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

Similar questions

Provide solution
The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR Capital on 2021 January 01: S S Shoe 30 000 Lace 30 000 Current Accounts on 2021 January 01: Shoe 1 500 Lace Drawings during the year were: Shoe Lace Land and building Equipment Cash at bank Bank loan 90 000 Electricity Office salaries Advertising Bad debts Provision for bad debts 700 Debtors Creditors 9 500 Provision for depreciation: Equipment 2 000 Stock on 2021 December 31 Gross profit for the year 150 000 Additional information: i. Provision for bad debts is to be increased by $50. ii. Amount for advertising included payment of $120 for 2022. iii. Electricity bill of $145 is due. iv. Equipment is to be depreciated at 20% per annum. v. Interest on capital is allowed at 20% per annum. vi. Interest on drawings is 5% per annum. vii. Profits and losses are to be shared between Shoe and Lace in the ratio 2:3. A. Prepare Profit and Loss and Appropriation Account for year ended 2021 December…
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?
The capital balance and the profit and loss sharing ratio of the partnership S, T and U as of December 31, 2010 are: Capital S (30%) $80,000,000 Capital T (50%) $90,000,000 Capital U (20%) $70,000,000 The partners agreed to accept V into the partnership on January 1, 2011, for an interest in capital and operating profit. Requested 1. Journalize V's entry into the partnership assuming that he invested $50,000,000 into the partnership for a 20% ownership interest and that the partnership capital is revalued. 2 Journalize Vs entry into the partnership assuming that he invested $70,000 in the partnership for a 20% ownership interest and that the partnership capital is revalued.
The A & B Partnership was established since 2005. On January 1, 2015, the partners agree to admit partner (C). Capital account balances and profit and loss sharing ratios at January 1, 2015, before the admission of partner (C), are as follows: Partner (A) (30%) $63,000 Partner (B) (70%) $97,000 Partner (C) invested $120,000 cash to the partners for 60% of capital interest and the partners agree about assets revaluation. The capital balance of partner B after admission is a. $82,000. a. $82,000. b. $78,000. b. $78,000. c. $91,000. c. $91,000. d. $97,000.
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)?
The information given below was extracted from the accounting records of Total Limited, a partnership business with Glen and Murry as partners. Information: Extract from the ledger of Total Limited on 30 June 2021 R Capital : Glen 400 000 Capital: Murry 300 000 Current a/c: Glen (01 July 2020) 45 000 CR Current a/c: Murry (01 July 2020) 42 000 DR Drawings: Glen 95 000 Drawings: Murry 110 000 The following must be taken into account: 1. On 30 June 2021 the Profit and Loss account reflected a net profit of R940 000. 2. Partners are entitled to interest at 14% p.a. on their capital balances. Note: Glen decreased his capital contribution by R90 000 on 01 July 2020. This capital decrease has been recorded. 3. Partners are entitled to the following monthly salaries: Glen R13 000 for the first ten months of the financial year and R15 000 for the next two months. • Murry R10 000 per month throughout the year. 4. Partner Murry is entitled to a bonus equal to 10% of the net profit before any of…
A and S are partners sharing profit and loss in the ratio of 3:1. Their Statement of Financial Position(Balance Sheet) stood as at 31.12.2020 as follows: A and S Partnership Statement of Financial Position(Balance Sheet) As at 31st December 2020 ASSETS Current Assets Kshs' Kshs' Cash and Cash Equivalent 26,000 Investments 24,000 Prepaid Insurance Debtors 26,000 Less Provision for Doubtful Debts 26,000 Inventories(stock) 40,000 Total Current Assets 116,000 Non Current Assets Machinery Less:Accumulated Depreciation 10,000 10,000 Buildings 60,000 Less:Accumulated Depreciation - 60,000 Furniture 30,000 Less:Accumulated Depreciation -…
Please help me
P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $202,119 for P1, $280,737 for P2, and $148,780 for P3. Among these partners on this date, the income sharing ratios are 35.17% for P1, 43.18% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $118,838 in XYZ Inc for a one-eighth (12.5%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P2 on Jan 1 using the ASSET REVALUATION method? a. $77,813 b. $84,298 c. $86,459 d. $82,136 e. $79,975
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
The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follevs: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 100,000 Receivable, net Merchandise Inventory 40,000 Loan from S 20,000 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 90,000 Non-current Asset 60,000 Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?