Chapter 12

Chapter 12 - CHAPTER 12 ACCOUNTING FOR PARTNERSHIPS AND...

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CHAPTER 12 ACCOUNTING FOR PARTNERSHIPS AND LIMITED LIABILITY COMPANIES EXERCISES Ex. 12–1 Cash. ....................................................................................... 13,000 Accounts Receivable. ............................................................. 130,000 Merchandise Inventory. ........................................................... 84,700 Equipment. .............................................................................. 69,500 Allowance for Doubtful Accounts. ...................................... 10,200 Gwen Delk, Capital. ........................................................... 287,000 Ex. 12–2 Cash. ...................................................................................... 40,000 Accounts Receivable. ........................................................... 75,000 Land. ....................................................................................... 250,000 Equipment. ............................................................................. 21,000 Allowance for Doubtful Accounts. ................................ 6,000 Accounts Payable. ........................................................... 22,500 Notes Payable. ................................................................. 65,000 Brandi Bonds, Capital. .................................................... 292,500
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Ex. 12–3 Details Hassell Lawson Total a. Net income (1:1). .......................................... $ 100,000 $ 100,000 $200,000 b. Net income (3:1). .......................................... $150,000 $ 50,000 $200,000 c. Interest allowance. ....................................... $ 36,000 $ 12,000 $ 48,000 Remaining income (2:3). .............................. 60,800 91,200 152,000 Net income. ................................................... $ 96,800 $ 103,200 $200,000 d. Salary allowance. ......................................... $ 50,000 $ 70,000 $120,000 Remaining income (1:1). .............................. 40,000 40,000 80,000 Net income. ................................................... $ 90,000 $ 110,000 $200,000 e. Interest allowance. ....................................... $ 36,000 $ 12,000 $ 48,000 Salary allowance. ......................................... 50,000 70,000 120,000 Remaining income (1:1). .............................. 16,000 16,000 32,000 Net income. ................................................... $ 102,000 $ 98,000 $200,000 Ex. 12–4 Details Hassell Lawson Total a. Net income (1:1). ................................................ $190,000 $190,000 $380,000 b. Net income (3:1). ................................................ $285,000 $ 95,000 $380,000 c. Interest allowance. ............................................. $ 36,000 $ 12,000 $ 48,000 Remaining income (2:3). ................................... 132,800 199,200 332,000 Net income. ......................................................... $168,800 $211,200 $380,000 d. Salary allowance. ............................................... $ 50,000
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This note was uploaded on 10/20/2010 for the course E 2292 taught by Professor Linh during the Spring '10 term at Troy.

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Chapter 12 - CHAPTER 12 ACCOUNTING FOR PARTNERSHIPS AND...

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