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Questions and Answers of Public Accounting

=+PR 12-4B Admitting new partner obj. 3✔ 3. Total assets,$333,000 Chapter 12 Accounting for Partnerships and Limited Liability Companies 571 After the accounts are closed on July 3, 2010, prior to
=+• Equipment is to be valued at $194,000.
=+• Merchandise inventory is to be valued at $65,480.
=+• Accounts receivable amounting to $2,800 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts.
=+PR 12-3B Financial statements for partnership objs. 2, 5✔ 2. Dec. 31 capital—Forte,$87,250 Sadhil Rao and Lauren Sails have operated a successful firm for many years, sharing net income and net
=+1. Prepare an income statement for 2010, indicating the division of net income. The articles of partnership provide for salary allowances of $40,000 to Yamada and $50,000 to Forte, allowances of
=+The ledger of Dan Yamada and Courtney Forte, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2010:Debit Credit Balances Balances
=+PR 12-2B Dividing partnership income obj. 2✔ 1.f. Larson net income, $41,600 570 Chapter 12 Accounting for Partnerships and Limited Liability Companiese. Interest of 12% on original investments,
=+PR 12-1B Entries and balance sheet for partnership obj. 2✔ 3. Walker net income, $36,400 Larson and Alvarez have decided to form a partnership. They have agreed that Larson is to invest $150,000
=+3. After adjustments and the closing of revenue and expense accounts at July 31, 2011, the end of the first full year of operations, the income summary account has a credit balance of $80,000, and
=+2. Prepare a balance sheet as of August 1, 2010, the date of formation of the partnership of Walker and King.
=+1. Journalize the entries to record the investments of Walker and King in the partnership accounts.
=+PR 12-6A Statement of partnership liquidation obj. 4 Problems Series B On August 1, 2010, Jarius Walker and Rae King form a partnership. Walker agrees to invest $18,200 in cash and merchandise
=+2. Assume the partner with the capital deficiency in part (b) above declares bankruptcy and is unable to pay the deficiency. Journalize the entries to (a) allocate the partner’s deficiency and
=+b. All of the noncash assets are sold for $132,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is
=+. All of the noncash assets are sold for $290,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.
=+PR 12-5A Statement of partnership liquidation obj. 4 Chapter 12 Accounting for Partnerships and Limited Liability Companies 569 On June 3, 2010, the firm of McAdams, Cooper, and Zhang decided to
=+2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries to (a) allocate the partner’s deficiency and(b) distribute the
=+1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate
=+PR 12-4A Admitting new partner obj. 3✔ 3. Total assets,$220,200 After the accounts are closed on September 10, 2010, prior to liquidating the partnership, the capital accounts of Kris Harken,
=+3. Present a balance sheet for the new partnership as of June 1, 2010.
=+2. Journalize the additional entries to record the remaining transactions relating to the formation of the new partnership. Assume that all transactions occur on June 1.
=+c. The income-sharing ratio of Cates, Orr, and Webster is to be 2:1:1.The post-closing trial balance of Cates and Orr as of May 31 follows.Cates and Orr Post-Closing Trial Balance May 31, 2010
=+b. Webster is to purchase $30,000 of the ownership interest of Orr for $37,500 cash and to contribute $35,000 cash to the partnership for a total ownership equity of $65,000.
=+ Equipment is to be valued at $90,000.
=+ Merchandise inventory is to be valued at $63,870.
=+• Accounts receivable amounting to $2,000 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts.
=+PR 12-3A Financial statements for partnerships objs. 2, 5✔ 2. Dec. 31 capital—Weekley,$182,400 568 Chapter 12 Accounting for Partnerships and Limited Liability Companies Jordan Cates and LaToya
=+3. Prepare a balance sheet as of the end of 2010.
=+2. Prepare a statement of partners’ equity for 2010.
=+PR 12-2A Dividing partnership income obj. 3✔ 1.f. Drury net income, $92,900 The ledger of Amid Moshref and Alex Weekley, attorneys-at-law, contains the following accounts and balances after
=+For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $150,000 and (2) net income of $66,000. Present the data in tabular form, using
=+f. Plan (e), except that Drury is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the salary allowances.Instructions
=+e. Interest of 10% on original investments, salary allowances of $34,000 to Drury and$17,000 to Wilkins, and the remainder equally.
