Homework Answers
A and B form a new partnership they agree on 25%,75% respectively interests in capital and profits , A invests $10000 in cash
Add Answer to:
A and B form a new partnership they agree on 25%,75% respectively interests in capital and...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
All info is in the question, thank you. Brown and Coss have been operating a tax...
All info is in the question, thank you.
Brown and Coss have been operating a tax accounting service as a partnership for five years. Their current cap- ital balances are $92,000 and $88,000, respectively, and they share profits in a 60:40 ratio. Because of the growth in their tax business, they decide that they need a new partner. Moore is admitted to the partnership, after which the partners agree to share profits 40% to Brown, 35% to Coss, and 25...
Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of...
Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 138,000 109.990 115,000 points Each of the following questions should be viewed independently. eBook Print a. If Sergio invests $150,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $100.000 in cash in...
Freely and Hamwey form a partnership, contributing $46,000 and $69,000, respectively. Determine their shares of net...
Freely and Hamwey form a partnership, contributing $46,000 and $69,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses.) a. Net loss is $70,000 and the partners have no written partnership agreement. b. Net income is $90,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. c. Net income is $160,000. The first...
Nabeel & Thulaisi form a partnership to offer consulting services in Sydney. Nabeel contributes $250,000 in cash, an...
Nabeel & Thulaisi form a partnership to offer consulting services in Sydney. Nabeel contributes $250,000 in cash, and computer equipment that he bought last year for $60,000 that has a current market value of $50,000. Thulaisi owns a building that he previously used as part of his prior sole proprietorship. He bought it for $500,000 it has a carrying amount of $400,000 and a market value of $450,000. Provide the journal entries for the formation of the partnership. Nabeel &...
On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate...
On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for MKV Personal Coaching: 2020 Mar. 2 The partners contribute assets to the...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
Ali and Ahmad have AY LLP. The capital balances are $20000 for Ali and Ahmad $30000....
Ali and Ahmad have AY LLP. The capital balances are $20000 for Ali and Ahmad $30000. The partners decided to admin Hamam for %50 interests in capital. Hamam invests $40000 cash in the partnership. The bonus is اختر احد الخيارات .a. $5000 for new partner O .b. $5000 for old partners O .c. $4000 for old partners O .d. $4000 for new partner Suppose that the following accounts are related to A & HLLP on march, 2, 2012, cash $20000,...
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000,...
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000, respectively. C has agreed to invest $20,000 for a 40% interest in the new ABC partnership. Using the Bonus Method, what are the partner’s capital balance in the new ABC partnership and the total balance amount?
QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000,...
QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the distribution of income to Dickens? $92,000 O $108,000 $80,000 $40,000 QUESTION 31 The Mayer and Rodin partnership agreement stipulates...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
All info is in the question, thank you.
Brown and Coss have been operating a tax accounting service as a partnership for five years. Their current cap- ital balances are $92,000 and $88,000, respectively, and they share profits in a 60:40 ratio. Because of the growth in their tax business, they decide that they need a new partner. Moore is admitted to the partnership, after which the partners agree to share profits 40% to Brown, 35% to Coss, and 25...
Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 138,000 109.990 115,000 points Each of the following questions should be viewed independently. eBook Print a. If Sergio invests $150,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $100.000 in cash in...
On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for MKV Personal Coaching: 2020 Mar. 2 The partners contribute assets to the...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
Ali and Ahmad have AY LLP. The capital balances are $20000 for Ali and Ahmad $30000. The partners decided to admin Hamam for %50 interests in capital. Hamam invests $40000 cash in the partnership. The bonus is اختر احد الخيارات .a. $5000 for new partner O .b. $5000 for old partners O .c. $4000 for old partners O .d. $4000 for new partner Suppose that the following accounts are related to A & HLLP on march, 2, 2012, cash $20000,...
QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the distribution of income to Dickens? $92,000 O $108,000 $80,000 $40,000 QUESTION 31 The Mayer and Rodin partnership agreement stipulates...
Most questions answered within 3 hours.
-
Monochromatic light with λ = 630 nm (in vacuum) falls through
trough two slits in a...
asked 6 minutes ago -
Calculate the pH of each of the following given the molar
hydrogen ion concentration.
Part A...
asked 11 minutes ago -
A rocket takes off from Earth's surface, accelerating straight
up at 43.2 m/s2. Calculate the normal...
asked 13 minutes ago -
At
the milestone that defines telophase,the chromosomes ....
a) separate
b) come together
c) line up...
asked 26 minutes ago -
The text identifies six steps for minimizing product liability
risk in the product development process. The...
asked 26 minutes ago -
1,We can create a new text file with the following commands,
except: Group of answer choices...
asked 28 minutes ago -
High End Costume is all-equity financed and its stock has a
price to earnings ratio of...
asked 39 minutes ago -
A block of 2 kg of mass is attached to a horizontal spring. The
spring is...
asked 50 minutes ago -
How are thermohaline currents tied to the atmosphere and how can
these currents affect climate variations...
asked 56 minutes ago -
One 2.5 MW turbine had a monthly production of 700 MWh, while
the 250 MW wind...
asked 1 hour ago -
C++ question.
Introduce a pass by pointer function that reverses a whole
vector.
asked 1 hour ago -
The number of head trauma injuries at a small hospital has a
Poisson distribution with a...
asked 1 hour ago