On January 1, 2022, Steve Pippy and Mark Furlong agreed to pool their assets and form a partnership called F&P Consulting. They agreed to share all profits in a 3:2 ratio and make the following initial investments. Pippy: Cash $28,000, Accounts receivable $1,000, Equipment $12,000, Software and computers $7,100 Furlong: Cash $33,000, Accounts receivable $3,000, Equipment $2,800, Software and Computers $5,200 On December 31, 2022 the partnership reported a net income for the year of $83,000. Journalize the following instructions: 1) the initial contributions to the partnership by Furlong and Pippy on January 1, 2022 2) the division of the net income to the partners at the end of December 2022 3) based on starting Capital, what is a more appropriate income ratio? (no journal entry, just explain
On January 1, 2022, Steve Pippy and Mark Furlong agreed to pool their assets and form a partnership called F&P Consulting. They agreed to share all profits in a 3:2 ratio and make the following initial investments. Pippy: Cash $28,000, Accounts receivable $1,000, Equipment $12,000, Software and computers $7,100 Furlong: Cash $33,000, Accounts receivable $3,000, Equipment $2,800, Software and Computers $5,200 On December 31, 2022 the partnership reported a net income for the year of $83,000. Journalize the following instructions: 1) the initial contributions to the partnership by Furlong and Pippy on January 1, 2022 2) the division of the net income to the partners at the end of December 2022 3) based on starting Capital, what is a more appropriate income ratio? (no journal entry, just explain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mm.2.
Subject:- account
Transcribed Image Text:On January 1, 2022, Steve Pippy and Mark Furlong agreed to pool their assets and form a partnership called F&P
Consulting. They agreed to share all profits in a 3:2 ratio and make the following initial investments.
Pippy: Cash $28,000, Accounts receivable $1,000, Equipment $12,000, Software and computers $7,100
Furlong: Cash $33,000, Accounts receivable $3,000, Equipment $2,800, Software and Computers $5,200
On December 31, 2022 the partnership reported a net income for the year of $83,000.
Journalize the following instructions:
1) the initial contributions to the partnership by Furlong and Pippy on January 1, 2022
2) the division of the net income to the partners at the end of December 2022
3) based on starting Capital, what is a more appropriate income ratio? (no journal entry, just explain
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