Questions from College Accounting

Q: Jeff Bowman and Kristi Emery, who have ending capital balances of

Jeff Bowman and Kristi Emery, who have ending capital balances of $100,000 and $60,000, respectively, agree to admit two new partners to their business on August 18, 20--. Dan Bridges will buy one fif...

Q: On liquidation of the partnership of J. Hui and K.

On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of $180,000 is sold for $230,000. Given that Hui and Cline share profits and losses equall...

Q: On July 1, 20--, Susan Woodworth and Barbara Holly combined

On July 1, 20--, Susan Woodworth and Barbara Holly combined their two businesses to form a partnership under the firm name of Woodworth and Holly. The balance sheets of the two sole proprietorships ar...

Q: The partnership of Robo and Swing, CPAs, reported revenues of

The partnership of Robo and Swing, CPAs, reported revenues of $215,000 and expenses of $80,000 on their year-end work sheet. Their capital balances as of January 1, 20--, were $55,000 for I. Robo and...

Q: Explain the five steps required when posting the journal to the ledger

Explain the five steps required when posting the journal to the ledger.

Q: The Kelly and Kelly Wrecking Company, a partnership, operates a

The Kelly and Kelly Wrecking Company, a partnership, operates a general demolition business. Ownership of the company is divided among the partners, Mike Kelly, Kim Kelly, Larry Dennis, and Jim Wheele...

Q: After several years of operations, the partnership of Baldwin, Cowan

After several years of operations, the partnership of Baldwin, Cowan, and Stewart is to be liquidated. After making closing entries on June 30, 20--, the following accounts remain open: The noncash as...

Q: B&B Electric decided to incorporate and has incurred the following

B&B Electric decided to incorporate and has incurred the following costs of organizing: Incorporation fees $ ………... 400 Attorneys’ fees ………... 4,800 Promotion expenses ………... 5,700 Prepare the entry...

Q: After closing its books on December 31, 20—, Jackson Corporation’s

After closing its books on December 31, 20—, Jackson Corporation’s stockholders’ equity accounts had the following balances: REQUIRED Prepare the...

Q: Mitchell Parts Co. had the following plant asset transactions during the

Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of $2,800 and accumulated depreciation of $2,800, was dis...