Exercise 15-3 Jones, Silva, and Thompson form a partnership and agree to allocate income equally after...
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Homework Answers
Answer:-
| Jones | Silva | Thompson | ||
| 1 | Income (Loss) allocation | $30,526.67 | $30,526.67 | $30,526.67 |
| 2 | Income (Loss) allocation | $8,067.50 | $8,067.50 | $8,067.50 |
| 3 | Income (Loss) allocation | $2,142.50 | $2,142.50 | $2,142.50 |
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Exercise 15-3
Jones, Silva, and Thompson form a partnership and agree to allocate
income equally after...
Exercise 15-3 Jones, Silva, and Thompson form a partnership and agree to allocate income equally after...
Exercise 15-3 Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,000 to Jones and $1,500 to Thompson. Capital balances on January 1 were as follows: Jones Silva Thompson $40,100 24,900 30,000 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. 2. 3. Net income for the year is $100,100. Net income for the...
Exercise 16-3 The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have...
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from the sale of the
noncash assets.
Prepare...
Exercise 16-3 Your answer is partially correct. Try again. The unsuccessful partnership of the Jones Brothers...
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. Exercise 12-5 Part 2...
Ramer and Knox began a partnership by investing $ 60,000 and $ 90,000, respectively.Exercise 12-5 Part 2 Income allocation in a partnership LO P22. The partners agreed to share income and loss in proportion to their initial investments. Net income is $ 160,000. (Do not round intermediate calculations.)Fraction to Allocate RamerRamer's Share of IncomeFraction to Allocate KnoxKnox's Share of IncomeTotal Income AllocatedExercise 12-5 Part 3 Income allocation in a partnership LO P23. The partners agreed to share income by giving...
Exercise 19.5 Computing and recording allocation of net income with interest allowed. LO 19-4 Reese and...
Exercise 19.5 Computing and recording allocation of net income with interest allowed. LO 19-4 Reese and Cravens are partners. Their partnership agreement provides that, in dividing profits, each is to be allocated interest at 10 percent of her beginning capital balance. The balance of net income or loss after the interest allowances is to be split in the ratio of 60:40 to Reese and Cravens, respectively. The beginning capital balances were Reese, $115,000, and Cravens, $19,000. Net Income for the...
The partnership agreement of Walt, Henry and Victoria provides that profits and losses are to be...
The partnership agreement of Walt, Henry and Victoria provides that profits and losses are to be divided among the partners as follows: Walt is to receive a salary allocation of $10,000 for managing the partnership business. Partners are to receive 10% interest on their average partner capital balances during the year. Note: Drawings are excluded from the computation of average partner capital. Remaining profits/losses are to be divided as follows: Walt, 30%; Henry, 30%; and Victoria, 40%. Walt had a...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income of a partnership is divided among the partners each period. The income or losses of the partnership are divided as specified in the partnership agreement . If there is no agreement, income and losses are divided equally . Feedback Check My Work Most partnerships specify how income or losses are to be divided. Income or losses of a partnership are divided equally if no...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4 Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $92,000 and Cook receives a salary of $136,000. These amounts were paid to the partners and charged to their drawing accounts. Both partners also receive 10 percent interest on their capital balances at the beginning of the year. The balance of any remaining...
Larry, Curly, and Moe form a partnership on 01/01/2019. Terms of the written partnership agreement state...
Larry, Curly, and Moe form a partnership on 01/01/2019. Terms of the written partnership agreement state that net income/loss is to be split in the ratio of 5:3:2, respectively, after salaries and 10% interest on beginnig-of-the-year capital balances are considered. On 01/01/2019, capital contributions by the three are as follows: Larry $50,000, Curly -- $70,000, Moe-- $90,000. Salaries paid during 2019 are as follows: Larry- $40,000, Curly-$45,000, Moe- $60,000. Net income for the partnership for 2019 is $125,000. At 12/31/2019,...
Exercise 15-3 Jones, Silva, and Thompson form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $2,000 to Jones and $1,500 to Thompson. Capital balances on January 1 were as follows: Jones Silva Thompson $40,100 24,900 30,000 Calculate the net income (loss) allocation to each partner under each of the following independent situations. 1. 2. 3. Net income for the year is $100,100. Net income for the...
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from the sale of the
noncash assets.
Prepare...
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Exercise 19.5 Computing and recording allocation of net income with interest allowed. LO 19-4 Reese and Cravens are partners. Their partnership agreement provides that, in dividing profits, each is to be allocated interest at 10 percent of her beginning capital balance. The balance of net income or loss after the interest allowances is to be split in the ratio of 60:40 to Reese and Cravens, respectively. The beginning capital balances were Reese, $115,000, and Cravens, $19,000. Net Income for the...
Activation Exercise 12-2: Dividing Partnership Net Income by Services of Partners Terms and Definitions The income of a partnership is divided among the partners each period. The income or losses of the partnership are divided as specified in the partnership agreement . If there is no agreement, income and losses are divided equally . Feedback Check My Work Most partnerships specify how income or losses are to be divided. Income or losses of a partnership are divided equally if no...
Exercise 19.4 Computing and recording allocation of net income with salaries and interest allowed. LO 19-4 Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $92,000 and Cook receives a salary of $136,000. These amounts were paid to the partners and charged to their drawing accounts. Both partners also receive 10 percent interest on their capital balances at the beginning of the year. The balance of any remaining...
Larry, Curly, and Moe form a partnership on 01/01/2019. Terms of the written partnership agreement state that net income/loss is to be split in the ratio of 5:3:2, respectively, after salaries and 10% interest on beginnig-of-the-year capital balances are considered. On 01/01/2019, capital contributions by the three are as follows: Larry $50,000, Curly -- $70,000, Moe-- $90,000. Salaries paid during 2019 are as follows: Larry- $40,000, Curly-$45,000, Moe- $60,000. Net income for the partnership for 2019 is $125,000. At 12/31/2019,...
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