Acconting problem

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Nyrknaqre32

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I post two questions need you to solve them. I crop them to parts I have small screen. I will post four more parts ( D-E-F1&2)to you after I hire you.

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Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2015, capital balances were as follows: Purkerson Smith Traynor $ 50,000 36,000 15,000 Due to a cash shortage, Purkerson invests an additional $10,000 in the business on April 1, 2015. Each partner is allowed to withdraw $800 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: . Each partner is given the following compensation allowance for work done in the business: Purkerson, $13,000; Smith, $23,000; and Traynor, $6,000. Each partner is credited with interest equal to 10 percent of the average monthly capital balance for the year without regard for normal drawings. Any remaining profit or loss is allocated 3:3:4 to Purkerson, Smith, and Traynor, respectively. The net income for 2015 is $32,000. Each partner withdraws the allotted amount each month. What are the ending capital balances for 2015? Ending Capital Balances Purkerson Smith Traynor Totals $ 0 A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2015: Assets $394,000 Liabilities Athos, capital Porthos, capital Aramis, capital $ 122,000 104,000 94,000 74,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation of fair value. For each of the following independent situations, prepare the journal entry or entries to be recorded by the partnership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Porthos, with permission of the other partners, decides to sell half of his partnership interest to D'Artagnan for $62,000 in cash. No asset revaluation or goodwill is to be recorded by the partnership. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Porthos, Capital D'Artagnan, Capital b. All three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $30,000. Each partner receives a negotiated portion of this amount. Goodwill is recorded as a result of the transaction. View transaction list Journal entry worksheet < 1 2 > Record the excess goodwill to old partners. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 b. All three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $30,000. Each partner receives a negotiated portion of this amount. Goodwill is recorded as a result of the transaction. View transaction list Journal entry worksheet < 1 2 Record the capital transfer from old partners to new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 c. D'Artagnan is allowed to become a partner with a 10 percent ownership interest by contributing $40,000 in cash directly into the business. The bonus method is used to record this admission. View transaction list Journal entry worksheet < 1 Record the cash received from new partner and bonus distribution to old partners. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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Explanation & Answer

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Question 1
Ending Capital Balances
62,895
46,745
4,560
$114,200

Purkerson
Smith
Traynor
Totals
Que...


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