agreed that Sirroca could take cash of $510,000 in exchange for her equity in the partnership Required 1 Journalize all of the transactions for the partnership 2 Prepare the partners' equity section of the balance sheet as of January 2, 2017 Problem 12 98 William Dione, Julie Porter, and Regina Westlake started a partnership to operate a courter Accounting for partners invest service The partnership (DP W Couriers) had the following transactions ments allocating profits and losses, accounting for the 2015 admission of a new partner accounting for the liquidation of Jan 2 Dione, Porter, and Westlake formed the partnership by signing an agreement partnership that stated that all profits would be shared in a 2 3 5 ratio and by making the following investments ( 3 4 5 6 Dione Porter Westlake Cash $12 000 $ 8 000 Accounts receivable (net) 20,000 14,500 Office furniture (net) 15 000 Vehicles (net) 21,000 38 500 Dec 31 The partnership reported net income of $63,500 for the year 2016 Jun 7 Dsome and Westlake agreed that Porter could sell her share of the partnership to Ray Ewing for $52 500 The new partners agreed to keep the same profit sharing arrangement (2 3 5 for Dione Ewing Westlake) Dec 31 The partnership reported a net loss of $67,000 for the year 2017 Jan 3 The partners agreed to liquidate the partnership On this date, the balance sheet showed the following items (all accounts have their normal balances Cash $ 17,500 Accounts receivable 316,000 Allowance for uncollectible accounts 22 500 Office furniture 74,500 Vehicles 240,000 Accumulated amortization (total) 49,500 Accounts payable 366,500 The assets were sold for the following amounts Accounts receivable 5190,000 Office furniture 52,500 Vehicles 106,000 Dione and Ewing both have personal assets, but Westlake does not Required Journalize all of the transactions for the partnership CHALLENGE PROBLEMS Problem 12 1C Nancy Wesla and Jordon Dugger have been in a partnership for five years The principal Deciding on a capital structure business of the partnership is systems design for financial institutions Gross revenues have increased from $330,000 in 2013 to 53,800 000 in 2017, the year just ended The number of Chapter 12 Partnerships 723

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agreed that Sirroca could take cash of $510,000 in exchange for her equity in the partnership Required 1  Journalize all of the transactions for the partnership  2  Prepare the partners' equity section of the balance sheet as of January 2, 2017  Problem 12 98 William Dione, Julie Porter, and Regina Westlake started a partnership to operate a courter Accounting for partners  invest  service  The partnership (DP W Couriers) had the following transactions  ments  allocating profits and losses, accounting for the 2015 admission of a new partner accounting for the liquidation of Jan  2 Dione, Porter, and Westlake formed the partnership by signing an agreement partnership that stated that all profits would be shared in a 2 3 5 ratio and by making the following investments  ( 3 4 5 6 Dione Porter Westlake Cash    $12 000 $ 8 000 Accounts receivable (net) 20,000 14,500 Office furniture (net)     15 000 Vehicles (net) 21,000 38 500 Dec  31 The partnership reported net income of $63,500 for the year  2016 Jun  7 Dsome and Westlake agreed that Porter could sell her share of the partnership to Ray Ewing for $52 500  The new partners agreed to keep the same profit  sharing arrangement (2 3 5 for Dione Ewing Westlake)  Dec  31 The partnership reported a net loss of $67,000 for the year  2017 Jan  3 The partners agreed to liquidate the partnership  On this date, the balance sheet showed the following items (all accounts have their normal balances   Cash  $ 17,500 Accounts receivable   316,000 Allowance for uncollectible accounts   22 500 Office furniture 74,500 Vehicles 240,000 Accumulated amortization (total) 49,500 Accounts payable 366,500 The assets were sold for the following amounts Accounts receivable 5190,000 Office furniture     52,500 Vehicles  106,000 Dione and Ewing both have personal assets, but Westlake does not  Required Journalize all of the transactions for the partnership  CHALLENGE PROBLEMS Problem 12 1C Nancy Wesla and Jordon Dugger have been in a partnership for five years  The principal Deciding on a capital structure business of the partnership is systems design for financial institutions  Gross revenues have increased from $330,000 in 2013 to 53,800 000 in 2017, the year just ended  The number of Chapter 12 Partnerships 723

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agreed that Sirroca could take cash of $510,000 in exchange for her equity in the partnership Required 1. Journalize all of the transactions for the

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