a partnership

Question 1.

Kramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year, the partnership earened $160,000. Prepare calculations showing how the $160,000 income should de allocated to the partners under each of the following three separete plans for sharing income and loss: (1) the partners failed to agree on a method to share income ; (2) the partners agreed to share income and loss in proportion to their initial investments; and (3) the partners agreed to share income by granting a $50,000 per year salary allowance to Kramer, a $40,000 per year salary allowance to Knox, 10% interest on thir initial capital investments, and the remaining balance shared equally.

Note: Income allocation in a partnership.

Plan 3, Kramer , $84,000

Question2.

Prepare journal entries to record the following four separate issuances of stock.

a. 2000 shares of no-per common stock are issued to the corporation’s promoters in exchanges for their efforts, estimated to be worth $40,000. The stock has no stated value.

b. 2000 shares of no-per common stock are issued to the corporation’s promoters in exchanges for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.

c. 4000 shares of $5 par value common stock are issued for $35,000 cash.

d. 1000 shares of $50 per value preferred stock are issued for $60,000 cash.

 

“Is this question part of your assignment? We Can Help!”

 

“Are you looking for this answer? We can Help click Order Now”

---

 

(function() {
var occ = document.createElement(‘script’); occ.type = ‘text/javascript’; occ.async = true;
occ.src = (‘https:’ == document.location.protocol ? ‘https://’ : ‘http://’) + ‘www.onlinechatcenters.com/code.a-28559-64888.js’;
var s = document.getElementsByTagName(‘script’)[0]; s.parentNode.insertBefore(occ, s);
})();

a partnership was first posted on March 9, 2020 at 5:24 am.
©2019 “Nursing Assignment Tutor“. Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at support@nursingassignmenttutor.com

 

(function() {
var occ = document.createElement(‘script’); occ.type = ‘text/javascript’; occ.async = true;
occ.src = (‘https:’ == document.location.protocol ? ‘https://’ : ‘http://’) + ‘www.onlinechatcenters.com/code.a-28559-64888.js’;
var s = document.getElementsByTagName(‘script’)[0]; s.parentNode.insertBefore(occ, s);
})();

Welcome to originalessaywriters.com, our friendly and experienced essay writers are available 24/7 to complete all your assignments. We offer high-quality academic essays written from scratch to guarantee top grades to all students. All our papers are 100% plagiarism-free and come with a plagiarism report, upon request

Tell Us “Write My Essay for Me” and Relax! You will get an original essay well before your submission deadline.