Homework Answers
Answer-19-Hailie, Lauryn and Camee are equal partners, so their profit sharing ratio will be 1/3
Hailie's ending tax capital account= Cash contributed + Share of ordinary income
' =$55,000+ ($90,000/3)
=$55,000+$30,000
=$85,000
Hence, the correct option is b-$85,000
Answer-21-Under a partnership agreement, Manny is to receive 25% of the partnership income, but not less than $10,000.
The partnership's income is $20,000
distributive share of Manny = $20,000*25%
=$5,000
Guaranteed Payment= $10,000 guaranteed- $5,000 distributive share
=$5,000
Hence, the correct option is b-$5,000
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