=+d. Interest of 10% on original investments and the remainder in the ratio of 3:2.
=+PR 12-1A Entries and balance sheet for partnership obj. 2✔ 3. Schmidt net income, $47,200 Chapter 12 Accounting for Partnerships and Limited Liability Companies 567 Desmond Drury and Ty Wilkins
=+3. After adjustments and the closing of revenue and expense accounts at May 31, 2010, the end of the first full year of operations, the income summary account has a credit balance of $84,000, and
=+2. Prepare a balance sheet as of June 1, 2009, the date of formation of the partnership of Schmidt and Cohen.
=+1. Journalize the entries to record the investments of Schmidt and Cohen in the partnership accounts.
=+The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $36,000(Schmidt) and $22,000 (Cohen),
=+Balance Balance Accounts Receivable $18,400 $14,900 Allowance for Doubtful Accounts 800 1,000 Merchandise Inventory 21,400 28,600 Equipment 36,000 35,000 Accumulated Depreciation—Equipment 12,000
=+EX 12-28 Revenue per employee Problems Series A On June 1, 2009, Kevin Schmidt and David Cohen form a partnership. Schmidt agrees to invest $12,000 cash and merchandise inventory valued at $32,000.
=+Revenues (in thousands) $38,500 $33,750 Number of employees (excluding members) 350 250a. For 2009 and 2008, determine the revenue per employee (excluding members).b. Interpret the trend between
=+EX 12-27 Revenue per professional staff Office-Brite Cleaning Services, LLC, provides cleaning services for office buildings. The firm has 10 members in the LLC, which did not change between 2008
=+Revenue (in millions) $ 9,850 $ 8,770 Number of professional staff (including partners) 32,483 29,614a. For 2007 and 2006, determine the revenue per professional staff. Round to the nearest
=+ 12-26 Partnership entries and statement of partners’ equity objs. 2, 5✔b. Abdel-Raja, capital, Dec. 31,$114,000 566 Chapter 12 Accounting for Partnerships and Limited Liability Companies The
=+b. Prepare a statement of partners’ equity for the current year for the partnership of Abdel-Raja and Meyer.
=+a. Journalize the entries to close (1) the income summary account and (2) the drawing accounts.
=+EX 12-25 Statement of LLC liquidation obj. 4 The capital accounts of Hossam Abdel-Raja and Aly Meyer have balances of $90,000 and $65,000, respectively, on January 1, 2010, the beginning of the
=+b. Provide the journal entry for the final cash distribution to members.
=+a. Prepare a statement of LLC liquidation.
=+EX 12-24 Statement of partnership liquidation obj. 4 Gordon, Hightower, and Mills are members of Capital Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members
=+EX 12-23 Liquidating partnerships—capital deficiency obj. 4 After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Dover, Goll, and
=+EX 12-22 Distribution of cash upon liquidation obj. 4✔a. Houston, $380 Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the
=+b. Assuming that the partnership has only $540 instead of $1,020, do any of the three partners have a capital deficiency? If so, how much?
=+a. How should the money be distributed?
=+EX 12-21 Liquidating partnerships—capital deficiency obj. 4✔b. $72,500 Chapter 12 Accounting for Partnerships and Limited Liability Companies 565 Bianca Houston, Jana Alsup, and KeKe Cross
=+c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances.
=+b. What is the amount of cash on hand?
=+a. What term is applied to the debit balance in Shen’s capital account?
=+EX 12-20 Distribution of cash upon liquidation obj. 4✔ Bradley, $33,500 claim is to be paid in cash. Cohen and Cobb are to share equally in the net income or net loss of the new
=+EX 12-19 Distribution of cash upon liquidation obj. 4✔a. $4,000 loss Jason Bradley and Abdul Barak, with capital balances of $26,000 and $35,000, respectively, decide to liquidate their
=+c. How should the cash be divided between Pryor and Lester?
