Question 28During the current year, MAC Partnership reported the following items of receipts and expenditures:7 pts$400,000 Sales, $80,000 utilities and rent, $100,000 salaries to employees, $10,000 of interest income, $40,000 of long-term capital gains, $20,000 guaranteed payment to partnerAntonio, and a distribution of $30,000 to partner Carl.Antonio is a 25% general partner. Based on this information, what items will be reflected on Antonio's Schedule K-1?(Clearly label each individual item, including the $ amounts)Edit Format Table12pt ✓ Paragraph vBIUAT² || LH-P #くくToPA√xO words

The total income of the partnership is calculated by adding all the income items. In this case, the…

Answered: Question 28 During the current year,…

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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Can I please get help with this practice question? 6.1 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. 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 General Journal Debit Credit December 31
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The year- end balance sheet and residual profit and loss sharing percentages for the ABC Partnership on December 31, 2016, are as follows: P30,000 40,000 480,000 Cash Accounts payable P200,000 50,000 70,000 Loan to A Loan from B A, capital (25%) B, capital (25%) C, capital (50%) Total assets P550,000 Total liabilities and equity P550,000 Other assets 80,000 150,000 The partners agree to liquidate the business and distribute cash when it becomes available. A cash distribution plan for the ABC Partnership will show that cash available, after outside creditors are paid, will initially go to?
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Appropriation of profits General Journal Allocate $412,200 net income by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally, Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners Ries $ 38,000 $ 5,600✔ 45,600 x Bax 33,000 $ 7,200 89,200 $ 40,200 Thomas 45,000 8,000 $ 53,000 Total 116,000 (116,000) 20,800 (136,800) 45,600 $ (182,400) rnal
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Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your ans below. Appropriation General of profits Journal Allocate $249,000 net income by providing annual $66,000 to Ries, $56,000 to Bax, and $80,000 to interest on the partners' beginning capital investm remainder equally. Supporting Calculations Net income Salary allowances…
n the year ended 31/12/2018 total income of Palestine co,20,000 if A partner received 5,000 annual salary and reaming divided equally between the two partners A and B so Finally the reamig profit should be allocated to partners will be 15,000 Select one: True False

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