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Student Name:
Class:
Adjusting Entries Post
Date Description Ref Debit Credit
2013
Jan. 1 40,000
116,000
365,000
75,000
7,000
60,000
529,000 «- Correct!
1 423,200
423,200 «- Correct!
463,200$
116,000$
7,000 109,000
365,000
75,000
1,012,200$
Correct!
55.6%
Correct!
CONTEMPORARY COMPUTING
Balance Sheet
January 1, 2013
Instructor
in Contemporary Computing
To record investment of Reginald Pittman
Reginald Pittman, Capital
Cash
Contemporary Computing
To record investment by Stan Otis in
Stan Otis, Capital
GENERAL JOURNAL
CONTEMPORARY COMPUTING
Furniture and Equipment
Merchandise Inventory
Problem 19.01A
McGraw-Hill/Irwin
Accounts Receivable
Cash
How much of the total equity does Otis own?
Accounts Receivable
Cash
Accounts Payable
Allowance for Doubtful Accounts
Total Assets
Furniture and Equipment
Merchandise Inventory
Allowance for Doubtful Accounts
ASSETS
Value
Balances per Agreed to
Otis's Records by Partners
40,000$ 40,000$
116,000$
4,000 112,000 109,000
350,000 365,000
120,000 75,000
50,000 70,000
572,000 589,000
60,000 60,000
512,000$ 529,000$
Given Data P19.01A
Stan Otis, Capital
Accounts Payable
Liabilities & Owners' Equity Transferred
Total Assets
Accumulated Depreciation
Furniture and Equipment
Merchandise Inventory
Allowance for Doubtful Accounts
Accounts Receivable
Cash
Assets Transferred
CONTEMPORARY COMPUTING
January 1, 2013
Student Name:
Class:
Adjusting Entries Post
Date Description Ref Debit Credit
2014
Jan. 1 48,900
14,900
11,300
3,750
1,400
3,000
74,450 Correct!
1 74,450
74,450 Correct!
78,200$
14,900$
1,400 13,500
48,900
11,300
151,900$
Correct!
3,000$
74,450$
74,450
148,900
151,900$
Correct!
10,200$
Correct!
Accounts Receivable
BRYANT AND WILLIS ANGLER'S OUTPOST
Balance Sheet
Total Assets
LIABILITIES
Cash
Cash
PARTNERS' EQUITY
January 31, 2014
ASSETS
Accounts Payable
Furniture and Equipment
Merchandise Inventory
Allowance for Doubtful Accounts
Camille Willis, Capital
James Bryant, Capital
GENERAL JOURNAL
To record investment by Willis
Camille Willis, Capital
Cash
To record investment by Bryant
James Bryant, Capital
Accounts Payable
Allowance for Doubtful Accounts
The net assets were increased by:
Problem 19.02A
McGraw-Hill/Irwin
Instructor
Furniture and Equipment
Accounts Receivable
Merchandise Inventory
BRYANT AND WILLIS ANGLER'S OUTPOST
Total Liabilities and Partners' Equity
Total Partners' Equity
3,750$
14,900
1,500$
44,000
28,100
22,000
3,000
64,250
90,750$ 90,750$
January 1, 2014
50/50
13,500$
48,900$
11,300$
Merchandise Inventory
Capital
Given Data P19.02A
Additional Information
BRYANT'S TACKLE CENTER
Post Closing Trial Balance
December 31, 2013
Accounts Payable
Accumulated Depreciation
Furniture and Equipment
Allowance for Doubtful Accounts
Accounts Receivable
Cash
Furniture and Equipment
Merchandise Inventory
Accounts Receivable (net)
Agreed upon valuations:
Profit and Loss distribution
Effective date of partnership with Camille Willis
Totals
Student Name:
Class:
Adjusting Entries Post
Date Description Ref Debit Credit
2013
Dec. 15 100,000
100,000 Correct!
31 170,000 Correct!
90,000
80,000
31 76,000 Correct!
40,000
36,000
31 74,000 Correct!
29,600
44,400
31 90,000
90,000 Correct!
31 80,000
80,000 Correct!
320,000
Larry Sims Larry Thomas Total
90,000$ 80,000$ 170,000$
40,000 36,000 76,000
29,600 44,400 74,000
159,600$ 160,400$ 320,000$
Correct! Correct! Correct!
Larry Sims Larry Thomas Total
400,000$ 360,000$ 760,000$
159,600 160,400 320,000
559,600 520,400 1,080,000
100,000 100,000
90,000 80,000 170,000
469,600$ 340,400$ 810,000$
Correct! Correct! Correct!
Analyze: Sims capital account increased by: 17.4%
Correct!
Income Statement
LARRY'S ANTIQUES
LARRY'S ANTIQUES
Statement of Partners' Equities
Year ended December 31, 2013
Year ended December 31, 2013
To close drawing account
Larry Thomas, Drawing
Totals
Remainder of 40:60 ratio
Interest Allowance
Salary Allowance
Distribution of Net Income
Net Income for Year
interest allowances
Division of balance of net income after salary and
Larry Thomas, Capital
Larry Sims, Capital
Larry Thomas, Capital
To close drawing account
Larry Sims, Drawing
Larry Sims, Capital
Income Summary
Salary allowances for year
Larry Thomas, Capital
Larry Sims, Capital
Income Summary
Interest allowances for the year
Larry Thomas, Capital
Larry Sims, Capital
Instructor
Cash
Larry Thomas, Capital
GENERAL JOURNAL
LARRY'S ANTIQUES
Income Summary
To record permanent withdrawal of cash by Thomas
Problem 19.04A
McGraw-Hill/Irwin
Net Income
Capital Balances, Jan. 1, 2013
Capital Balances, Jan. 1, 2013
Normal Withdrawals for Year
Permanent Withdrawals for Year
Less:
90,000$
80,000$
10%
40%
60%
400,000$
360,000$
100,000$
320,000$
partner's invested capital
Interest allowance as a percent of each
Net income for 2013
Larry Thomas permanent withdrawal
Larry Thomas capital on January 1, 2013
Larry Sims capital on January 1, 2013
Larry Thomas percent of remaining net income
Larry Sims percent of remaining net income
Larry Thomas annual salary allowance
Larry Sims annual salary allowance
Given Data P19.04A
Partnership Information
LARRY'S ANTIQUES
