Question 3: Liu Jiqin has owned and operated a proprietorship for several years. On January 1st, he decides to terminate this business and become a partner in the firm of Feng and Jiqin. Jiqin's investment in the partnership consists of HK$140,000 in cash, and the following assets of the proprietorship: accounts receivable HK$130,000 less allowance for doubtful accounts of HK$20,000, and equipment HK$200,000 less accumulated depreciation of HK$45,000. It is agreed that the allowance for doubtful accounts should be HK$28,000 for the partnership. The fair value of the equipment is HK$175,500. Instructions Journalize Jiqin's admission to the firm of Feng and Jiqin. Question4: In Royweb Co., beginning capital balances on January 1, 2017, are Ken Rory #20,000 and Diane Webb #18,000. During the year, drawings were Rory #7,000 and Webb #3,000. Net income was #29,000, and the partners share income equally. Instructions Prepare the partners' capital statement for the year to calculate the partners' capital balances as on Dec, 31 2017.
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Question 3: To journalize Jiqin's admission to the firm of Feng and Jiqin, we need to record the following entries: Show more…
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Akash M.
Use the following information to answer the next six questions: All balances are as of 12/31/2017 unless specified otherwise. Loss on the Sale of Equipment 62,250 Income Tax Expense 48,750 Short Term Investments 1,500 Inventory 97,500 Retained Earnings, 1/1/17 281,000 Gain on Sale of Equipment 27,500 Goodwill 50,000 Cost of Goods Sold 204,000 Common Stock ??? Notes Payable 5/1/18 12,500 Cash 70,000 Sales Revenue 447,500 Accumulated Depreciation 50,000 Dividends 10,000 Notes Payable, due 12/31/19 104,500 Prepaid Expenses 2,500 Furniture 83,000 Accrued Expenses 28,000 Equipment 372,500 Accounts Receivable 42,000 Operating Expenses 43,000 Accounts Payable 36,000 Working Capital as of December 31, 2017. 137,000 Retained Earnings and Cash as of 12/31/2017. D. Retained Earnings $388,000 Cash $70,000 Total Liabilities as of 12/31/2017. E. $181,000 Income from Operations for 2017. $200,500 Determine the Total Assets as of 12/31/2017. A. $719,000 B. $769,000 C. $679,000 D. $669,000 E. $696,500 QUESTION 10 Determine the Profit Margin for the year ended December 31, 2017. A. 26% B. 37% C. 54% D. 382% E. $243,500
Supreeta N.
1a. A company's Inventory balance at the end of the year was $198,800 and $212,000 at the beginning of the year. Its Accounts Payable balance at the end of the year was $96,000 and $90,800 at the beginning of the year, and its cost of goods sold for the year was $732,000. The company's total amount of cash payments for merchandise inventory during the year equals: a. $724,000 b. $732,000 c. $750,400 d. $713,600 e. $740,000 1b. Use the following information to calculate cash paid for income taxes during the year: Income tax expense $ 68,000 Income tax payable, January 1 16,600 Income tax payable, December 31 20,200 a. $68,000 b. $84,600 c. $31,200 d. $64,400 e. $88,200 1c. An examination of the company's income statement showed the following: net income, $125,000; depreciation expense, $35,500; and gain on sale of long-term plant assets, $9500. An examination of the company's current assets and current liabilities showed the following changes: accounts receivable decreased $10,500; merchandise inventory increased $23,500; prepaid expenses increased $7,300; accounts payable increased $4,500. Using the indirect method, calculate the net cash provided by or used by operating activities. a. $147,800 b. $154,600 c. $175,800 d. $149,800 e. $135,200
Madhur L.
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