Activity 2. NeoZone PartnershipYou are a bookkeeper at the accounting firm Complete Business Services. You have a new client, apartnership, called NeoZone for Kids.2.1 Review the provided Partnership Agreement for NeoZone for Kids (file: FNSACC414_NeoZonePartnership Agreement).Use the information in the partnership agreement to prepare the journal entries to record the capitalcontributed by the partners.General Journal of NeoZone for KidsDateParticularsCapital introduced by JamesCapital introduced by LeonaCapital introduced by BradyDebitCredit Capital Contributions6. Each of the Partners has contributed to the capital of the Partnership, in cash or property inagreed upon value as follows (the "Capital Contribution"):PartnerContribution DescriptionAgreed ValueJames CrossCash $15,000$15,000 AUDLeona RileyCash $10,000 Computer equipment $5,000$15,000 AUDBrady ChanCash $15,000$15,000 AUD

Step 1:Review all the contributions made by each partner, either in cash or other assets.James Cross…

Answered: Activity 2. NeoZone Partnership You are…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 1MYW

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Go to the Buckeye Partners, L.P. website where forms filed with the SEC are available through the Investment Center. Find Buckeye's recent annual financial statements in their most recent 10-K report for the partnership. Using the interactive data option, review the Condensed Consolidated Statement of Operations, Consolidated Balance Sheets, and the Notes to Financial Statements and answer the questions posed below. 1. When was Buckeye Partners L.P. formed? What is their main business? 2. Who are the limited partners and who are the general partners? 3. Review Buckeye's financial statements as well as the accompanying notes. List and briefly discuss information included for this partnership that would typically not appear in financial statements produced for a corporation. Also comment on similarities between Buckeye's financial statements and those of a corporation.
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LEARNING MODULES O CPALE Simulation Level 16 1. Cash settlements between and among 2. When property other than cash is invested in a partnership, at what amount should the non-cash property be credited to the contributing partner's capital account? a. fair value at the date of contribution partners to equalize their initial capital credits are a. recorded in the partnership books b. not recorded in the partnership books c. accounted for as an additional investment to b. contributing partner's original cost the partnership or as withdrawals or investments from the partnership d. a and c 3. A partner who is entitled to a share of the profits from a partnership is known as a. a salaried partner b. a managing partner c. an equity partner d. a limited partner 5. An advantage of the partnership as a form of business organization would be a. partners do not pay income taxes on their share in partnership income c. assessed valuation for property tax purposes d. contributing partner's tax basis…
ageNOWv2 | Online teachin x + keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3false еВook Show Me How Calculator Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash $36,150 Accounts receivable $68,000 Less: Allowance for doubtful accounts 4,000 64,000 Land 163,000 Equipment $63,000 Less: Accumulated depreciation-equipment 39,000 24,000 Total assets $287,150 Accounts payable $20,200 Notes payable 58,750 Hannah Freeman, capital 208,200 Total liabilities and owner's equity $287,150 Freeman obtained appraised values for the land and equipment as follows: Land $227,000 Equipment 18,700 Check My Work Next 10:5 - ) all 10/2 insert prt sc 411 + backspc 9% 5 7\ 8. R T Y U H K
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Ethics in Action Edward Seymour is a financial consultant to cornish Inc, Areal estate syndicate, Cornish finances and develops commercial real estate(office buildings) projects. The completed projects are then sold as limited partnership interests to individual investors. The syndicate makes a profit on the sale of these partnership interests. Edward provides financial information for prospective investors in a document called the offering "prospectus" This document discusses the financial and legal details of the limited partnership investment. one of the company's current projects, called JEDI 2, Has the partnership borrowing money from a local bank to build a commercial office building. The inerest rate on the loan is 6.5% for the first four years. After four years. The interest rate jumps to 15% for the remaining 20years of the loan The intrest expense is one of the major costs of this project and significantly affects the number of reenters needed for the project to break even,…
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