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

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ADMISSION NEW PARTNER INVESTS PROBLEM B Acacia and Karla capital is P480,000 and P520,000. Profit share ratio is 4:6. Bubbles Invested P500,000 for a 30% Interest in the partnership. 3. What is the capital of Acacia after admitting Bubbles? a. 480,000 b. 500,000 c. 520,000 d. 550,000 4. What is the capital of Karla after admitting Bubbles? a. 480,000 b. 500,000 c. 520,000 d. 550,000 5. What is the capital of Bubbles after admission? a. 450,000 b. 500,000 c. 520,000 PROBLEM C d. 550,000 Partners All and Charish capital is P480,000 and P520,000. Their share profits and losses equally in their merchandising business. After admitting Blaire, they agreed to have a total capital of P2,500,000. The new partner invested P500,000 for a 30% interest in the business. 6. What is the capital of Ail and Charish after admitting Blaire? a. 500,000 and 750,000 b. 750,000 and 855,000 c. 855,000 and 895,000 d. 895,000 and 855,000 7. What is the capital of Blaire after admission? a. 500,000 b. 750,000 c.…
Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,500 to Ramer and $44,400 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. ces Required: 1. Determine each partner's share given a first-year net income of $109,800 2. Determine each partner's share given a first-year net loss of $27,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net loss of $27,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners < Required 1…
Exercise 3-2 (Division of Profit; Interest on Average Capital) Danica and Jenson are partners. Their capital accounts during the fiscal year 2019 were as follows: Danica, Capital 120,000 1/1 Jenson, Capital 3/1 180,000 1/n 1,200,000 140,000 100,000 9/1 800,000 160,000 60,000 4/1 7/1 11/1 10/1 Profit of the partnership is P250,000 for the year. Determine the partners shared profit under the following assumptions: 1. Each partner is to be credited 12% interest on his average capital. 2. Any remaining profit or loss is to be divided equally.
Problem #4 Admission by Investment of Assets Resulta and Magpantay are partners sharing profits on a 60:40 ratio. A statement of financial position prepared for the partners on April 1, 2019 follows: Cash P 480,000 Accounts Payable P 890,000 1,330,000 Accounts Receivable 920,000 1,650,000 Resulta, Capital Inventories Magpantay, Capital 1,080,000 Equipment P700,000 Less: Accumulated Depreciation 450,000 250,000 P3,300,000 Total Assets Total Liabilities & Capital P3,300,000 On this date, the partners agreed to admit Tria as a partner. The terms of the agreement are summarized below: Assets and liabilities are to be restated as follows: a. An allowance for possible uncollectibles of P45,000 is to be established. b. Inventories are to be restated at their present replacement value of P1,700,000. C. Accrued expenses of P40,000 are to be recognized. Resulta, Magpantay and Tria will divide profits in the ratio of 5:3:2. Capital balances of the partners after the formation of the new…
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Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP. Hockey LP $ 339,000 35,850 Football LP $ 1,389,900 734,925 (150,000) $ 374,850 $ 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 Compute partner return on equity for the year using the above data from Rugged Sports Enterprises LP. Return on Equity. Rugged Sports Enterprises LP Choose Numerator: / Choose Denominator: 1 1 Total $ 1,728,900 770,775 (150,000) $ 2,349,675 = = Return On Equity Equity Return On
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Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden. Cash and current assets Land Building and equipment Total $ 39,000 234,000 130,000 $ 403,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total $ 52,000 26,000 52,000 117,000 156,000 $ 403,000 Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?
ABC Partnership Balance Sheet December 31, 2022 Assets Cash P 2,000.00 Other Non cash Assets 28,000.00 Total P30,000.00 Liabilities & Net Worth Liabilities P 5,000.00 A, Loan 2,500.00 A, Capital 12,500.00 B, Capital 7,000.00 C, Capital 3,000.00 Total P30, 000.00 Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets were realized as follows: Date Cash Received Book Value Jan., 2023 P6,000.00 P 9,000.00…
Pl3ase answ3 in a table format like in an exc3l or g00gle sheets.
E 16-6 Partnership income allocation—Assignment of interest to a third party Capital balances and profit- and loss-sharing ratios of the partners in the BIG Entertainment Galley are as follows: Ben capital (50%) $900,000 Irv capital (30%) 680,000 Geo capital (20%) 500,000 Total $2,080,000 Ben needs money and agrees to assign half of his interest in the partnership to Pet for $280,000 cash. Pet pays $280,000 directly to Ben. Required Prepare a journal entry to record the assignment of half of Ben’s interest in the partnership to Pet. What is the total capital of the BIG partnership immediately after the assignment of the interest to Pet?