Questions from College Accounting

Q: After several years of operations, the partnership of Delco, Smith

After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open. The noncash asse...

Q: John Clark and David Haase decided to form a partnership on July

John Clark and David Haase decided to form a partnership on July 1, 20-6. Clark invested $60,000 and Haase invested $40,000. For the fiscal year ended June 30, 20-7, a net income of $80,000 was earned...

Q: Randy Nolan and Jill Brenton formed a partnership on May 1,

Randy Nolan and Jill Brenton formed a partnership on May 1, 20-1. Nolan contributed $50,000 and Brenton contributed $25,000. During the year, Nolan contributed an additional $10,000. The partnership a...

Q: Maria Rhodes and Craig Blair, who have ending capital balances of

Maria Rhodes and Craig Blair, who have ending capital balances of $90,000 and $40,000, respectively, agree to admit two new partners to their business on September 1, 20--. Lori Kinder will buy one-th...

Q: On liquidation of the partnership of L. Straw and M.

On liquidation of the partnership of L. Straw and M. Maury, as of February 9, 20--, assets with a book value of $156,000 are sold for $140,000. Given that the profit-and-loss ratio is 60% for Straw an...

Q: On July 1, 20--, Lisa Bush and Wally Dodge combined

On July 1, 20--, Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown below...

Q: The partnership of Rummel and Kang, Stonecutters, reported revenues of

The partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of January 1, 20--, were $41,000 for C. Rumm...

Q: Cummings and Stickel Construction Company, a partnership, is operating a

Cummings and Stickel Construction Company, a partnership, is operating a general contracting business. Ownership of the company is divided among the partners, Katie Cummings, Julie Stickel, Roy Hewson...

Q: What steps are followed in posting from the cash receipts journal to

What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?

Q: After several years of operations, the partnership of Leonard, Mitchell

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