hart X -cash-into-a-partnership 45 When a partner invests assets oth Subscribe 25. When a partner invests assets other than cash into a partnership, these assets should be listed on the statement of financial position at a. their carrying (book) value. b. their original cost. c. their fair market value. d. the value the investing partner assigns to them. step answer

hart X -cash-into-a-partnership 45 When a partner invests assets oth Subscribe 25. When a partner invests assets other than cash into a partnership, these assets should be listed on the statement of financial position at a. their carrying (book) value. b. their original cost. c. their fair market value. d. the value the investing partner assigns to them. step answer

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. partner capital c. loan to partner d. Liquidation expenses 000
loan to partner , the debit side will be in the partnership Select one: a. cash b. No entry c. partner loan d. partner capital
4 Assume the following information just prior to the admission of new partner I: Assets Cash Accounts receivable Partner CH- $ 5,000 43,000 G H 7. New partner I contributes land with a fair value of $100,000. Relative ownership interests after this transaction are: Liabilities Accounts payable G, Capital H, Capital $48,000 Required: Prepare journal entries to record the following unrelated scenarios: 5. New partner I purchases partners G's partnership interest for $40,000. 6. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H. Ownership interest 20% 5% 75% 100% Partners' Capital $30,000 10,000 $ 8,000 40,000 $48,000
33) The withdrawal of capital by a partner from the business of partnership will be: a. Credited to profit and loss account b. Debited to partners' capital account c. Credited to partners' capital account d. Debited to profit and loss appropriation account
a) How is a sec 707(a) payment to a partners for service treated by the partners and the partnership? when will it be recongnise by a cash basis partner? when will it be deducted by a partnership? b) How is a guaranteed payment for services treated by the partner and the partnership? What is it recongnized or deducted?
Question 2 Brown, Blue, and Black are in partnership sharing profit and losses in the ratio 2:1:2. The balance sheet for the partnership as of April 15, 2019, was as follows: $ Non-current assets Land Buildings Equipment Current assets Inventory Accounts receivable Cash Total assets Capital account Brown Blue Black Non-current liabilities Mortgage on building Current liabilities Accounts payable Total liabilities 360,000 1,260,000 234,000 108,000 45,000 36,000 315,000 108,000 450,000 1,080,000 90,000 $ 1,854,000 Required: Prepare the following ledger accounts for the dissolution of the partnership: a) Realization account b) Bank account c) Partner's capital account 189,000 2,043,000 873,000 1,080,000 90,000 2,043,000 The partners agreed to dissolve the partnership on April 15, 2019 on the following conditions: Sold the inventory for $72,000, collected $48,000 on accounts receivable and wrote off the remaining accounts, sold equipment for $192,000 and building and land for $1,200,000,…
18- The objective of preparation of statement of financial position of partnership is: a. To show the income and expenses of the partnership firm b. To show how net profit has been distributed among partners c. To show the ratio of capital of partners d. To show the financial position of business
1) A partner may be admitted into a partnership by I. Investing assets in the partnership II. purchasing a partner's interest III. contributing his/her services I, II or III I only II only I and III 2) X retired from the partnership of X, Y and Z. X received an amount in excess of his capital balance in settlement of his equity. All assets of the partnership are fairly valued. Under these circumstances, a. the partnership shall recognize goodwill b. the partnership shall recognize an expense c. the capital balances of Y and Z would decrease d. the capital balances of Y and Z would not be affected 3) A partner may withdraw or retire from the partnership by a. selling his interest to an outsider b.payment of his interest from partnership funds c. selling his interest to one or more of the…
PARTNERSHIP FORMATION
3. Partnership Income Distribution: For partnerships G, If partner C’s total share of the partnership’s net income 300,000 and Partner C’s Interest on original Capital Balance is 80,000 and Partner C’s share of the remainder of the partnership’s net income is 120,000, how much is Partner C’s allowance? A. 120,000 B. 100,000 C. 80,000 D. 60,000 E. None of the above
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