ACC 407 Week 1

ACC 407 Week 1 Quiz

Assignments

Part One.

Review the financial information pertaining to Gee & Hawe LLP in problem 2.2 on pages 65 and 66 of your text. Prepare journal entries for Gee, Haw & Ivan LLP to record the following (including supporting computations in the explanations for the entries):

1. The admission of Ivan to the partnership on January 2, 2005.

2. The partners salaries, bonus, and division of net income for the year ended December 31, 2005.

Part Two:

Review the financial information pertaining to Hay & Lee LLP in problem 3.7 on pages 117 and 118 of your text. Prepare journal entries for Haye & Lee LL to record the transactions detailed on pages 117 and 118 (including supporting computations in the explanations for the entries). Disregard interest on the bonds on Wong products.

Discussion Questions

Ethics & Partners. Complete Cases 1.7 (page 23) and 2.6 (page 62). Remember to complete all parts of the case analysis and report the results. Do not forget to show the necessary steps and explain how your attained that outcome.

Liquidation and Admission. Complete Case 2.10 (page 64) and Problem 3.2 (page 115). Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome.