1

# Question 3 (15 scores) Groucho, Harpo, and Chico go into partnership on January 1,2015. Groucho contributes...

## Question

###### Question 3 (15 scores) Groucho, Harpo, and Chico go into partnership on January 1,2015. Groucho contributes...

Question 3 (15 scores) Groucho, Harpo, and Chico go into partnership on January 1,2015. Groucho contributes $90,000, Harpo$70,000, and Chico $40,000 to a business called Marx Brothers' Partnership. On a monthly basis, each partner is allocated income and is allowed to receive cash from the business in proportion to the capital they provided. Assume that Groucho receives$2,700 cash per month. Required: Part a. Prepare the journal entry for the initial investment. Part b. Determine the monthly distribution amounts for each of the three partners. Part c. Prepare the journal entry that would be made in one month for the monthly distribution. Part d. Prepare the journal entry for the allocation of an annual net income of $84,000. For purposes of this journal entry, assume Sales Revenue totaled$116,000 and that all expenses, totaling $32,000, were recorded in a single account called Operating Expenses. Part e. Prepare the journal entry to close the Drawings accounts at the end of the year Part f. Prepare a Statement of Partners' Equity (assume no additional investments made). Question 4 (40 scores) Condensed financial data of Monopoly Corporation appear below: Monopoly Corporation Comparative Balance Sheet December 31 Prior Year Year Assets$28,000 32,000 70,000 2,000 200,000 \$44,000 Cash Accounts receivable Inventories Prepaid rent Property, plant, and equipment 2,500 224,000 (55,000)(40,000)

#### Similar Solved Questions

##### Question 4 You have been asked by your supervisor to help with their study on a...
Question 4 You have been asked by your supervisor to help with their study on a tumor suppressorgen in humans Shown below is the structure of a human tumor suppressorgee divided into 10 se designated A-L. The gene contains three exons, two intron, a promoter, and a site in for poly(A) addition Expn ...
##### Which of the following statement is correct? a. for a list of current fraud scams, visit...
which of the following statement is correct? a. for a list of current fraud scams, visit the FBI's web sites. b. to see how many fraud or other complaints a vendor has had and whether the complaints were resolved, visit the Better Business Bureaus' web sites. c. for a list of telemarketing, ...
##### A metal object at 54.0 oC is heated by gaining 30.2 kJ of heat from the...
A metal object at 54.0 oC is heated by gaining 30.2 kJ of heat from the environment. The heat capacity, C, of the metal object is 6.30 kJ/ oC When 11.53 g C2H6O (g) is reacted according to the following equation, 368 kJ of heat is released.   What is the ΔH of the reaction? C2H6O (g)...
##### 1)Explain the quantity theory of money demand and discuss its main hypotheses. 2) Derive carefully the...
1)Explain the quantity theory of money demand and discuss its main hypotheses. 2) Derive carefully the IS curve and discuss the determinants of its slope and its position. 3) Derive carefully the LM curve and discuss the determinants of its slope and its position. 4)Discuss the effects of an expansi...
##### All of the following statements regarding Social Security beneficiaries are correct EXCEPT: monthly benefits can be...
All of the following statements regarding Social Security beneficiaries are correct EXCEPT: monthly benefits can be paid to a disabled insured worker under age 65 benefits can be paid to the divorced spouse of a retired or disabled worker entitled to benefits if age 62 or over and married to the wor...
##### 4.17 An abandoned hazardous waste site received contamination from improper disposal of nitroaromatic explosives. What 600...
4.17 An abandoned hazardous waste site received contamination from improper disposal of nitroaromatic explosives. What 600 series EPA analysis would you recommend on groundwater samples collected at the site?...
##### Determine the hybridization about each interior atom in the following molecule. Draw the Lewis structure, label...
Determine the hybridization about each interior atom in the following molecule. Draw the Lewis structure, label the bonds, and list the interior atoms with their corresponding hybridization. I suggest numbering the carbons. Remember the carbons attach to one anothe forming a chain - ask me if you ar...
##### Be sure to show the graph of the feasible region, the appropriate vertices, and optimal values...
Be sure to show the graph of the feasible region, the appropriate vertices, and optimal values LP6. A company manufactures two types of cleaners. One is an all-purpose cleaner (AP) and the other is an industrial strength cleaner (iS). Each cleaner is a mixture of three chemicals, as shown below. Ap ...
##### Case Study: Care of the Patient with Atelectasis Mildred North is admitted with acute cholecystitis, elevate...
Case Study: Care of the Patient with Atelectasis Mildred North is admitted with acute cholecystitis, elevate white blood cell count and a fever of 102 degrees. She has undergone a cholecystectomy and has been transferred to your unit. It is her second day postoperatively. She has a nasogastric tube ...
##### 5. (2pts) To calculate the pH of buffer solution we need to use Henderson-Hasselbalch equation The...
5. (2pts) To calculate the pH of buffer solution we need to use Henderson-Hasselbalch equation The generic form of this equation is: 6. (8 points) What is the pH of a solution that contains 25 ml of 0.10 M HF and 25 ml 0.1M NaOH solution? (Ka of HF -6.8 x 104)....
##### How do you solve #\frac { x } { 2} - 4= 9#?
How do you solve #\frac { x } { 2} - 4= 9#?...
##### Question 3 (5 points) Describe how the graph of the function is related to the graph...
Question 3 (5 points) Describe how the graph of the function is related to the graph of f(x) = X 1(x)=-112 dilation compressed vertically and reflected across the x-axis i translation up 15 units dilation stretched vertically and reflected across the x-axis ( translation down 15 units...