Problem 9-16 (Algo) (LO 9-9)Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the Alden, Boyd, and Carmelpartnership:Alden (45%)Boyd (45%)Carmel (10%)Required:$ 370,000320,000300,000Del Mar invests $440,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or otherrevaluation is to be recorded. After the transaction, compute Boyd's capital balance.Bonus to original partnersBoyd's ownership share%Boyd's share of bonus$0Boyd's capital before bonusBoyd's capital after bonus$0

Investment is prescribed as the assets that are held by an enterprise to earn income or wealth in…

Answered: Problem 9-16 (Algo) (LO 9-9) Following…

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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The following information was taken from the books of SAMPALOC and SONS PARTNERSHIP. Capital Balance P5,000,000 Profit & Loss Ratio Sampaloc, Capital Kamatchili, Capital Kaimito, Capital 35% 2,500,000 1,500,000 33% 32% Kaimito is to withdrew from the partnership by selling 30% of his capital interest to Sampaloc at 2% more than his capital interest, and will sell 70% of his capital to Kamatchili at book value. After the withdrawal of Kaimito, the remaining partners will divide their profit and loss equally. Instruction: 1. Give the entry to record the retirement of Kaimito. 2. If the remaining partners were to have equal capital interest and share in profit and loss, how much additional cash should one of the partners invest?
Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to the questions displayed below.] Michelle pays $177,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,200. Westlake reports the following balance sheet: Tax Basis FMV Assets Cash $ 96, 200 $ 96, 200 Land 192, 400 434, 800 Totals $ 288, 600 $ 531, 000 Liabilities and capital Capital - Amy Capital - Brittany Capital - Ben $ 96, 200 $ 96, 200 $ 96, 200 $ 288, 600 Totals (Leave no answer blank. Enter zero if applicable.) Problem 10-55 Part b (Algo) b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis
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51) The AB Partnership reports the following items for its current tax year Item Income Amount Operating income Rental income Interest income: $90,000 15,000 Tax-exempt municipal bonds Corporate bonds Sec, 1231 gain Sec. 1245 gain Long-term capital gain 2,000 4,000 20,000 18,000 7,000 Expenses Rental expenses Salaries paid to employees (not partners) Charitable contributions 12,000 30,000 5,000 3,000 Interest paid related to borrowings used to finance municipal bonds (1) What is the AB Partnership's ordinary income for the current year? (2) What are the AB Partnership's separately stated items for the current year?
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1 John and Mary are equal partnership in a partnership. John's beginning basis is 50,000 and Mary's beginning basis is 70,000 Sales 200,000 Long term capital gain Short term capital loss 6,000 -4,000 Dividend income 2,000 salaries 50,000 Rent Expense 20,000 Interest income 5,000 Depreciation Section 179 expense 30,000 20,000 Distribution to Mary 40,000 Distrbution to John 30,000 1 Calculate ordinary income 2 Calculate Separately Reported Items 3 Calculate ending basis for John and Mary.
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,900 but no other assets. Liabilities amount to $29,300. The capital balances are Ramos (30% of profits and losses) Rios (30%) Safar (20%) Wong (20%) Required: $ 26,600 27,000 (22,000) (40,000) (deficit) (deficit) a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership? b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership? b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed? c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation? Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. Rio's contribution b-1 Safar contribution b-2. Creditors b-2. Ramos b-2. Rios C. Ramos should receive
1. How much casg is to be distributed to Veronica and Vanessa?

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