Moore Probst Tanski Total Profit and loss percentage 20% 40% 40% Interest on capital........... Salary............................. Bonus............................. Balance.......................... Total...............................

Moore Probst Tanski Total Profit and loss percentage 20% 40% 40% Interest on capital........... Salary............................. Bonus............................. Balance.......................... Total...............................

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $430,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,200 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $430,200 net indome by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to…
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EXERCISE 13-3 (1) Allocation of $220,000 of Partnership Income Cumulative Johnson Larson Kragen Total Profit and loss percentage Salary............................. Bonus (see Note A)........ Interest on capital........... Balance...................... Total $77,000 $85,500 $57,500 (2) Allocation of $34,000 of Partnership Loss Cumulative Johnson Larson Kragen Total Profit and loss percentage 1/3 1/3 1/3 Salary............................. Bonus (see Note A)........…
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Partners W, X, Y, and Z form the Ace partnership, contributing the following: W X Y Z Interest 40% 40% 10% 10% Prop. 1 Prop. 2 Prop. 3 Prop. 4 Basis $40,000 $120,000 $10,000 $30,000 FMV $200,000 $60,000 $70,000 $20,000 How much is each partner's basis in their partnership interest? Liability $160,000 $20,000 $60,000 $10,000
Acct 102
Exercise 12-15 (Algo) Partner return on equity LO A1 Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP. Hockey LP $ 339,000 Football LP $ 1,389,900 734,925 (150,000) 35,850 $ 1,974,825 Beginning-year capital balance Annual net income Cash distribution Ending-year capital balance Compute partner return on equity for each LPand the total) for the year using the above data from Rugged Sports Enterprises LP. Complete this question by entering your answers in the tabs below. Return on Partner Return Equity on Equity $ 374,850 Rugged Sports Enterprises LP Compute partner return on equity for the year using the above data from Rugged Sports Enterprises LP. Return on Equity. Choose Numerator: ✓ Choose Denominator: 1 1
ded Exercise 11-5 Profit allocation in a partnership LO3 Dallas and Weiss formed a partnership to manage rental properties, by investing $171,000 and $209,000, respectively. During its first year, the partnership recorded profit of $486,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. Share to Share to Total
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions.
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal