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Answer:
<u>debited</u>
Explanation:
Partnership refers to a mutual agreement wherein two or more individuals agree carry out a business and to share profits and losses in a specified ratio or as per the clauses of the partnership deed.
When partners retire, the balances standing to the credit of their capital accounts needs to be settled or paid off.
As per the given information, Wilma is paid $45000 in cash. The journal entry in this case would be:
Wilma's Capital A/C Dr. $45000
To Cash A/C $45000
For the remaining balance, Wilma shall be paid in cash as follows,
Wilma's Capital A/C Dr. $5000
To Cash A/c $5000
(Being settlement of a retiring partner's capital account being recorded)
Answer: $187 ⇒ Amount should ABC report as a net pension liability (asset) at Dec 31, 2018
Explanation:
Given that,
Data for 2018 as of Dec 31, 2018 are as follows:
Projected benefit obligation = $634
Accumulated benefit obligation = $418.44
Plan assets at fair value = $821
Pension expense = $192.48
Employer's cash contribution (end of year) = $361
The amount should company report as a net pension liability at Dec 31, 2018 as follows:
Net Pension Liability = Projected benefit obligation - Plan assets at fair value
= $634 - $821
= $187 ⇒ Amount should ABC report as a net pension liability (asset) at Dec 31, 2018
Answer:
Debit Land $94,000; credit Common Stock $62,000; credit Paid-In Capital in Excess of Par Value, Common Stock $32,000
Explanation:
Preparation of what The entry to record this exchange is:
Debit Land $94,000
Credit Common Stock $62,000
(6,200*$10)
Credit Paid-In Capital in Excess of Par Value, Common Stock $32,000
($94,000-$62,000)
(To record exchange)
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
