If a partner is contributing attributes to a partnership such as an established clientele or a...
If a partner is contributing attributes to a partnership such as an established clientele or a particular expertise, what two methods can be used to record the contribution? Describe each method.
Homework Answers
Add Answer to:
If a partner is contributing attributes to a partnership such as
an established clientele or a...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash $80,000 $40,000 Building - Cost to Jones 300.000 - Fair Value 400.000 Inventory - Cost to Smith 200.000 - Fair Value 280,000 Mortgage Payable 120.000 Accounts Payable 60.000 Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership Refer to the above information. What is the balance in each partner's capital account...
1) ABC Partnership distributes $12,000 to partner Al. Al's distributive share of partnership income is $30,000....
1) ABC Partnership distributes $12,000 to partner Al. Al's distributive share of partnership income is $30,000. Al is taxed on $12,000. (true or false) 2) Yong contributes a machine having an adjusted basis of $20,000 and a FMV of $25,000 for a 10% partnership interest. Yong had taken $10,000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize A) no gain or loss. B) $5,000 Sec. 1245 gain. C)...
Q1. Researchers are investigating whether people who exercise with a training partner have a greater increase,...
Q1. Researchers are investigating whether people who exercise with a training partner have a greater increase, on average, in targeted exercise intensity compared with people who exercise alone. Two methods of collecting data have been proposed. ﾷ Method I: Recruit volunteers who are willing to participate. Randomly assign each participant to exercise with a training partner or to exercise alone. ﾷ Method II: Select a random sample of people from all the people who exercise at a community fitness center....
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 314,000 Liabilities $ 102,000 Athos, capital 84,000 Porthos, capital 74,000 Aramis, capital 54,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 474,000 Liabilities $ 142,000 Athos, capital 124,000 Porthos, capital 114,000 Aramis, capital 94,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 20...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 458,000 Liabilities $ 138,000 Athos, capital 120,000 Porthos, capital 110,000 Aramis, capital 90,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation...
CH 12 HW t he contributing 41,000 to the partner for which is to even wen...
CH 12 HW t he contributing 41,000 to the partner for which is to even wen t 53.000. A partnerscha al in income Journal the entry to record the s o n of Nee, who is to receive tons of $12,000 for compound transaction, an amount box does not an entry, favebank Aussel Cal b. What are the capital balance of each partner her the mission of
People seek to form partnership to extend and maintain business operations. Each partner contributes to all...
People seek to form partnership to extend and maintain business operations. Each partner contributes to all aspects of the business including, money, property, labor or skill. The profits and losses of the business are shared among the partners. The decision-making process is important as each partner may have different opinions regarding issues, structure, ventures, and operation. Therefore, it is vital to develop a legal partnership agreement (Partnership Deed) to document how future business decisions will be made. Discussion Instructions: For...
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution...
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $16,000 basis and a $24,400 fair market value. On January 2 of this year, Kimberly has a $22,200 basis in her partnership interest and none of her pre-contribution gain has been recognized. On January 2 Kimberly receives an operating distribution of a tract of land (not the contributed land) with a $19,800 basis and an $28,200 fair market value....
26. In admission of a new partner by investment, bonus is recorded when A total agreed...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Jones and Smith formed a partnership with each partner contributing the following items: Jones Smith Cash $80,000 $40,000 Building - Cost to Jones 300.000 - Fair Value 400.000 Inventory - Cost to Smith 200.000 - Fair Value 280,000 Mortgage Payable 120.000 Accounts Payable 60.000 Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership Refer to the above information. What is the balance in each partner's capital account...
CH 12 HW t he contributing 41,000 to the partner for which is to even wen t 53.000. A partnerscha al in income Journal the entry to record the s o n of Nee, who is to receive tons of $12,000 for compound transaction, an amount box does not an entry, favebank Aussel Cal b. What are the capital balance of each partner her the mission of
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Most questions answered within 3 hours.
-
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 30 minutes ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 1 hour ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 3 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 4 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 5 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 5 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 7 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 7 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 8 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 8 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 9 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 9 hours ago