Questions from College Accounting

Q: If the partners in Concept Check 2 share net income based on

If the partners in Concept Check 2 share net income based on their beginning capital investments, what would be the journal entry at closing to allocate net income? Concept Check 2: John Michael, Ni...

Q: If the partners in Concept Check 2 have the following agreement,

If the partners in Concept Check 2 have the following agreement, please calculate the total salary and interest allowances: Concept Check 2: John Michael, Nicholas Paschalis, and Dina Marie invested...

Q: Using your answer from Concept Check 4, how much more income

Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $16,700, how...

Q: On May 2, Artie Offerman sold his equity in the partnership

On May 2, Artie Offerman sold his equity in the partnership to Brian Miller for $5,900. Artie’s capital account had a $4,100 balance. Record the journal entry.

Q: From the following capital balances, calculate the profit and loss ratio

From the following capital balances, calculate the profit and loss ratio for each account: Betty Blackstead, Capital …………………………….. $ 500 Artie Juniper, Capital …………………………………….. 700 Ted Plank, Capital...

Q: From the following, journalize the (a) sale of assets

From the following, journalize the (a) sale of assets and (b) loss or gain from liquidation realization. Given: Cash …………………………………………….…………………….. $ 3,500 Other Assets …………………………..…………………………….. 18,000...

Q: Leaf Corporation has capital stock of $7,500. Its

Leaf Corporation has capital stock of $7,500. Its Retained Earnings account has a $14,900 balance. Cash has a balance of $9,200. What is the total of stockholders’ equity for Leaf Corporation?

Q: Prior to the current year, Joseph Co. owed $14

Prior to the current year, Joseph Co. owed $14,200 each year for 10 years to holders of cumulative preferred stock. This year Joseph’s pays out $175,000 in dividends to preferred and common. How much...

Q: The following trial balance (Figure 3.30) was prepared

The following trial balance (Figure 3.30) was prepared incorrectly. Figure 3.30: a. Rearrange the accounts in proper order. b. Calculate the total of the trial balance. (Small numbers are used inte...

Q: From the following, calculate the dividends for common and preferred stock

From the following, calculate the dividends for common and preferred stock: • 13% fully participating preferred stock. • The board declared a $195,000 dividend. • Preferred stock 3,100 shares, $110 pa...