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- QUIZ YOURSELF Problem of 3 The artides of Duters for Troer Partnership provide for a...
3. The partnership contract of Ivan and Irvin provided for salaries of P90,000 to Ivan and...
3. The partnership contract of Ivan and Irvin provided for salaries of P90,000 to Ivan and P70,000 to Irvin, with any remaining income or loss divided equally. During, 2020, pre salaries income of Ivan and Irvin Co. was P200,000, and both Ivan and Irvin withdrew cash from the partnership equal to 80% of their salary allowance, During 2020, Ivan’s equity in the partnership: a. Increase more than Irvin’s equity b. Decrease more than Irvin’s equity c. Increase the same amount...
Julie Harris, William Gosse, and Regina Ryan started a partnership to provide mobile tax services. The...
Julie Harris, William Gosse, and Regina Ryan started a partnership to provide mobile tax services. The partners’ capital account at the beginning of 2021 was Harris, $ 120,000; Gosse, $ 180,000; and Ryan, $ 90,000. The partnership agreement states that the partners will share profit equally. On December 31, 2021, the partnership reported a loss of $ 21,000 for the year. During the year, Harris withdrew $ 80,000 and Gosse withdrew $ 140,000. Ryan did not make any withdrawals. On...
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000....
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,000 and Sam made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Sadie, Capital, $42,000; Sam, Capital, $58,000. Sam's capital account balance at the end of the year is Oa. $63,000 Ob. $78,000 Oc. $43,000 Od. $93,000 Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts...
1. Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income...
1. Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $97,350. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Prince and Dane, 1:2. Prince and Dane had $93,000 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $177,000. How much is distributed to Prince and Dane? Note: Compute partnership share. Prince:...
2. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $259,200 and $172,800,...
2. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $259,200 and $172,800, respectively. Determine their participation in the year's net income of $384,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $68,000 and $94,000, respectively, and the balance divided equally....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively. Determine their participation in the year's net income of $275,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $46,000, respectively, and the...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $62,000; Johnson...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $62,000; Johnson conveys title to the following properties to the partnership: Book Value Fair Value Land $ 21,000 $ 40,000 Building and equipment 41,000 48,000 The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized. According to the articles of partnership written by the partners, profits and losses are allocated based on the following formula: Boswell receives a compensation...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $74,000; Johnson...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $74,000; Johnson conveys title to the following properties to the partnership: Book Value Fair Value Land $ 27,000 $ 52,000 Building and equipment 47,000 60,000 The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized. According to the articles of partnership written by the partners, profits and losses are allocated based on the following formula: Boswell receives a compensation...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $67,000, Johnson...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $67,000, Johnson conveys title to the following properties to the partnership: Book Value $ 23,500 43,500 Fair Value $ 45,000 53,000 Land Building and equipment The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized. According to the articles of partnership written by the partners, profits and losses are allocated based on the following formula: • Boswell receives a...
1. Jim Steele and John Rich operate separate auto repair shops as proprietorships. On January...
1. Jim Steele and John Rich operate separate auto repair shops as proprietorships. On January 1, 2019, they decide to combine their separate businesses to form Steele Rich Auto Repair, a partnership. Information from their separate balance sheets is presented below: Steele Auto Repair Rich Auto Repair Cash................................................................................ $ 5,000 $10,000 Accounts receivable......................................................... 8,000 5,000 Allowance for doubtful accounts...................................... 1,000 500 Accounts payable............................................................. 3,000 6,000 Notes payable.................................................................. — 5,000 Salaries payable............................................................... 1,000 500 Equipment...................................................................... 12,000 26,000 Accumulated depreciation—equipment........................... 2,000 4,000 It is agreed that the expected realizable value of Steele's accounts receivable is $5,000 and Rich's receivables...
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,000 and Sam made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Sadie, Capital, $42,000; Sam, Capital, $58,000. Sam's capital account balance at the end of the year is Oa. $63,000 Ob. $78,000 Oc. $43,000 Od. $93,000 Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $116,000 and $174,000, respectively. Determine their participation in the year's net income of $275,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $46,000, respectively, and the...
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $67,000, Johnson conveys title to the following properties to the partnership: Book Value $ 23,500 43,500 Fair Value $ 45,000 53,000 Land Building and equipment The partners agree to start their partnership with equal capital balances. No goodwill is to be recognized. According to the articles of partnership written by the partners, profits and losses are allocated based on the following formula: • Boswell receives a...
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