Total capital = $89,000 + $52,000 = $141,000
40% of total capital = $141,000 X 40% = $56,400
Lowman contributed $52,000 for 40% share instead of $56,400.
Amount of bonus = $4,400 ($56,400 - $52,000)
Partner Bonus Blair has a capital balance of $89,000 after adjusting assets to fair market value....
Partner Bonus Lilly has a capital balance of $113,000 after adjusting assets to fair market value. Marler contributes $60,000 to receive a 40% interest in a new partnership with Lilly. Determine the amount and recipient of the partner bonus. Amount of bonus $ Recipient of bonus
Partner Bonus Lilly has a capital balance of $93,000 after adjusting assets to fair market value. Lowman contributes $54,000 to receive a 30% interest in a new partnership with Lilly. Determine the amount and recipient of the partner bonus. Amount of bonus $ Recipient of bonus Liquidating Partnerships Prior to liquidating their partnership, Todd and Montgomery had capital accounts of $76,000 and $110,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the...
Partner Bonus Gomez has a capital balance of $240,000 after adjusting assets to fair market value. Banks contributes $380,000 to receive a 60% interest in a new partnership with Gomez. Determine the amount and recipient of the partner bonus. Amount of bonus $ Recipient of bonus
Partner Bonus Burns has a capital balance of $48,000 after adjusting assets to fair market value. Rojas contributes $27,000 to receive a 35% Interest in a new partnership with Burns. Determine the amount and recipient of the partner bonus. var bonus. Amount of bonus Recipient of bonus
Partner Bonus Burns has a capital balance of $111,000 after adjusting assets to fair market value. Marler contributes $59,000 to receive a 30% interest in a new partnership with Burns. Determine the amount and recipient of the partner bonus. Amount of bonus $4 Marler Recipient of bonus
Partner Bonus Burns has a capital balance of $118,000 after adjusting assets to fair market value. Murray contributes $64,000 to receive a 35% in a new partnership with Burns Determine the amount and recipient of the partner bonus Amount of bonus Recipient of bonus
Chapter 12 eBook 4 Show Me How Calculator Partner Bonus 1. EX 1203. EXCEL ALGO 2 EX 12 18 EXCEL ALGO Patel has a capital balance of 5310,000 after adjusting assets to fair market value Killingsworth contributes $490,000 to receive a 60% interest in a new partnership with Patel 3. EX 12.08 BLANKSHEETAL... 4. PE 12.03A BLANKSHEET Determine the amount and recipient of the partner bonus. Amount of bonus Recipient of bonus 5. EX 12.01.BLANKSHEETAL 6. PE 12.01A BLANKSHEET ....
PE 12-4B. Partner bonus Obj. 3 Example Exercise 12-4 Show Me How Hiro has a capital bal- ance of $75,000 after ad- justing assets to fair mar- ket value. Marone con- tributes $20,000 to receive a 40% interest in a new partnership with Hiro. Determine the amount and recipi- ent of the partner bonus.
1. Dividing Partnership Net Income Required: Steve Queen and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Queen of $132,720. Interest of 5% on each partner's capital balance on January 1. Any remaining net income divided to Queen and Boxer, 1:2. Queen and Boxer had $84,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $237,000. How much is distributed to Queen and Boxer? Note: Compute partnership share. Queen:...
After the tangible assets have been adjusted to current market prices, the capital accounts of Brandon Newman and Latrell Osbourne have balances of $89,000 and $142,000, respectively. Juan Rivas is to be admitted to the partnership, contributing $60,000 cash to the partnership, for which he is to receive an ownership equity of $78,000. All partners share equally in income. a. Journalize the entry to record the admission of Rivas, who is to receive a bonus of $18,000. For a compound...