At the end of its first year of operations on December 31, 2022, Crane Company’s accounts show the following. Partner Dr
Posted: Sun Jul 03, 2022 1:13 pm
At the end of its first year of operations on December 31, 2022, Crane Company’s accounts show the following.
Partner
Drawings
Capital
The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners’ capital accounts.
(a)
Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
1.
(b)
Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)
DIVISION OF NET INCOME
Art Niensted
Greg Bolen
Krista Sayler
Total
$enter a dollar amount
enter a dollar amount
enter a dollar amount
$enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
$enter a total amount
$enter a total amount
$enter a total amount
$enter a total amount
(c)
Prepare a partners’ capital statement for the year under assumption (3) above. (List items that increase partners capital first.)
CRANE COMPANY Partners’ Capital Statement choose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022
Art Niensted
Greg Bolen
Krista Sayler
Total
select an opening name
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
select between addition and deduction
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
select between addition and deduction
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
select a closing name
$enter a total amount
$enter a total amount
$enter a total amount
$enter a total amount
Partner
Drawings
Capital
The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners’ capital accounts.
(a)
Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
1.
(b)
Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)
DIVISION OF NET INCOME
Art Niensted
Greg Bolen
Krista Sayler
Total
$enter a dollar amount
enter a dollar amount
enter a dollar amount
$enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
$enter a total amount
$enter a total amount
$enter a total amount
$enter a total amount
(c)
Prepare a partners’ capital statement for the year under assumption (3) above. (List items that increase partners capital first.)
CRANE COMPANY Partners’ Capital Statement choose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022
Art Niensted
Greg Bolen
Krista Sayler
Total
select an opening name
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
select between addition and deduction
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
enter a total of the two previous amounts
select between addition and deduction
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
select a closing name
$enter a total amount
$enter a total amount
$enter a total amount
$enter a total amount