Questions from Financial Accounting

Q: Prior to liquidating their partnership, Heller and Warren had capital accounts

Prior to liquidating their partnership, Heller and Warren had capital accounts of $128,000 and $67,000, respectively. The partnership assets were sold for $49,000. The partnership had no liabilities....

Q: Prior to liquidating their partnership, Jacobs and Sanchez had capital accounts

Prior to liquidating their partnership, Jacobs and Sanchez had capital accounts of $320,000 and $424,000, respectively. The partnership assets were sold for $52,000. The partnership had no liabilities...

Q: Schwartz and Beer, CPAs earned $9,338,000

Schwartz and Beer, CPAs earned $9,338,000 during 20Y4 using 46 employees. During 20Y5, the firm grew revenues to $11,825,000 and expanded the staff to 55 employees. a. Determine the revenue per employ...

Q: Makeman Architects earned $4,400,000 during 20Y1 using

Makeman Architects earned $4,400,000 during 20Y1 using 40 employees. During 20Y2, the firm reduced revenues to $3,894,000 and reduced the staff to 33 employees. a. Determine the revenue per employee f...

Q: Xi Lin contributed land, inventory, and $38,600

Xi Lin contributed land, inventory, and $38,600 cash to a partnership. The land had a book value of $128,500 and a market value of $187,400. The inventory had a book value of $53,500 and a market valu...

Q: Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income

Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: 1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner’s capital balance on Jan...

Q: Bruce Delew and Nadia Comatof formed a partnership, dividing income as

Bruce Delew and Nadia Comatof formed a partnership, dividing income as follows: 1. Annual salary allowance to Delew, $18,000, and Comatof, $51,000. 2. Interest of 6% on each partner’s capital balance...

Q: Greg Thomas purchased one-half of Ian Hamilton’s interest in the

Greg Thomas purchased one-half of Ian Hamilton’s interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book val...

Q: Marquis Westbury invested $119,100 in the Trenton and Rainwater

Marquis Westbury invested $119,100 in the Trenton and Rainwater partnership for ownership equity of $119,100. Prior to the investment, equipment was revalued to a market value of $77,400 from a book v...

Q: Patel has a capital balance of $310,000 after adjusting

Patel has a capital balance of $310,000 after adjusting assets to fair market value. Killingsworth contributes $490,000 to receive a 60% interest in a new partnership with Patel. Determine the amount...