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Problem 121A Print by: Deandre Daniels AB116: Accounting II 1605A01 / Lab 116 Unit 6 Homework *Problem 121A The postclosing trial balances of two proprietorships on January 1, 2017, are presented below. Sorensen Company Dr. Cash Accounts receivable Cr. $11,000 Dr. Cr. $9,400 13,500 Allowance for doubtful accounts Lucas Company 20,000 $2,300 $3,400 Inventory 20,500 14,400 Equipment 35,000 23,000 Accumulated depreciationequipment 18,700 8,600 Notes payable 14,000 11,700 Accounts payable 17,200 24,200 Sorensen, capital 27,800 Lucas, capital 18,900 $80,000 $80,000 $66,800 $66,800 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $13,500 $20,000 3,500 3,100 Inventory 21,800 15,600 Equipment 19,500 11,700 Accounts receivable Allowance for doubtful accounts All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Sorensen will invest an additional $3,900 in cash, and Lucas will invest an additional $14,800 in cash. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Jan. 1 Debit (Transfer of Sorensen's assets and liabilities.) Jan. 1 (Transfer of Lucas' assets and liabilities.) Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1 (To record Sorensen's investment.) Jan. 1 (To record Lucas' investment.) Prepare a classified balance sheet for the partnership on January 1, 2017. (List Current Assets in order of liquidity.) SOLU COMPANY Balance Sheet Asset s $ $ : $ Liabilities and Owners' Equity $ $ $ Question Attempts: 0 of 5 used . 1/18/2017 Problem 122A Print by: Deandre Daniels AB116: Accounting II 1605A01 / Lab 116 Unit 6 Homework *Problem 122A At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following. Partner Drawings Art Niensted Capital $22,900 $46,400 Greg Bolen 13,700 36,000 Krista Sayler 11,400 24,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been closed to the partners' capital accounts. Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Net income is $28,300. Income is shared 6 : 3 : 1. (2) Net income is $41,700. Niensted and Bolen are given salary allowances of $15,500 and $10,600, respectively. The remainder is shared equally. (3) Net income is $18,700. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,360 salary allowance. The remainder is shared equally. No. Account Titles and Explanation Debit Credit 1. 2. 3. Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. 15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total $ $ Salary allowance Interest allowance on capital Total salaries and interest Remaining deficiency $ $ $ $ Total division of net income Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) NBS COMPANY Partners' Capital Statement Art Niensted Greg Bolen $ Krista Sayler $ Total $ $ : 1/2 : $ $ $ Question Attempts: 0 of 5 used $ 1/18/2017 Problem 124A Print by: Deandre Daniels AB116: Accounting II 1605A01 / Lab 116 Unit 6 Homework *Problem 124A At April 30, partners' capital balances in PDL Company are G. Donley $53,400, C. Lamar $45,000, and J. Pinkston $20,600. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,400 in 1 cash. (2) Terrell purchases 33 /3% of Lamar's ownership interest by paying Lamar $15,800 in cash. (3) Terrell invests $60,800 for a 30% ownership interest, and bonuses are given to the old partners. Terrell invests $41,000 for a 30% ownership interest, which includes a bonus to the (4) new partner. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Lamar's capital balance is $36,800 after admitting Terrell to the partnership by investment. If Lamar's ownership interest is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partner? (1) Terrell's cash investment (2) Bonus to new partner $ $ Question Attempts: 0 of 5 used Print by: Deandre Daniels AB116: Accounting II 1605A01 / Lab 116 Unit 6 Homework *Problem 125A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Capital Balance Trayer Income Ratio $56,000 50% Emig 38,500 30% Posada 34,000 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $16,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $23,600 cash. (3) Posada is paid $38,720 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $25,120 from partnership assets, and bonuses to the remaining partners (4) are recognized. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. If Emig's capital balance after Posada's withdrawal is $42,160, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus (2) Cash paid to Posada $ $ Question Attempts: 0 of 5 used