On December 31, the capital balances and profit and loss ratios in the MRS Partnership are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, the capital balances and profit and loss ratios in the MRS Partnership are as follows Capital Profit and Partner Balance loss ratio B. McLaren $106,000 51% P. Ready 93,000 24% D. Symes 53,000 25% Assume Symes withdraws from the partnership on December 31 of the current year under each of the following independent conditions: Symes is paid $50,000 cash from partnership assets. Symes is paid $59,000 cash from partnership assets. McLaren and Ready agree to purchase Symes' equity by paying $27,500 each from their personal assets. Each purchaser receives 50% of Symes' equity. (a) (b) (c) Ready agrees to purchase all of Symes' equity by paying $60.000 cash from his personal assets. McLaren agrees to purchase all of Symes' equity by paying $48,000 cash from his personal assets. Symes withdraws $53,000 cash from the partnership. (d) (e) (f) No. Account Titles and Explanation Debit Credit (a) (b) D. Symes, Capital P. Ready, Capital Cash Income Summary B. McLaren, Capital (c) (d) (e) (f) > > > > > > > Part (a) D. Symes, Capital B. McLaren, Capital (a) (b) (c) (d) (e) (f) P. Ready, Capital Bal. Total equity %24 > > > Part (b) D. Symes, Capital B. McLaren, Capital (a) (b) P. Ready, Capital (d) (e) (f) Bal. Total equity <> > > %24 <> On December 31, the capital balances and profit and loss ratios in the MRS Partnership are as follows Capital Profit and Partner Balance loss ratio B. McLaren $106,000 51% P. Ready 93,000 24% D. Symes 53,000 25% Assume Symes withdraws from the partnership on December 31 of the current year under each of the following independent conditions: Symes is paid $50,000 cash from partnership assets. Symes is paid $59,000 cash from partnership assets. McLaren and Ready agree to purchase Symes' equity by paying $27,500 each from their personal assets. Each purchaser receives 50% of Symes' equity. (a) (b) (c) Ready agrees to purchase all of Symes' equity by paying $60.000 cash from his personal assets. McLaren agrees to purchase all of Symes' equity by paying $48,000 cash from his personal assets. Symes withdraws $53,000 cash from the partnership. (d) (e) (f) No. Account Titles and Explanation Debit Credit (a) (b) D. Symes, Capital P. Ready, Capital Cash Income Summary B. McLaren, Capital (c) (d) (e) (f) > > > > > > > Part (a) D. Symes, Capital B. McLaren, Capital (a) (b) (c) (d) (e) (f) P. Ready, Capital Bal. Total equity %24 > > > Part (b) D. Symes, Capital B. McLaren, Capital (a) (b) P. Ready, Capital (d) (e) (f) Bal. Total equity <> > > %24 <>
Expert Answer:
Answer rating: 100% (QA)
MRS Partnership Journal Enteries Part a Trans Particulars Debit in Credit in DSymes Capital a Symes ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
On December 31, the capital balances and profit and loss ratios in the VKD Company are as follows: Partner Capital Balance Profit and Loss Ratio B....
-
On December 31, the capital balances and profit and loss ratios in FJA Company are as follows: Antoni is withdrawing from the partnership. Instructions Journalize the withdrawal of Antoni under each...
-
On December 31, the capital balances and profit and loss ratios in VKD Company are as follows: Instructions Journalize the withdrawal of Dixon under each of the following independent assumptions: (a)...
-
What (if anything) is wrong with each of the following statements? a. if (a > b) then c = 0; b. if a > b { c = 0; } c. if (a > b) c = 0; d. if (a > b) c = 0 else b = 0;
-
The accompanying graph appeared in USA Today (August 5, 2008). This graph is a modified comparative bar graph. The modifications (incorporating hands and the earth) were most likely made to construct...
-
In each of six situations, a particle (mass m, charge q) is located at a point where the electric field has magnitude E. No other forces act on the particles. Rank them in order of the magnitude of...
-
Ritter Corporations accountants prepared the following financial statements for year-end 20X2. a. Determine the change in net working capital in 20X2. b. Determine the cash flow during the year 20X2....
-
Harbour Company makes two models of electronic tablets, the Home and the Work. Basic production information follows: Harbour has monthly overhead of $175,200, which is divided into the following cost...
-
QUESTION 4. Calculate the FCFE of a company with its net income of $230m, capital expenditure of $80 and depreciation is $20m , net increase in non-cash working capital is $30m and its debt to...
-
The Protek Company is a large manufacturer and distributor of electronic components. Because of some successful new products marketed to manufacturers of personal computers, the firm has recently...
-
Mortex is a Canadian public company with a December 31 taxation year. It is the policy of Mortex Ltd. to claim maximum CCA for all classes. On January 1, 2021, Mortex had no balance in Class 14.1....
-
i) Find the angle between the lines y - 3x-5=0 and 3y-x+6=0. ii) Discuss the continuity of the function f(x) = x - 21 at x = 2.
-
5- For the circuit shown in Fig.4 find the output d.c. voltage. F 115 Vrms 60 Hz 10:1 eeeeeee eeeeeee Vsec D3 D DA Fig.4 Vp(in) 50 F R, = 2.2
-
Linda has recently invested in an ambitious startup, hoping it would bring her a good return. Unfortunately, the venture didn't go as planned, and she finds herself in need of funds to cover her...
-
6. Find the angle between the lines y-3x-5 and 3y-x+6.
-
i) Find the value of cos(210). ii) Find the principle value of sin(-
-
Learning Objective 7 Appendix 6A Learning Objective 7 Appendix6A Learning Objective 7 Appendix 6A Use the following informationto answer Short Exercises S6A-11 through S6A-13. The periodicinventory 2...
-
For each of the following reactions, express the equilibrium constant: a) H20 (I) H2 (g) + 02 (g) Ke = 1.0x107 b) Fe2 (g) 2F (g) Ke= 4.9 x 10-21 c) C (s) + O2 (g) d) H2 (g) + C2H4 (g) C2H6 (g) Ke =...
-
Royal Bank of Canada is one of the largest banks in Canada. According to its 2014 annual report, it had approximately 78,000 employees serving 16 million customers throughout the world. The bank's...
-
Selected financial data for Shumway Ltd. are shown below. Instructions (a) Calculate for each of 2017 and 2016 the following ratios: 1. Receivables turnover 2. Collection period 3. Inventory turnover...
-
Refer to the information presented for King Corp. in P17-7B. Additional information: 1. Net sales for the year were $927,250. 2. Cost of goods sold for the year was $552,750. 3. Operating expenses,...
-
The bidask spread (II) Consider the spot quotations in pounds per dollar (/\($)\) and dollars per pound (\($/)\) in Table 3.15: a. Compute the bid quotations in American and European terms. b....
-
Interest rate parity Consider Figure 3.29, which indicates (approximately) the difference between interest rates in the United States and the UK, Rus Ruk on a one-year T-bill (i.e. a two-year bill...
-
Points quotations In Table 3.16, consider the spot quotations in dollars per pound (\($/)\) and the forward quotations in basis points (1/10,000). On the basis of the points quotations in Table 3.16,...
Study smarter with the SolutionInn App