Questions from Accounting Principles

Q: W. Jenson, N. Emch, and W. Gilligan

W. Jenson, N. Emch, and W. Gilligan have a partnership called Outlaws. A dispute has arisen among the partners. Jenson has invested twice as much in assets as the other two partners, and he believes n...

Q: Suzy Vopat has owned and operated a proprietorship for several years.

Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the fi rm of Vopat and Sigma. Vopat’s investment in t...

Q: McGill and Smyth have capital balances on January 1 of $50

McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000 fo...

Q: At April 30, partners’ capital balances in PDL Company are G

At April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company i...

Q: On December 31, the capital balances and income ratios in TEP

On December 31, the capital balances and income ratios in TEP Company are as follows. Instructions a. Journalize the withdrawal of Posada under each of the following assumptions. 1. Each of the cont...

Q: Irwin Corporation has been authorized to issue 20,000 shares of

Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the c...

Q: DeLong Corporation was organized on January 1, 2020. It is

DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2...

Q: Fechter Corporation had the following stockholders’ equity accounts on January 1,

Fechter Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par— Common Stock $200,000, and Retained Earnings $...

Q: The stockholders’ equity accounts of Castle Corporation on January 1, 2020

The stockholders’ equity accounts of Castle Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $50 par, 10,000 shares authorized) ………………………………. $ 400,000 Common Stock ($1 stated va...

Q: Peck Corporation is authorized to issue 20,000 shares of $

Peck Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stoc...