w11_ch12PE - 1 PRACTICE EXERCISES PE 121A Cash

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Unformatted text preview: 1 PRACTICE EXERCISES PE 121A Cash ................................................................................. 24,000 Inventory.......................................................................... 56,000 Land.................................................................................. 114,000 Notes Payable............................................................ 50,000 Josh Beach, Capital................................................... 144,000 PE 121B Cash ................................................................................. 22,000 Accounts Receivable...................................................... 32,000 Patent............................................................................... 150,000 Accounts Payable...................................................... 12,000 Allowance for Doubtful Accounts ............................ 2,000 Jen Hall, Capital......................................................... 190,000 PE 122A Distributed to Mooney: Smithson Mooney Total Annual salary.................................................. $ $ 53,000 $ 53,000 Interest............................................................ 7,000 1 21,000 2 28,000 Remaining income ......................................... 79,500 79,500 3 159,000 Total distributed to Mooney.......................... $86,500 $153,500 $240,000 1 $50,000 14% 2 $150,000 14% 3 ($240,000 $53,000 $28,000) 50% 2 PE 122B Distributed to Hutchins: Hutchins Jenkins Total Annual salary.................................................. $ 24,000 $ $ 24,000 Interest............................................................ Interest....
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This note was uploaded on 06/22/2009 for the course ACCOUNTING 1b taught by Professor Seyedin during the Winter '08 term at Foothill College.

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w11_ch12PE - 1 PRACTICE EXERCISES PE 121A Cash

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