Jose is a business partner in MakeMark LLC. Including Jose, there are 5 total partners inthe company. The partners have decided to put a cross purchase agreement in place.Assuming they need to fund it with life insurance, how many life insurance policies willneed to be purchased in total? (Round your answer to 2 decimal places)

In a cross-purchase agreement, each partner typically purchases life insurance on the lives of the…

Answered: Jose is a business partner in MakeMark…

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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3. On January 1, 2021, John and Francis formed Astig Bikers Partnership organized to train prospective professional basketball players on how to shoot 3-pointer with splash. The articles of co-partnership provide that profit or loss shall be distributed accordingly: • 10% interest on average capital balance. • P50,000 and P100,000 quarterly salary for John and Francis, respectively. • The remainder shall be distributed in the ration of 3:2 for John and Francis, respectively. • The following transactions regarding the capital balance of the partners for year 2021 are provided: John, Capital P1,000,000 Francis, Capital P 500,000 100,000 January 1, 2021 investment March 31, 2021 investment July 1, 2021 withdrawal September 30, 2021 withdrawal October 1, 2021 investment (200,000) (200,000) 700,000 The chief accountant of the partnership reported net income of P1,000,000 for year 2021. What is the amount of net income allocated to John?
answer letter a, b, and c. please include a solution/explanation. thank you!
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Vikram
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J Prepare adjusting entries to update the balances of some of the partnership accounts. Use "Capital Adjustments" account. If Merlita Pactanac will be admitted by purchasing 1/4 of the adjusted partners interest, how much is she going to pay and what is the journal entry to record her admission if the purchase is at book value. Kareen Labor, Lalaine Dajao and Leah Magno were partners in a business engaged in printing and publishing. The Statement of Financial Position reveals that their business obligations to outside creditors. has no Cash Accounts Receivable Inventories Equipment Total ASSETS 18-4 P120,000 150,000 260,000 300,000 P830,000 Instruction: PARTNERS' EQUITY Labor, Capital (30%) Dajao, Capital (20%) Magno, Capital (50%) Total P400,000 280,000 150,000 P830,000 On January 1, 20A, the partners agree to admit Jimwell Acenas as a new partner after considering the following revaluation and adjustments: 1. Allowance for doubtful accounts of P20,000 is to be established for…
1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively.They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution?
Lay and Zayn sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Lulu to the partnership. Lay capital is P100,000 while Zayn capital is P80,000 and they share income in a ratio of 3:2. Lulu invests P40,000 for a one fifth interest in the total capital of P220,000 What is the capital of partner Zayn after admission of the new partner?
At the start of 2020, Santana Rey is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Business Solutions. S. Rey’s equity in Business Solutions as of January 1, 2020, is $80,360. Required 1. S. Rey is evaluating whether the prospective partner should be an equal partner with respect to capital investment and profit sharing (1:1) or whether the agreement should be 4:1 with Rey retaining fourfifths interest with rights to four-fifths of the net income or loss. What factors should she consider in deciding which partnership agreement to offer? 2. Prepare the January 1, 2020, journal entry(ies) necessary to admit a new partner to Business Solutions through the purchase of a partnership interest for each of the following two separate cases: (a) 1:1 sharing agreement and (b) 4:1 sharing agreement. 3. Prepare the January 1, 2020, journal entry(ies) required to admit a new partner if the new…
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