Provide correct answer general Accounting question Mee Su is a partner in Hartford Partners,LLC. Her partnership capital balance at thebeginning of the current year was$110,000, and her ending balance was$124,000. Her share of the partnershipincome is $10,500. What is her partner'sreturn on equity?a) 8.97%b) 1060.00%c) 9.54%d) 1047.00%e) 8.47%

Step 1: Define Return on Equity:Return on equity is a financial measure of determining the ability…

Answered: Mee Su is a partner in Hartford…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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Similar questions

The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
Carter Pearson is a partner in Event Promoters. His beginning partnership capital balance for the current year is $56,300, and his ending partnership capital balance for the current year is $63,300. His share of this year's partnership income was $6,550. What is his partner return on equity? Multiple Choice O O 10.35% 10.95% 8.60% 10.35% 10.95% 8.60% 11.63% 9.66%
Use the following information for numbers 13 to 18. The capital accounts of Sonia and Olga partnership on January 1, 2018 were: Partners Capitals P&L Ratio Sonia 112,000 75% Olga 48,000 25% On October 1, 2018, Thess was admitted for a 40% interest in the partnership when she purchased 40% of each existing partner's capital for P80,000, paid directly to Sonia and Olga. The partnership's net income for the year is P66,000 and 2/3 of it was earned in the last quarter of the year. What are the balances of all partners after Thess's admission to the partnership? 13. Sonia. 14. Olga. 15. Thess. 16. How much will Sonia receive from the above transaction? 17. Assume that Thess is admitted by investing P80,000 into the partnership for a 40% interest, how much is the ending capital balance of Olga after the admission? 18. Assume that Thess is admitted by investing P80,000 into the partnership for a 40% interest, how much is the bonus (given)/received to/from Thess after the admission?
1. On May 1, 2019, Gonzaga and Balace formed a partnershipandagreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 P10,000 C. d. P18,000
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= 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…
Partners Cammayo and Tac-an share profits and losses in the ratio of 7:3, respectively. On Feb. 1, 2018, their capital account balances were: Cammayo-P70,000; Tac-an-P60,000. Cammayo and Tac-an agreed to admit Hernandez as a partner with a one-third interest in the partnership capital and profits and losses for an investment of P50,000. The new partnership will begin with total capital of P180,000. Immediately after Hernandez’s admission to the partnership, the capital account balances of Cammayo, Tac-an, and Hernandez, respectively, are:
. Problem 1A and B formed a partnership on January 1, 2020. Their capital contributions were as follows:A, Capital P 100,000B, Capital 200,000__________P 300,000=========The partnership earned profit of P1,200,000. There was no stipulation in the partnership agreement on how profits are to be shared by the partners.Requirement: Compute for the respective shares of the partners in the profit.

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