alcolm has a capital balance of $58,800 after adjusting to fair market value. Celeste contributes $42,400 to receive a 25% interest in a new partnership with Malcolm. Determine the amount and recipient of the partner bonus paid to Malcolm?
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- The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) $ 165,000 Phil (20%) 135,000 Ernie (30%) 150,000 Each of the following questions should be viewed independently. Required: If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $120,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is…= Homnes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the partnership books show Rose's capital balance at $170,000 and Novak's at $85,000. Assume Rose and Novak share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Begin by computing the partner's equity base for plan a. Homes pays $100,000 for Novak's equity. Hornes pays Novak directly. (Enter a share for each partner. Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the a field. Enter negative amounts with a parentheses or minus sign.) Plan A Plan A: Partnership capital before admission of Hornes Plan A: Effect on capital balance as a result of admission of Hornes Plan A: Partnership capital after admission of Hornes b. Hornes contributes $85,000 to acquire a 1/4 interest in the…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?
- Jackie is a 50% partner in The Lunch Box. She is to receive a guaranteed payment of $30,000. If the partnership's ordinary income before deducting the guaranteed payment is $70,000, what is Jackie's distributive share? $15,000 $20,000 $30,000 $35,000Mary is a 25% partner. She is to receive 25% of the partnership income, but no less than $10,000. If the net income of the partnership is %50,000, what amount can the partnership deduct as a guaranteed payment to Mary? (a) $0, (b) $2,500, (c) $10,000, (d) $12,500Jessica and Rufus admit Jose as a 25% partner for a contribution of $120, 000 Jessica has capital and a profit /loss ratio of $280, 000 and 70%, respectively. Rufus has capital and a profit/loss ratio of $150, 000 and 30%, respectively. The three parties agree that some of the partnership's investment assets are overvalued. What is the entry to correct this overvaluation? (You do not need to write the entry to admit Jose.) don't use ai answer,i will 5 upvotes
- This answer is wrong . please give me the right answer.Douglas pays Selena $45,700 for her 25% interest in a partnership with net assets of $127,900. Following this transaction, Douglas's capital account should have a credit balance of a. $45,700 b. $127,900 c. $11,425 d. $31,975Shirley 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
- Please help me. Thankyou.Krystin is a 25% partner in Andrew's Pet Grooming. Under the terms of the partnership agreement, she is to receive 25% of the partnership income, but no less than $10,000. If the grooming shop's net income for the year is $50,000, what amount can the partnership deduct as a guaranteed payment to Krystin? (a) $0 (b) $2,500 (c) $10,000 (d) $12,500Daphne, Buddy, and Divine have equities in a partnership of P600,000, P900,000, and P500,000, respectively, and share profits and losses in a ratio of 2:1:2, respectively. The partners have agreed to admit Amy to the partnership If Amy invested P750,000 for a one-fifth interest how much is the capital balance of Daphne after the admission of Amy? Answer without peso signs but with commas.
