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Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the...
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the...
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $117,500 at the beginning of the tax year. The partnership profits for the tax year were $1,532,100. Changes in their capital accounts during the tax year were as follows: Faye Gary Heidi Total Beginning balance $117,500 $117,500 $117,500 $352,500 Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 0 0 5,000 5,000 Allocation of profits 510,700 510,700...
Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000....
Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, Capital, $40,000; Heidi, Capital, $58,000. Jordon's capital account balance at the end of the year is Oa. $46,000 Ob. $74,000 Oc. $54,000 Od. $68,000
10. A partnership begins its first year with the following capital balances: Alfred, Capital………………………………………………………………..$50,000 ...
10. A partnership begins its first year with the following capital balances: Alfred, Capital………………………………………………………………..$50,000 Bernard, Capital……………………………………………………………..$60,000 Collins, Capital………………………………………………………………..$70,000 The articles of partnership stipulate that profits and losses be assigned in the following manner. Each partner is allocated interest equal to 5% of the beginning capital balance. Bernard is allocated compensation of $18,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $5,000 cash per...
4. The Ronna & Pam Partnership has earned $300,00 this year is $150,000. Pam's opening capital...
4. The Ronna & Pam Partnership has earned $300,00 this year is $150,000. Pam's opening capital balance is interest allowance on their opening capital balance. Also, Ron $65,000, while Pam gets a 'salary allowance of $35 YOU MUST SHOW ALL CALCULATIONS. this year. Ronna's opening capital balance for lance is $75,000. Assume that each partner gets 10% ary allowance' of $35.000. Their profit to loss sharing ratio is 50:50. e. Also, Ronna gets a 'salary allowance' of A: What is...
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...
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins,...
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins, Capital $40,000 50,000 60,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 5 percent of the beginning capital balance. • Bernard is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000...
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital...
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital Collins, Capital 36.000 46,000 56,000 The articles of partnership stipulate that profits and losses be assigned in the following manner • Each partner is allocated interest equal to 8 percent of the beginning capital balance. • Bernard is allocated compensation of $16,000 per year. • Any remaining profits and losses are allocated on a 3.3.4 basis, respectively. • Each partner is allowed to withdraw...
Shelby and Mortonson formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership...
Shelby and Mortonson formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Shelby to receive a $60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Shelby and Mortonson's respective shares are: Select one: a. $57,857; $77,143. b. $90,000; $40,000....
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December...
A partner owns a 50-percent interest in a partnership. For the partnership tax year ended December 31, the partnership reports the following items of partnership income, gain, loss, deduction, and credit. Gross sales $400,000 Cost of goods sold 220,000 Wages 100,000 Net Section 1231 gain 50,000 Casualty loss 10,000 Interest 5,000 Depreciation 20,000 Business bad debt 5,000 Charitable contributions 5,000 Calculate the partner's distributive shares of (1) partnership ordinary income or loss and (2) separately stated items.
Oscar, Felix, and Marv are all one-third partners in the capital and profits of Eastside General ...
Oscar, Felix, and Marv are all one-third partners in the capital and profits of Eastside General Partnership. In addition to their normal share of the partnership’s annual income, Oscar and Felix receive annual guaranteed payments of $7,000 to compensate them for additional services they provide. Eastside’s income statement for the current year reflects the following revenues and expenses: Sales revenue $ 420,000 Dividend income 5,700 Short-term capital gains 2,800 Cost of goods sold (210,000 ) Employee wages (115,000 ) Depreciation...
Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, Capital, $40,000; Heidi, Capital, $58,000. Jordon's capital account balance at the end of the year is Oa. $46,000 Ob. $74,000 Oc. $54,000 Od. $68,000
4. The Ronna & Pam Partnership has earned $300,00 this year is $150,000. Pam's opening capital balance is interest allowance on their opening capital balance. Also, Ron $65,000, while Pam gets a 'salary allowance of $35 YOU MUST SHOW ALL CALCULATIONS. this year. Ronna's opening capital balance for lance is $75,000. Assume that each partner gets 10% ary allowance' of $35.000. Their profit to loss sharing ratio is 50:50. e. Also, Ronna gets a 'salary allowance' of A: What is...
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins, Capital $40,000 50,000 60,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 5 percent of the beginning capital balance. • Bernard is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000...
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital Collins, Capital 36.000 46,000 56,000 The articles of partnership stipulate that profits and losses be assigned in the following manner • Each partner is allocated interest equal to 8 percent of the beginning capital balance. • Bernard is allocated compensation of $16,000 per year. • Any remaining profits and losses are allocated on a 3.3.4 basis, respectively. • Each partner is allowed to withdraw...
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