Suggested MCQs to Practice for Chapter15: E15-1,E15-8, P15-16 Required Homework for Chapter15: E15-4(revised),P15-11(revised),P15-15 (revised) Show work and do not round any numbers before reaching...

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  Suggested MCQs to Practice for Chapter15:
  
  
  E15-1,E15-8, P15-16
  
  
  
  
  Required Homework for Chapter15:
  
  
  E15-4(revised),P15-11(revised),P15-15 (revised)
  
  
  Show workanddo not round any numbers before reaching the final answers! Use the additional information and revisions in the attached"Chap15_HW"file to do homework.I will collect only one problem to grade when due.You can do the homework using computer,but turn in a hardcopy.Do NOT change the format of my Word file.
  
  
  
  
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    E15-4(c): Assume that there are 52 weeks in a year. Check figures: Profit allocated to Apple for "bonus" is $6,965.70; Jack is allocated $41.065.65 profit and his capital ending balance is $152,265.65
  
  
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    P15-11:Answer is $192,000 for (b) and is $24,000 for (g).
  
  
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    P15-15:The entry to record Spade's withdrawal is a debit to Spade, Capital of$150,000for (c) and $125,000 for (d).
  
  
  
  

E 15-4: Distribution of Partnership Profit/Loss and Determination of Partners’ Ending Capital Balances Use the information provided in “c” and assume that the entire P/L distribution process must be completed before allocating the residual to the partners. DO NOT round your numbers except for the final answers. (1) How much is the amount of 20Χ5 income to be distributed to each partner, respectively? Apple $ Jack $ (2) How much is the 20Χ5 ending capital balances for each partner? Apple $ Jack $ Show work! ACCT 411 Chapter 15 Homework (Spring 2020)Name: P 15-11 : Admission of a New Partner (SHOW WORK!!) Use the information provided in P15-11 to answer the following revised questions. a.Wayne directly purchases half of Merina's investment in the partnership from Merina for $90,000. If the bonus method is to be used, “Wayne, capital” account should be credited by: $ b. Wayne paid $150,000 cash in total directly to Debra and Merina for 25% capital interest in the partnership. If the goodwill method is to be used, how much is “Merina, capital” account after Wayne joins the partnership? $ c. Wayne invests $120,000 cash to the partnership for 25% capital interest in the partnership, “Wayne, capital” account should be credited by: $ d. Wayne invests $150,000 cash to the partnership for 25% capital interest in the partnership. If the goodwill method is to be used, “Wayne, capital” account should be credited by: $ e. Wayne invests $110,000 cash to the partnership for 25% capital interest in the partnership. If the bonus method is to be used, “Wayne, capital” account should be credited by: $ f. Same information as in “e”. If the goodwill method is to be used, “Wayne, capital” account should be credited by: $ $ g. Wayne invests $80,000 cash to the partnership for 20% capital interest in the partnership. If the revaluation method is to be used to adjust inventory, “Debra, capital” account should be debited by: $ P 15-15: Dissociation (SHOW WORK!!) Use the information provided in P15-15 to answer the following revised questions. Make an entry (or entries) to record Spade's withdrawal under each of the following independent situations. Journal Entry (or Entries) a.Jack acquired Spade’s capital interest for $140,000 in a personal transaction. Partnership assets were not revalued and no goodwill was recognized. b.Assume the same facts as in “a” except that Spade received $140,000 cash from the partnership. Capital of the partnership after Spade’s retirement was $330,000. c.Spade received $150,000 of cash from the partnership upon retirement. The partnership recorded goodwill attributable to all partners. d.Spade received $140,000 cash from the partnership upon retirement. The bonus method was used after $10,000 revaluation of a piece of land.