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- Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the aboveThe partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.Help me please
- developed in part a(3). etd 189fc64d53a0a6a71 PROBLEM C.11 Dividing Partnership Profit and LossLOC-10 Rothchild Furnishings, Inc., has three partners-Axle, Brandt, and Conrad. At the beginning of the current year their capital balances were: Axle, $180,000; Brandt, $140,000; and Conrad, $80,000. The partnership agreement provides that partners shall receive salary allowances as follows: Axle, $10,000; Brandt, $50,000; and Conrad, $28,000. The partners shall also be allowed 12 percent interest annually on their capital balances. Residual profit or loss is to be divided: Axle, one-half; Brandt, one-third; and Conrad, one-sixth. Instructions Prepare separate schedules showing how income will be divided among the three partners in each of the following cases. The figure given in each case is the annual partnership net income or loss to be allocated among the partners. Round calculations to the nearest dollar. a. Income of $526,000. b. Income of $95,000. c. Loss of $32,000. PROBLEM C.12 Who…Given the following information about AB partnership A B Capital 200,000 150,000 Salary 100,000 60,000 Net income 300,000 Required: Allocate net income between A and B assuming that any remaining income will be allocated equally.tnership s. Is th Chapter 2-Nature and Formation of a Partnership EXERCISES Exercise 2-1 (Cash and Non-cash Contributions) Give the entry to record the investment of Alonzo into the partnership under each of the following independent assumptions: a. ers int b. conter c. How d. does Cash of P400,000. 63 Accounts receivable of P500,000 with an allowance for uncollectible accounts of P50,000. Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost. Equipment that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been depreciated over a 10-year useful life. Exercise 2-2 (Cash and Net Asset Contributions)
- PLEASE ANSWER ALL THE FOLLOWING QUESTIONS 1. Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $42,000 is allocated to Seth? a.$32,000 b.$23,000 c.$20,000 d.$0 2. Tucker and Titus are partners who share income in the ratio of 3:1 (3/4 to Tucker and 1/4 to Titus). Their capital balances are $31,500 and $61,000, respectively. The partnership generated net income of $48,000 for the year. What is Tucker's capital balance after closing the revenue and expense accounts to the capital accounts? a.$67,500 b.$81,000 c.$40,500 d.$54,000 3. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the…_______ If the amount of liabilities is P165,000 and the percentage of owner’s claim in the total partnership assets is 45%, the partnership’s total asset would be a. P200,000 c. P 366,667 b. P 300,000 d. P 255,7503. Partnership Income Distribution: For partnerships G, If partner C’s total share of the partnership’s net income 300,000 and Partner C’s Interest on original Capital Balance is 80,000 and Partner C’s share of the remainder of the partnership’s net income is 120,000, how much is Partner C’s allowance? A. 120,000 B. 100,000 C. 80,000 D. 60,000 E. None of the above
- . Pete is joining the partnership of Rey, Tan and Val whose capital balances and profit and loss sharing ratio are as follows: Capital Balance Rey Tan P/L Ratio P15,000 20,000 20% 40 Val 18,000 40 Refer to Problem 1: If Pete pays P4,200 for 4 of the interest of Tan, and the deficiency in the consideration due to overstatement of partnership assets, what entries must be made on the partnership books incidental to the admission of Pete? Determine the resulting capital balances of the partners.1. Seth and Rachel have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investments at 15%; salary allowances of $24,000 and $20,000, respectively; and the remainder to be divided equally. How much of the net income of $90,000 is allocated to Seth? a.$47,750 b.$45,000 c.$42,750 d.$43,250 2. Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $42,000 is allocated to Seth? a.$32,000 b.$23,000 c.$20,000 d.$0 3. Tucker and Titus are partners who share income in the ratio of 3:1 (3/4 to Tucker and 1/4 to Titus). Their capital…15. The PQR Partnership is being dissolved. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: Loans to (from) Partnership P6,000 Profit and Partners' Accounts P24,000 P36,000 P60,000 The first cash payment to any Partner(s) under a program of priorities shall be made Loss Ratio 3 4 R (P10,000) thus: A. To R P2,000 B. To Q P6,000 &R P8,000 C. To P, Q and R based on their profit and loss sharing ratio D. All of the above