Can you please do it before the deadline?
1- The capital accounts of John Smith and Bill Wilson have balances if $140,000 and $90,000 respectively. Joan Jett and Mary Faber are to be admitted to the partnership. Jett buys one-fifth of Smith’s interest for $30,000 and one-fourth of Wilson’s interest for $20,000. Faber contributes $75,000 cash to the partnership, for which she is to receive an ownership equity of $75,000. a) Journalize the entries to record the admission of (1) Jett and (2) Faber b) What are the capital balances of each partner after the admission of the new partners? 2- On November 1, 2019, the firm of Sails, Welch and Greenberg decided to liquidate their partnership. The partners have capital balances of $58,000, $72,000 and $10,000 respectively. The cash balance is $32,000, the book values of the noncash assets total $128,000, and liabilities total $20,000. The partners share income and losses in the ratio of 2:2:1. Instructions: 1. Prepare a statement of partnership liquidation, covering the period November 1-30, 2019, for each of the following assumptions: a) All of the noncash assets are sold for $156,000 in cash, the creditors are paid and the remaining cash is distributed to the partners. b) All of the noncash assets are sold for $55,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. 2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the deficiency. Determine the manner in which the remaining cash is distributed to the two other partners. Assignment: Problem 1: The Long Island Ducks has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock. $150 par and 50,000 shares of $10 par common. During the first four years of operations, the following were distributed as dividends: first year, $27,000; second year, $60,000; third year, $80,000; fourth year $90,000. Determine the amount of dividends allocated to preferred stockholders and to common stockholders for each of the four years. Problem 2: The New England Patriots sell deflated footballs, and were organized on March 1 of the current year with an authorization of 25,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: March 1: Issued 220,000 shares of common stock at par for cash. 1: Issued 500 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. May 31: Issued 70,000 shares of common stock in exchange for land, buildings and equipment with fair market prices of $150,000, $560,000 and $165,000 respectively. July 1: Issued 18,000 shares of preferred stock at $110 for cash. Journalize the transactions. Problem: 3 The M Bezzlement Company had the following account balances: Common Stock (800,000 shares authorized; 500,000 shares issued), $4 par, $2,000,000; Paid-in capital in excess of par-common stock, $1,000,000; and Retained Earnings, $33,500,000. The board of directors declared a 2% stock dividend when the market price of the stock was $13 a share. a) Journalize the entries to record (1) the declaration of the dividend, capitalizing an amount equal to market value, and (2) the issuance of the stock certificates. b) Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity. c) Determine the following amounts after the stock dividend was declared : (1) the total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity. Problem 4: Pace’s Pathetic Pasta distributes pasta products that are packaged with alka-seltzer. On July 9 of the current year. Pace reacquired 40,000 shares of its common stock at $44 per share (treasury stock). On September 22, Pace sold 30,000 of the reacquired shares at $50 per share. The remaining 10,000 shares were sold at $43 per share on November 23. A) Journalize the transactions of July 9, September 22, and November 23. On September 30, Jose’s Jalapenos Inc., issued $1,000,000 of 10-year 9% bonds sated September 30, for $1,067,950 an effective (market) rate of 8%. Interest is payable semi-annually on October 1 and April 1. The bonds were purchased by Juan’s Junk and Basura Inc. Present the entries to record the following transactions for the current year on BOTH sets of books: (Issuing Corporation and Investor) a) Issuance of bonds b) Accrual of interest and amortization for the period ended December 31. Use the effective interest method for the amortization not the straight-line method. c) Redemption of the bonds on January 1 at 102.