test chapter 15, 16

test chapter 15, 16 - Acct 412 - Advanced Accounting II...

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Acct 412 - Advanced Accounting II Chapters 15, 16 Spring 2005 A. Smith Name__________________________________ Problem I . (103 points total) The following events pertain to a partnership formed by Ray Facchini (“F”) and Bob Locasio (“L”) to operate a floor-cleaning company. Perform the operations stated. Use the journal paper provided to prepare all entries and calculations, except the statement of liquidation. This statement has been begun for you and is included in your package of solution paper. Label all work clearly. Be sure to put your name on the solution paper package. 20x2 Feb. 14 The partnership was formed. Facchini transferred to the partnership $80,000 cash, land worth $80,000, a building worth $480,000, and a mortgage on the building of $240,000. Locasio transferred to the partnership $40,000 cash and equipment worth $160,000. Prepare the journal entry(ies) needed to form the partnership. 14 pts Dec. 31 During 20x2, the partnership earned income of just $84,000. The partnership agreement
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This note was uploaded on 03/14/2010 for the course ACC 311 taught by Professor Smith during the Spring '10 term at Malone University.

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test chapter 15, 16 - Acct 412 - Advanced Accounting II...

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