XFile5eL2125AutoSaveUndoV6HomePasteOff H Partnership Homework Problems ✓1920212223.242526Insert(BReadyPage LayoutCalibriClipboard✓: X✓ fxCB IUDateSept 20 202145°FRain comingVTotal AssetsTotal LiabilitiesTotal EquityFormulasABD*** All amounts should be calculated using formulas ***Problem 1. Accounting for partner contributionsProblei..Accessibility: InvestigateUVFont11YcashLandVTUDIVITIEData ReviewA A~A~EquipmentFa) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior.Accounts and Explanations==Notes payableBilly Bob CapitalJunior Capital==ViewGabAccessibility recommendations found. Click here to investigate.HelpyBilly Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 4uuuuuuand land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. Thepartnership will also take over a Billy Bob's $3,000,000 note payable on the land. Junior contributes $2,000,000 cash and4 equipment with a current market value of $4,000,000.AlignmentHab Wrap Text789101112131415b) Compute the partnership's total assets, total liabilities, and equity immediately after organizing. Use cell references.161718O SearchDebitMerge & CenterTO SearchJ4,000,0007,500,0004,000,000WlyGeneral$CreditK% 9.00 -00HNumber3,000,000L6MConditiFormattF File9e4567UAutoSaveB80VVUndoHomePasteOffInsertSClipboardHPartnership Homework Problems ✓Page LayoutCalibriB IUNet income (loss)Salary allowances:JohannFrederickSebastianCapital allocation:JohannFrederickSebastian45°FRain comingvFormulasReady Accessibility: InvestigateFont11vTotal allocationNet income (loss) remaining for allocationNet income (loss) allocated to each partnerReviewDataTotal salary and capital allocationNet income (loss) remaining for allocationRemainder shared according to capital balance:JohannFrederickSebastianA AA27==EViewHelp87Hab Wrap TextAlignmentSearchMerge & CenterO Search17FrederickDateX✓ fx1EBCAJHGFDhann, Frederick, and Sebastian are in a partnership and currently have capital balances of $20,000, $37,000, and $48,000,pectively. The partnership agreement states the following instructions for the sharing of profits and losses:1. The partners receive the following salary allowances: Johann, $25,000; Frederick, $46,000, Sebastian, zero.2. The partners each receive 20% of their capital balance.3. The remainder is allocated based on the partner's allocation according to their share of the capital balance (do not take the allocations in steps 1 and 2 in9) Determine each partner's share of year ending 2020 $80,000 net income.10Johann111213141516171819202122232425262728293021 Journalize the closing ontnuto allocate not income for the year 2030 Ulco call raforancor for the amounteProblem 1 Problem 2+%$ %v900 909NumberKZSebastianConditional Format asFormattingTableLTotalVMStylesVNLOC

a) Journalise the partnership receipt of asset and liabilities from Billy bob and junior Date…

Answered: 2. The parther 3. The remainder is…

2. The parther 3. The remainder is allocated based on the partner's allocation according to their share of the capital balance (do not take the allocations in steps 1 and

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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