Questions I need help withProblem Three:Nancy Drew and John Hardy agreed to form a partnership and c


Questions I need help withProblem Three:Nancy Drew and John Hardy agreed to form a partnership and create the Drew and HardyDetective Agency. Nancy Drew is investing $150,000 and an Office Building valued at $75,000.John Hardy is investing $50,000 cash and computer equipment valued at $65,000. Record thejournal entries to form this partnership.Problem Four:Thomas Jackson and Craig Asus have capital balances of $56,000 and $85,000 respectively.Their business earned a profit of $145,000 and is allocated on a percentage of their capitalbalances. Determine the amount of profit earned by each partner.Problem Five:Vernon Davis and Eli Manning have been partners for ten years. Vernon Davis’s current capitalbalance is $75,000 and Eli Manning’s current capital balance is $55,000. They allocate theirprofits based on the following: Vernon Davis receives a salary allowance of $35,000 and EliManning earns a salary allowance of $28,000. Each partner then receives a 10% return on theircurrent capital balance. Finally, any remaining profit is evenly split between them. Determinethe income allocation for each employee.Problem Six:Glen Beck and Michael Savage are business partners. Glen Beck’s current capital balance is$100,000 and Michael Savage’s capital balance is $85,000. Sean Hannity is purchasing 50% ofMichael Savages interest in the partnership for $100,000. Record the journal entry to admit SeanHannity into the partnership.Problem Seven:Prepare journal entries for the following selected transactions related to this company’s stockduring the current year:Mar. 1May 5Oct. 12Purchased 10,000 shares of treasury stock for $17 per share.Sold 4,000 shares of treasury stock for $16 per share.Sold 2,000 shares of treasury stock for $18 per share.Problem Ten:1)The Jefferson Cleaning Company had sales of $50,000 in 2015 of which $5,000 was cash.The company estimates that 5% of its credit sales would be uncollectible.2) The Bunker Company had an accounts receivable balance of $145,000. The companyestimates that 4% of its receivables will go uncollected. The current balance in theallowance for doubtful accounts is a debit of $500.00.Record the journal entries for the above transactions.

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