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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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_________revenue arises when a business receives cash in one period, but does not provide all of the related goods or services u
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Answer:

Deferred

Explanation:

Deferred revenue arises when a business receives cash in one period, but does not provide all of the related goods or services until a later period.

Deferred revenue are the payment received by the company or individual in advance for the product which is not been delivered yet or for the services which are not yet performed. It is not considered as revenue by companies, that´s why they report the deferred revenue as a liability in the balance sheet of the company.

8 0
3 years ago
You are trying to value the common stock shares BeGood Company using a market multiples approach. Begone just reported annual ea
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Answer:

$22.81

Explanation:

We can easily calculate share price for BeeGood company just by multiplying the current earnings per share with an average P/E ration of competitors

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7 0
3 years ago
Prepare the 2017 and 2018 common-size balance sheets for just dew it. (do not round intermediate calculations. Enter your answer
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Answer:

The accounts and other information were missing, so I looked them up:

                JUST DEW IT CORPORATION

                                 Balance Sheet

                              For 2017 and 2018

                                               2017        2018        Cash

                                                                             source / use

Assets:

Current assets

Cash                                    $12,157     $14,105    source

Accounts receivable        $29,382     $32,815    use

Inventory                           $54,632    $57,204     use

Total current assets           $96,171    $104,124

Non-current assets

Net plant and equip.       $367,241   $375,830    use

Total assets                     $463,412   $479,954

Liabilities and stockholders' equity:

Current liabilities

Accounts payable            $46,382     $49,276      source

Notes payable                  $18,246       $19,784     source

Total current liabilities     $64,628     $69,060

Long term debt

Long-term debt                $49,000     $45,000     use

Owners’ equity

Common stock and

paid-in surplus                 $50,000      $50,000        -

Retained earnings          $299,784     $315,894     source

Total owners' equity       $349,784    $365,894

Total liabilities and

stockholders' equity:       $463,412    $479,954

3 0
3 years ago
Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and
nalin [4]

Answer:

Following are the solution to this question:

Explanation:

In point 1:

Date                 Title                                  post reference           Dr.               Cr.   30-sep       Method work – refining             141                  388000  

                          Materials                              131                                    385000  

In point 2:

Date                 Title                                  post reference           Dr.               Cr.   30-sep        Method work – refining                  141              141000  

                   Payable Wages                                 251                              141000

In point 3:

Date                 Title                                  post reference           Dr.               Cr.   30-sep        Method work – refining                 141               96800  

                   Factory overhead- refining            151                                96800

In part B:

Date                 Title                                  post reference           Dr.               Cr.   30-sep          Method work – Sifting               142                 625600

           (388000+141000+96800+(29800-30000))

              Method work – refining                     141                                 625600

5 0
3 years ago
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Dominik [7]

Answer:

D. life cycle analogy

Explanation:

this method is called life cycle analogy

3 0
3 years ago
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