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Accounting Few Problems

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Question;A partnership began its first year of operations with the following capital balances:Young, Capital: $143,000Eaton, Capital: $104,000Thurman, Capital: $143,000The Articles of Partnership stipulated that profits and losses be assigned in the following manner:Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman.Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively.Each partner withdrew $13,000 per year.Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.26. What was Young's total share of net loss for the first year?A. $3,900 loss.B. $11,700 loss.C. $10,400 loss.D. $24,700 loss.E. $9,100 loss.AACSB: AnalyticAICPA FN: MeasurementBloom's: ApplicationDifficulty: MediumLearning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included.27. What was Eaton's total share of net loss for the first year?A. $3,900 loss.B. $11,700 loss.C. $10,400 loss.D. $24,700 loss.E. $9,100 loss.AACSB: AnalyticAICPA FN: MeasurementBloom's: ApplicationDifficulty: MediumLearning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included.28. What was Thurman's total share of net loss for the first year?A. $3,900 loss.B. $11,700 loss.C. $10,400 loss.D. $24,700 loss.E. $9,100 loss.AACSB: AnalyticAICPA FN: MeasurementBloom's: ApplicationDifficulty: MediumLearning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included.29. What was the balance in Young's Capital account at the end of the first year?A. $120,900.B. $118,300.C. $126,100.D. $80,600.E. $111,500.

 

Paper#39079 | Written in 18-Jul-2015

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