(21Emig agrees to purchase Posada's ownership interest for $24,000 cash.(3)Posada is paid $30,300 from partnership assets, which includes a bonus to the retiring partner.(4)Posada is paid $17,020 from partnership assets, and bonuses to the remaining partners are recognized.If Emig's capital balance after Posada's withdrawal is $42,930, what were (1) the total bonus to the remaining partnersand (2) the cash paid by the partnership to Posada?(1) Total bonus(2)$Cash paid to Posada $

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Answered: (21 Emig agrees to purchase Posada's…

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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The E. N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital S 960, 000 Answer each of the following independent questions: Required: Assume that the partners share profits and losses 3:3:2:2, respectively, Fergie retires and is paid $269,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? Note: Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.
Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $33,000 at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy receives $13,000 cash. Matt receives $3,850 cash and a parcel of land with a $9,150 fair market value and a $5,000 basis to the partnership. Matcoy has no debt or hot assets. a. What is Coy's recognized gain or loss? What is the character of any gain or loss?
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 150,000 Adams 130,000 Fergie 120,000 Gomez 110,000 Total capital $ 510,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $160,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $285,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez
The E.N.D. partnership has the following capital balances as of the end of the current year: $ 190,000 170,000 Pineda Adams Fergie 160,000 Gomez 150,000 Total capital $ 670,000 Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $203,000 based on the terms the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $290,000 based on the terms the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (D not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez
Michael invests in Buxus Interests, a partnership. Michael's capital contribution to the partnership consists of $10,000 cash and equipment with an adjusted basis of $120,000 (fair market value of $150,000) subject to a nonrecourse liability of $60,000. a. Calculate the amount that Michael is at-risk in the activity after making the above contribution? b. If Michael's share of the partnership loss in the year after he makes the contribution is$150,000, how much of the loss may be deducted in that year (before considering thelimitations on passive losses)? Assume the partnership had no other transactions. c. If Michael has any nondeductible loss in part b, what may Michael do with thenondeductible loss?
(J) The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits or losses be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $65,000, Pickett contributed $39,000 and Nelson contributed $13,000. In the partnership's first year of operation, it incurred a loss of $184,500. What amount of the partnership's loss is allocated to Nelson? Multiple Choice : $46,125 $92,250 $61,500 $20,500 $0
Renata sold her interest in a partnership for $31,000 cash when her outside basis was $18,000. She was relieved of her $29,000 share of partnership liabilities. What is Renata's realized value from the sale of her partnership interest? $31,000 $42,000 $47,000 $60,000
Shirley contributes property to a new partnership with a value of $1,000,000 and a basis of $400,000 that is secured by a $500,000 nonrecourse note. Under the terms of the partnership agreement, Shirley will be allocated 25% of all profits. The partnership agreement also states that "excess nonrecourse liabilities" will be allocated to partners according to profit ratios. How much of the nonrecourse liability will be allocated to Shirley? please dont provide answer in images thank you
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital $ 960,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $269,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)
Brown pays $90,000 to the Tripper Sprung Partnership in exchange for 30% ownership. Before the admission of Brown, the other partners had the following capital accounts and profit and loss sharing percentages: Tripper: $70,000 (60%) Sprung : $50,000 (40%) Using the bonus method, what will be the balance in Sprung’s capital account after the admission of Brown. $10,800 $86,200 $39,200 $57,800 $60,800
Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $111,000, $62,000, and $32,000, respectively. Assume instead that Foss leaves the partnership. Foss is paid $129,000 with a bonus to the retiring partner. Prepare the journal entry to record Foss’s withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda 160,000 Adams 140,000 Fergie 130,000 Gomez 120,000 Answer each A. Assume that the partners and losses 3:3:2:2,respectively. Fergie retires and is paid 151,000 based on the terms of the orginal partnership agreement. If the Goodwill method is used;what is the capital of the remaining three partners? B. Assume that the partners share profit and losses 4:3:2:1, respectively. Peneda retires and is paid 305,000 based on the terms of the orginal partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round intermediate calculations. Round to the nearest amounts. A. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________ B. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________

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