=+b. How should the gain or loss be divided between Pryor and Lester?
=+a. What is the amount of a gain or loss on realization?
=+EX 12-18 Statement of members’ equity, admitting new member objs. 2, 3, 5✔a. 3:7 Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership.
=+e. What percentage interest of Yellow Mountain Mines did Randy Reed acquire?
=+d. Why do the member equity accounts of Nevada Properties, LLC, and Star Holdings, LLC, have positive entries for Randy Reed’s contribution?
=+c. How much cash did Randy Reed contribute to Yellow Mountain Mines, LLC, for his interest?
=+b. What was the income-sharing ratio in 2011?
=+a. What was the income-sharing ratio in 2010?
=+EX 12-17 Withdrawal of partner obj. 3 564 Chapter 12 Accounting for Partnerships and Limited Liability Companies The statement of members’ equity for Yellow Mountain Mines, LLC, is shown
=+EX 12-16 Partner bonuses, statement of partners’ equity objs. 2, 3, 5✔ Wilson capital, Dec. 31, 2010,$83,400 Luke Gilbert is to retire from the partnership of Gilbert and Associates as of March
=+Prepare a statement of partnership equity for the year ended December 31, 2010.
=+3. The partners’ withdrawals are equal to half of the increase in their capital balances from income.
=+2. Net income of $160,000 was earned in 2010. In addition, Jen Wilson received a salary allowance of $30,000 for the year. The three partners agree to an income-sharing ratio equal to their capital
=+1. In early January, Jaime Holden is admitted to the partnership by contributing$25,000 cash for a 20% interest.
=+EX 12-15 Admitting new partner with bonus obj. 3✔b. (1) Bonus paid to Harris, $6,200 The partnership of Angel Investor Associates began operations on January 1, 2010, with contributions from two
=+1. Harris purchased a 20% interest for $50,000.2. Harris purchased a 30% interest for $125,000.
=+b. Provide the journal entry for Harris’s admission under the following independent situations:
=+2. Koster purchased a 25% interest in Excel Medical, LLC, for $160,000.
=+1. Koster purchased a 30% interest in Excel Medical, LLC, for $310,000.
=+b. Provide the journal entry for the bonus under the following independent situations:
=+a. Provide the journal entry for the asset revaluation.
=+EX 12-13 Admitting new partner who contributes assets obj. 3✔b. Flores,$60,000 Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a
=+EX 12-12 Admitting new partners who buy an interest and contribute assets obj. 3✔b. Hughes,$96,000 Chapter 12 Accounting for Partnerships and Limited Liability Companies 563 After the tangible
=+b. What are the capital balances of each partner after the admission of the new partners?
=+EX 12-11 Admitting new partners obj. 3 The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and$100,000, respectively. Leah Craft and Jayme Clark are to be admitted to
=+c. Why might the amount to be contributed by a new partner for admission to the firm exceed the amount determined in (b)?
=+EX 12-10 Admitting new partners obj. 3 The public accounting firm of Grant Thornton LLP disclosed U.S. revenues of $940 million for a recent year. The revenues were attributable to 489 active
=+EX 12-9 Partner income and withdrawal journal entries objs. 2, 3 Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $150,000 and $62,500, respectively.
=+. Provide the journal entry to close the drawing account at the end of the year.
=+b. Provide the journal entry to close the income summary account at the end of the year.
=+ 12-8 Dividing LLC net income and statement of members’ equity objs. 2, 5✔a. Wilson,$268,600 The notes to the annual report for KPMG LLP (U.K.) indicated the following policies regarding the
=+c. Prepare a statement of members’ equity for 2010.
=+b. Prepare the journal entry to close the net income and withdrawals to the individual member equity accounts.
=+a. Determine the division of income among the three members.
=+EX 12-7 Dividing LLC income obj. 2✔a. Bowman,$106,800 562 Chapter 12 Accounting for Partnerships and Limited Liability Companies Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson,
=+b. Provide journal entries to close the (1) income summary and (2) drawing accounts for the two members.
=+a. Determine the division of $188,000 net income for the year.

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