in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax advisor, whether he should donate the $100,000 in 2016 ..
Briefly indicate why this disclosure can be significant : For oil and gas companies, there is the potential for a significant difference between the reported income and cash flows from operations. Comment.
Lifo method-what is the value of inventory on hand : Using the LIFO method: beginning inventory on August 1 has 2 items valued at $100 each. On August 8, three items were purchased for $250 per unit. On August 10, two units were sold. On August 20, two units at $300 each were purchased. What is the val..
Identify types of strategies which is important : Identify types of strategies, which is important, important strategic management matrices recommend various types of strategies depending on various internal and external factors.
Show entry made to close income summary to partner capital : The Roe, Soh, and Tow Partnership earned $150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income: Show the entry made to close income summary to partner capital.
Paragraphs highlighting some key points : Summary:  One to two paragraphs highlighting some key points from the article. Include the title of the article and a proper citation of material. Remember this is a summary; stay on point. The summary should be no more than a third of your conten..
Discuss chromosomal and genetic influences on human growth : Consider the significant changes that occur during the fetal period. Based on the research in fetal development and maternal health, what recommendations could you propose to help promote healthy pregnancy? Why should these recommendations be adop..
Sellers allow customers to use credit cards : Sellers allow customers to use credit cards for all of the following reasons except:
How does decision in the case impact the validity of board : Write a paper of 700- to 1,050-words in which you answer the following: How does the decision in this case impact the validity of the Board and other provisions of the Sarbanes-Oxley Act?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the gain on repossession

The car was subsequently repossessed. When reacquired , the car was appraised to have a fair value of P300,000, What is the gain (loss ) on repossession? Under the installment method , how much is the realized gross profit to be recognized a th..

  Summarize how the workplace capability enthusiasm

Summarize how the workplace capability enthusiasm can be used to explain payroll tax and the responsibilities of an employer to a client.

  Cash accounts receivable inventory prepaid rent fixtures

Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:

  Provide discussion points which your boss can use to assist

Billy Bristol has a job working as a skilled labourer for a business which builds home extensions and does renovations. In the final step (review/feedback) provide discussion points which your boss can use to assist Billy in his decision making. Mich..

  Respect to the formation and operation of the partnership

Bob and Kate form the BK Partnership, a general partnership, as equal partners. Bob contributes an office building with a $130,000 FMV and a $95,000 adjusted basis to the partnership along with a $60,000 mortgage, which the partnership assumes. Kate,..

  Prepare innovations perpetual inventory record

Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost $60 each. On March 16, Innovation bought 20 bicycles at $70 each. On March 31, Innovation sold 25 bicycles. Prepare Innovation’s perpetual inventory..

  Choose a company of your choice and review a form 10-k

choose a company of your choice and review a form 10-k filed with the sec. communicate with your group to make sure

  What is the probability that fewer than cars will need

What is the probability that more than 200 cars will require service work in a particular month? What is the probability that fewer than 175 cars will need service work in a given month?

  Difference between the accounts debit and credit

At December 31, 2015, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $14,400,000 due to unanticipated price increases. Difference between the accounts Debit/C..

  Prepare entries to account for a cash flow hedge involving

Prepare entries to account for a cash flow hedge involving an option. Industrial Plating Corporation coats manufactured parts with a variety of coatings such as Te?on, gold, and silver. The company intends to purchase 100,000 troy ounces of silver in..

  What is the lost contribution suffered

Lady Gaga Plc is a renowned record manufacturing company and has received a one off order from Ginger Blears an English member of parliament to write and manufacture a song for her about how honourable she is. What is the lost contribution suffered b..

  Journalize transactions and the closing entry for net income

Journalize the transactions and the closing entry for net income. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts.

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