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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 Problem 121A Date 1st jan 2017 Date 1st jan 2017 1st jan 2017 1st jan 2017 Accounts Particulars Cash Accounts receivable Inventory Equipment Allowance to doubtful debts Notes payable Accounts payables Sorensen's capital Debit 11,000 13,500 21,800 19,500 Accounts Particulars Cash Accounts receivable Inventory Equipment Allowance to doubtful debts Notes payable Accounts payables Lucas's capital Debit 9,400 20,000 15,600 11,700 Cash Sorensen's capital 3,900 Cash Lucas's capital 14,800 Credit 3,500 14,000 17,200 43,700 Credit 3,100 11,700 24,200 17,700 3,900 14,800 Partnership balance sheet As on January 2017 Assets Current Assets Cash(11,000++9,400+3,900+14,800) Accounts receivable(13,500+20,000) Less Allowance for doubtful debts(3,100+3,500) Inventory (21,800+15,600) Total current Assets Fixed Asset Equipment(19,500+11,700) Less accumulated for depreciation(18,700+8,600) Total assets 39,100 33,500 (6,600) 31,200 (27300) 26,900 37,400 103,400 3,900 107,300 Liabilities Current liabilities Note payables(14,000+11,700) Accounts payable(17,200+24,200) Partners' capital Total capital and liabilities 25,700 41,400 40200 107,300 Problem 12-2A 1. Net income in the ratio of 6:3:1 Total Income is given as 28000 Niensted will get 28300 * 60% = 16,980 Bolen will get 28300 * 30% = 8490 Sayler will get 28300 * 10% = 2830 Niensted Bolen Sayler Initial Capital 46,400 36,000 24,000 Add: Income & Salaries 16,980 8,490 2,830 Less: Drawin gs (22,900) (13,700) (11,400) Ending Capital 40,480 30,790 15,430 2. Net Income of 41,700 Salaries of 15,500 and 10600, so total salaries = 26,100 Income remaining = 41700 - 26100 = 15600 Distributed equally to 3 so it would be 15600 / 3 = 5,200 Niensted will get 15,500 + 5,200 = 20700 Bolen will get 10600 + 5,200 = 15,800 Sayler will get 5,200 Niensted Bolen Sayler Initial Capital 46,400 36,000 24,000 Add: Income & Salaries 20700 15,800 5,200 Less: Drawin gs (22,900) (13,700) (11,400) Ending Capital 44,200 38,100 17,800 3 . Net income of 18,700 Interest of 10% to each investor So total interest = (46,400 + 36000 + 24000 ) * 10% = 10640 Salary of 14360 So income remaining = 18,700 - 14360 - 10640 = -6300 This is shared equally = -6300 / 3 = -2100 Since this is negative number, this amount is been paid by investors. Niensted will get 16160 + 4640 - 2100 = 9420 Bolen will get 3600 - 2100 = 1,500 Sayler will get 2400 - 2100 = 300 Initial Capital Add: Income & Niensted Bolen Sayler 46400 36,000 24,000 1,500 300 9420 Salaries Less: Drawin gs (22,900) (13,700) (11,400) Ending Capital 32,920 23800 12,900 Problem 125A 1 J. Pinkston's capital 10,300 Terrell's capital 10,300 We need to simply calculate 50 % share purchased by Terrell from Pinkston. 2 C. Lamar capital 15,000 Terrell's capital 15,000 We need to simply calculate 33.33 % share purchased by Terrell from Lamar. 3 Note: Cash 60800 J . Terrell, capital 53940 G. Donnelly Capital (5/10 of 6860) 3430 C. Lamar, capital (4/10 of 6860) 2744 J.Pinkston capital(1/10 of 6860) 686 Total capital of existing Partnership 119000 Investment by Terrell 60800 4 Total capital of new Partnership 179800 Terrell's Capital Credit at 30% 53940 Investment by Terrell 60800 Terrell's Capital Credit at 30% 53940 Bonus to old partner 6860 Cash 41000 G. Donnelly Capital (5/10 of 7000) 3500 C. Lamar, capital (4/10 of 7000) 2800 J.Pinkston capital(1/10 of 7000) 700 J . Terrell, capital Note: b 48000 Total capital of existing Partnership 119000 Investment by Terrell 41000 Total capital of new Partnership 160000 Terell's Capital Credit at 30% 48000 Investment by terell 41000 Terell's Capital Credit at 30% 48000 Bonus to new partner -7000 Total capital after admission (36800/20%) 184000 Total Capital before admission 119000 Cash Investment by terell 65000 Decrease in Lamar capital (45000-36800) 8200 Lamar Income ratio 4/10' Bonus to new partner (8200/4/10) 20500