sole general partne
Q: Jo, Ted and Carol were partners. When Jo retired, Ted and Carol agreed to hold Jo harmless for any…
A: if one partner is not able to y ,then other partner will pay
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A: a.
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A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
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A: Partnership is the type of business in which two or more person works together to achieve the common…
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A: The partnership can be defined as the form of business organization which is legally registered…
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A: Partnership is the association of two or more individuals who collaborate to conduct a lawful…
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A: Solution 1: Journal Entries Event Particulars Debit Credit 1 Cash $3,000.00 Accounts…
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A: An income statement refers to the statement of profit or loss of an accounting period. It discloses…
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A: Partnership is a written agreement between more than two people having common objective to run a…
Q: John, Jeff, and Jane decided to engage in a real estate venture as a partnership. John invested…
A: John's Cash Contribution $ 80,500 Jeff's Equipment - NRV $ 89,000 Goodwill $…
Q: Martin Manera is one of three partners who own and operate TaftWorld, a global import and export…
A: When a partner ship business is formed it should run with following with compliance of law and…
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A: An active partner is a person who is indulged in the daily working operations of the partnership…
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A: In this case, Jun is liable to Ramon for the latter's share in the profits. It was a Partnership…
Q: Roland Go, Gina Go, and Mia Ting organized a partnership and they named it as HO-TING Partnership.…
A: Given Information, 3 Partners = Roland Go, Gina Go, and Mia Ting Name of Partnership firm = HO-TING
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own…
A: Partnership business is the one in which two or more persons join hands to share profits and losses…
Q: Nagisa and Karma are partners in an electrical repair business. Their respective capital balances…
A: Working Notes :- Old ratio of old…
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own…
A: A partnership is an arrangement made between two or more parties to control, manage and business…
Q: Nancy Freeley has been operating an apartment-locator service as a sole proprietorship. She and…
A: Given the following information: Freeley's Contribution: Cash $6,000 Account's Receivable $12,000…
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own…
A: Partnership is formed by either two or more than two person who start the business which is based on…
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A: The partnership refers to the form of business in which two or more people come together with a…
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A: Ethics: Ethics in business is a much debated yet less followed topic. Every business has to…
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- Martin Manera is one of three partners who own and operate TaftWorld, a global import and export business. Martin is the partner in charge of recording partnership transactions in the accounts. One day while driving to work, Martin’s car broke down. Upon inspection, the mechanic discovered the engine had to be replaced at a cost of $5,000. Martin does not have enough money in his bank account and his credit cards are at their limits. He has to have this car to come to work, and he only uses his car for this purpose. He decides to take $5,000 from the partnership for the repair and record it as an expense of the partnership. What are three ethical issues in this scenario?Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,000 of merchandise for the store. Amy says she did not authorize the order and that she could have purchased the same merchandise for $7,000. Amy refuses to pay for the order. The vendor sues the partners. a. Must the partnership pay for the merchandise? If yes, how much? b. Assuming the partnership is a general partnership, can Amy’s personal assets be taken to pay for the merchandise?Jo, Ted and Carol were partners. When Jo retired, Ted and Carol agreed to hold Jo harmless for any past debts of the partnership. No creditor agreed to this. Ted and Carol continued the business. All creditors knew of Jo’s retirement. Don was owed $2,000 for supplies delivered to the partnership when Jo was a partner. After Jo retired, Ted gave Don a promissory note of the partnership for the amount of $2,100 as payment for the $2,000 debt owed for supplies. The partnership never paid the note. Ted and Carol refused to pay the note. May Don collect on either the note or the underlying debt from Jo? Why or why not?
- Nancy Freeley has been operating an apartment-locator service as a sole proprietorship. She and Melissa Marcellus have decided to form a partnership. Freeley's contribution consists of Cash, $6,000; Accounts Receivable, $12,000; Furniture, $13,000; Building (net), $53,000; and Notes Payable, $17,000. To determine Freeley's equity in the partnership, she and Marcellus hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $100,000. Also, there are additional Accounts Payable of $3,000 that Freeley will contribute. Marcellus will contribute cash equal to Freeley's equity in the partnership. Requirements 1. Journalize the entry on the partnership books to record Freeley's contribution. 2. Journalize the entry on the partnership books to record Marcellus's contribution.Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2019, O’Donnell invests a building worth $74,000 and equipment valued at $44,000 as well as $32,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year.O’Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $6,000, whichever is larger. All remaining income is credited to Reese.Neither partner is allowed to withdraw funds from the partnership during 2019.…John, Jeff, and Jane decided to engage in a real estate venture as a partnership. John invested $80,500 cash and Jeff provided office equipment that is carried on his books at $79,800. The partners agree that the equipment has a fair value of $117,100. There is a $28,100 note payable remaining on the equipment to be assumed by the partnership. Although Jane has no physical assets to invest in the partnership, both John and Jeff believe that her experience as a real estate appraiser is a valuable skill needed by the partnership and is a basis for granting her a capital interest in the partnership.Assuming that each partner is to receive an equal capital interest in the partnership, (b) Record the partnership formation under the goodwill method, and assume a total goodwill of $85,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,…
- Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2022, O’Donnell invests a building worth $54,000 and equipment valued at $20,000 as well as $16,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. O’Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $5,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2022.…Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2019, O’Donnell invests a building worth $126,000 and equipment valued at $132,000 as well as $52,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. O’Donnell will also have added to his capital account 20 percent of partnership income each year (without regard for the preceding interest figure) or $7,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during…Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O’Donnell invests a building worth $52,000 and equipment valued at $16,000 as well as $12,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 20 percent of the beginning capital balance for the year. O’Donnell will also have added to his capital account 15 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. The partnership reported a net loss of $10,000 during the first year of its…
- Nancy Finch has been operating an apartment-locator service as a sole proprietorship. She and Melissa Michaels have decided to form a partnership. Finch's contribution consists of Cash, $3,000; Accounts Receivable $9,000; Fumiture, $13,000; Building (net), $58,000; and Notes Payable, $21,000. To determine Finch's equity in the partnership, she and Michaels hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market value of $96,000. Also, there are additional Accounts Payable of $10,000 that Finch will contribute. Michaels will contribute cash equal to Finch's equity in the partnership. Read the requirements ge Requirement 1. Journalize the entry on the partnership books to record Finch's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ur - X Date Accounts and Explanation Debit Credit Requirements 1. Journalize the entry on…Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement: O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2016.…Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $130,000 and equipment valued at $140,000 as well as $60,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following profit and loss agreement: • O'Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. • O'Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $4,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during…
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