Questien ofQuestion B53 .Ahmed and Beyed are partners in A&S Partnership. Ahmed invests $250.000 and Sayed imvests $450,000. They agree to grant saiary allewance of $40,000 s Ahmadand $60,000 to Sayed; an 8% interest alowance on beginning capital balances and to share any remaining income or loes equaly. A&S parnership reports net ineomeof $190,000 for this year.Required: Allocate the net inoome between the partners.PLEASE SHOW THE CALCULATION FOR EACH PARTNER IN A SEPARATE LINEFor the toolbar, press ALT+F10 (PC) or ALT FN+F10 (Mac)BIUSParagraphArial10ptA 2 Lo WORDS POWERED BY TINY

Allocation of Partnership Income is done among partners based on the partnership agreements.…

QonofO Question Ahmed and Beyed are pertrners in A&S Partnership. Ahmed invests $250,000 and Sayed invests $450.000. They agree o grant siry slewares of S40.000 Anmed and $60,000 to Beyed; an 8% interest alowance on beginning cepital balances and to share any remaining Income or les qay AS perershie reperts net ineome of $190,000 for this year Required: Aliocete the net income between the partners PLEASE SHOW THE CALCULATION FOR EACH PARTNER IN A SEPARATE LINE For the toolbar, press ALTF10 (PC) or ALT FN+F10 (Mac) Paragraph Arial 10pt

QonofO Question Ahmed and Beyed are pertrners in A&S Partnership. Ahmed invests $250,000 and Sayed invests $450.000. They agree o grant siry slewares of S40.000 Anmed and $60,000 to Beyed; an 8% interest alowance on beginning cepital balances and to share any remaining Income or les qay AS perershie reperts net ineome of $190,000 for this year Required: Aliocete the net income between the partners PLEASE SHOW THE CALCULATION FOR EACH PARTNER IN A SEPARATE LINE For the toolbar, press ALTF10 (PC) or ALT FN+F10 (Mac) Paragraph Arial 10pt

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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A partnership has the following capital balances with partners' profit and loss percentages indicated parenthetically. Henry (60%) Thomas (25%) Catherine (15%) Anne is going to invest $48,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What will be Anne's beginning capital balance? Multiple Choice $79,200 $93,600 O$48,000 $ 58,000 70,000 136,000 O $113,143
2. Romel and Jennie share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit IU into the partnership for a 25% interest in capital and earnings. Capital accounts immediately before the admission of IU are: Romel (60%) P 250,000 Jennie (40%) 450,000 Total P 600,000 Required: 1. Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P260,000 for the ownership interest. IU paid the money directly to Romel and to Jennie for 30% of each of their respective capital interests. Use Book value Method. 2. Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested P320,000 for the ownership interest. IU paid the money to the partnership for a 35% interest in capital and earnings. Use the Bonus Method.
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X, Y and Z are partners and have equities of P 5 000 each. With the consent of X and Y, Z is about to sell ½ of his equity to W for a bag of popcorn and P 50 cash. Give the entry on the books of the partnership to record the admission of W
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TRUE OR FALSE
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