Project #51349 - accounting

Exercise 12-14

B. Higgins, J. Mayo, and N. Rice have capital balances of $82,830, $74,160, and $53,320, respectively. They share income or loss on a 5 : 3 : 2 basis. Rice withdraws from the partnership under each of the following conditions.

1.   Rice is paid $58,600 in cash from partnership assets, and a bonus is granted to the retiring partner.
2.   Rice is paid $45,560 in cash from partnership assets, and bonuses are granted to the remaining partners.

Journalize the withdrawal of Rice under each of the assumptions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Account Titles and Explanation
Debit
Credit
1.
 
 
 
2.
 
 
 

 

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Pryce Company owns equipment that cost $66,150 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $5,500 and an estimated useful life of 5 years.

Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.)

(a)   Sold for $37,390 on January 1, 2014.
(b)   Sold for $37,390 on May 1, 2014.
(c)   Sold for $10,770 on January 1, 2014.
(d)   Sold for $10,770 on October 1, 2014.

No.
Account Titles and Explanation
Debit
Credit
(a)
 
 
 
(b)
 
 
(To record depreciation)
   
 
 
 
 
 
(To record sale of equipment)
   
(c)
 
 
 
(d)
 
 
(To record depreciation)
   
 
 
 
 
 
(To record sale of equipment)
   

 

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.

 

 

4121

 

Exercise 8-13

The cash records of Dawes Company show the following four situations.

1.   The June 30 bank reconciliation indicated that deposits in transit total $766. During July, the general ledger account Cash shows deposits of $16,023, but the bank statement indicates that only $16,072 in deposits were received during the month.
2.   The June 30 bank reconciliation also reported outstanding checks of $715. During the month of July, Dawes Company's books show that $17,432 of checks were issued. The bank statement showed that $17,014 of checks cleared the bank in July.
3.   In September, deposits per the bank statement totaled $26,870, deposits per books were $25,707, and deposits in transit at September 30 were $2,787.
4.   In September, cash disbursements per books were $24,419, checks clearing the bank were $25,799, and outstanding checks at September 30 were $2,498.

There were no bank debit or credit memoranda. No errors were made by either the bank or Dawes Company.

(a) In situation (1), what were the deposits in transit at July 31?

Deposits in transit at July 31  
$

(b) In situation (2), what were the outstanding checks at July 31?

Outstanding checks at July 31  
$

(c) In situation (3), what were the deposits in transit at August 31?

Deposits in transit at August 31  
$

(d) In situation (4), what were the outstanding checks at August 31?

Outstanding checks at August 31  
$

 

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Due By (Pacific Time) 12/11/2014 12:00 am
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