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babymother [125]
3 years ago
8

Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210

,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, Hopkins withdraws and agrees to take $230,000 cash in settlement of her capital balance. Prepare the December 31 journal entry for the partnership. Prepare the December 31 journal entry for the partnership.
Business
1 answer:
Anestetic [448]3 years ago
3 0

Answer:

Dr D. Hopkins, Capital 210,000

Cr P. Houghton, Capital 10,000

Cr M. Hammel, Capital 10,000

Cr Cash 230,000

Explanation:

Preparation of the December 31 journal entry for the partnership.

Based on the information given the December 31 journal entry for the partnership will be :

Dr D. Hopkins, Capital 210,000

Cr P. Houghton, Capital 10,000

(100,000-80,000/2)

Cr M. Hammel, Capital 10,000

(100,000-80,000/2)

Cr Cash 230,000

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depreciation rate per unit $0.34

Explanation:

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depreciation rate:

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8 0
3 years ago
A​ check-processing center uses exponential smoothing to forecast the number of incoming checks each month. The number of checks
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a. 41.6 million

b. 42.28 million

Explanation:

A) GIven

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So for july

Sjuly = a*Xjune + (1-a)*Sjune

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B) forecast in july = Sjuly = 41.6 million

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So for August

Saugust = a*Xjuly + (1-a)*Sjuly

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5 0
3 years ago
The decision-making process has five steps. After collecting relevant information and evaluating each alternative, the next step
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Select the course of action

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Because it’s the next step after collecting relevant information and evaluating each alternatives

7 0
2 years ago
Suppose that the Bureau of Labor Statistics predicts that the number of jobs for dental hygienists will grow faster than most oc
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3 years ago
Suppose that the inflation rate is 2% and the real terminal value of an investment is expected to be $82,500 in 4 years. Calcula
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Answer:

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Solution

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3 0
3 years ago
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