Phillis and Case are in the process of forming a partnership to which Phillis will devote onethird time and Case will devote full time. They have discussed the following alternative plans
for sharing net incomes and losses.
a. In the ratio of their initia
On November 30, 2014, Calibaut Ltd. borrowed $100,000 from a bank by
signing a four-year installment note bearing interest at 12%. The terms of the
note require equal payments each year on November 30, starting November
1. Calculate the
Trish Craig and Ted Smith have a partnership and share income and losses in a 3:1 ratio. They
decide to liquidate their partnership on December 31, 2014, when the balance sheet shows the
Required Prepare the entries on December 31, 2014, to
On November 10, 2014, Bordux Electronics began to buy and resell scanners for $55 each.
Bordux uses the perpetual system to account for inventories. The scanners are covered under a
warranty that requires the company to replace any non-working scanner wit
Gale, McLean, and Lux are partners with capital balances as follows: Gale, $84,000; McLean,
$69,000; and Lux, $147,000. The partners share incomes and losses in a 3:2:5 ratio. McLean
decides to withdraw from the partnership. Prepare General Journal entrie
HR 120 / Human Resource Management
Review for Midterm
The midterm exam is made up of multiple choice questions, short answer questions, definitions
and case analyses.
Learning Outcome 1 / Chapter 1
Describe how an organization utilizes variou
On January 1, 2014, Ultra Green Packaging purchased a used machine for $156,000. The next
day, it was repaired at a cost of $4,068 and mounted on a new platform that cost $5,760.
Management estimated that the machine would be used for seven years and woul
Fierra Sceptre Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common
shares. During 2014, its first year of operations, the following selected transactions occurred:
a. Journalize the above transactions.
b. Prepare the