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 $ 374,850 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 Equity Partner Return on Equity Total $ 1,728,900 770,775 (150,000) $ 2,349,675

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 $ 374,850 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 Equity Partner Return on Equity Total $ 1,728,900 770,775 (150,000) $ 2,349,675

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: espective ending balances of the three partners?

A: It is pertinent to note that Ending capital balance includes additional investment, less drawings…

Q: On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner…

A: Given Information:Capital Balances and Income Ratios:Trayer: $62,500 (50%)Emig: $37,500 (30%)Posada:…

Q: The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. $…

A: A significant amount of the audit trail is composed of journal entries, which help auditors verify…

Q: dited 8 percent interest on his or her average capital (calculated r loss is to be divided equally.

A: Left Avg Capital DateDebitCreditBalanceMonthsMonths* Balance01-Jan $ 30,0003 $…

Q: The capital balance and the profit and loss sharing ratio of J, K, and R partnerships as of January…

A: In the given question we are provided with the data of a partnership in which there are 3 partners.…

Q: Scenario B: Partners A, B, and C operate a business with profit sharing agreement ratios of 5: 3:2,…

A: First the allocation of salary of each partner will be done. After that the income on capital…

Q: Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31,…

A: The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely…

Q: Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual…

A: Introduction:ROE stands for "Return on Equity," and it is a financial ratio that measures the…

Q: Use the following information for numbers 13 to 18. The capital accounts of Sonia and Olga…

A: " Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31,…

A: Entries are used to record financial transactions. To generate a journal entry, you enter…

Q: The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital,…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: P12-2C At the end of its first year of operations on December 31, 2012, the LAX Company's Journalize…

A: Schedule that shows the division of net income is a profit & loss Appropriation A/c . Interest…

Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income…

A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income…

Question

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
< Return on Equity
Total
$ 1,728,900
770,775
(150,000)
$ 2,349,675
=
Return On Equity
Return On Equity
Partner Return on Equity >

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Meaning

VIEW

Step 2: Calculation of return of equity

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Provide solution
The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income ratios of 50%, 30%, and 20%, respectively, How much is Z's share from the net income of the partnerships?
2-Assume a Legal Entity’s capital structure consists of the following accounts General partner capital $240,000 Limited partner capital 2,160,000 Total capital $2,400,000 A Reporting Company is the sole general partner of the Legal Entity. The limited partnership capital was contributed by unaffiliated individual investors recruited by a regional boutique investment bank. The Reporting Company is paid an $180,000 management fee. The limited partners expect the partnership to be highly successful over the next five years. The investment bank estimated that the distribution of income to these investors should be at least $400,000 during the time period. What is the maximum amount of expected losses that the Legal Entity can expect to sustain without being considered a variable interest entity (VIE)?
Please help me
a. Prepare a profit distribution account for the year ended 31 October 2021. b. Prepare the partners' current accounts (in columnar form) for the year to 31 October 2021. c. (Note: All the figures must be rounded up to the nearest RM) note i need the answer in full format thank you