The ABC partnership has three partners. Each partner's adjusted basis in the partnership interest owned by that partner was $180,000 on January 1, 2024. The partnership reported net income for the year of $150,000 (with no separately stated items). What is each partner's adjusted basis at the end of the year?
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- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.The net income of the Jason and Browning partnership is $445000. The partnership agreement specifies that Jason and Browning have a salary allowance of $111000 and $185000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $293000. Any remaining net income or net loss is shared equally. What is the balance of Browning's Capital account at the end of the year after net income has been divided? $507300 $552500 $474300 $519500
- Nancy and Peter enter into a partnership and decide to share profits and losses as follows: 1 The first allocation is a salary allowance with Nancy receiving $16,000 and Peter receiving $14,000. 2. The second allocation is 20% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Nancy and Peter are $88,000 and $25,000, respectively 3. Any remaining profit or loss is allocated equally. For the year ending December 31, 2019, the partnership reported a net loss of $95,000. What is Peter's share of the net loss? OA. $40,200 OB. $7,300 OC. $21,200 OD. $19,000Lori and Peter enter into a partnership and decide to share profits and losses as follows: 1 The first allocation is a salary allowance with Lori receiving $16,000 and Peter receiving $18,000. 2 The second allocation is 15% of the partners capital balances at year end. On December 31, 2019 the capital balances for Lori and Peter are $90,000 and $20,000, respectively. 3. Any remaining profit or loss is allocated equally. For the year ending December 31, 2019, the partnership reported net Income of $55,000 What is Lori's share of the net income? A) $29,500 B) $20,250 C) $31,750 D) $23,250On January 1, 2019, David and Enrile decided to form partnership. At the end of the year, the partnership made a net income of 120,000. The capital accounts of the partnership show the following transactions: David, Capital Debit Credit January 1 - 40,000 April 1 5,000 - August 1 - 10,000 October 1 - 5,000 December 1 - 4,000 Enrile, Capital Debit Credit January 1 - 25,000 June 1 - 10,000 September1 3,000 - October 1 1,000 - December 1 - 5,000 Assuming an interest of 20% is given on the average capital balance and the balance of the profits is divided equally, compute for each partner’s share in the net income.
- On January 1, 2020, Benedict and Lord decided to form the partnership. At the end of the year, thepartnership made a net income of P1,056,000 after allocation of partners’ interest. The capital accounts ofthe partnership show the following transactions. BENEDICT, CAP LORD, CAP DR CR DR CR JAN 1 - 400,000 - 250,000 APR 1 50,000 - - - JUNE 1 - - - 100,000 AUG 1 - 100,000 - - SEPT 1 - - 30,000 - OCT 1 - 50,000 10,000 - DEC 1 - 40,000 - 50,000 Assuming that the partners’ return on invested capital is 20% per annum, given on average capital for the year and the balance of profits is allocated equally, the allocation of profits should be:A. 1,212,000 988,000 C. 612,000 588,000B. 712,000 488,000 D. 112,000 88,000Which of the following cannot be characterized as a guaranteed payment to a partner? A specified minimum 4% return on investment for a $1 million contribution by a partner A specified 5% profit allocation on computed partnership profits A minimum required annual distribution of $100,000 to a partner for regular services to the partnership none of the aboveThe net income of the Chris and Browning partnership is $440000. The partnership agreement specifies that Chris and Brow a salary allowance of $125000 and $171000, respectively. The partnership agreement also specifies an interest allowrance of capital balances at the beginning of the year. Each partner had a beginning capital balance of $ 294000. Any remaining net inc net loss is shared equally. What is Chris's share of the $ 440000 net income? $197000 $154400 $167600 $114600 Attempts: 0 of 1 used
- A, B and C were partners with capital balances on January 1, 2020 of 100,000, 150,000, and 200,000 respectively. Their profit and loss ratio is 50%, 30% and 20%, respectively. On July 1, 2020, A retires from the partnership. On the date of retirement the partnership net income is 140,000 and the partners agreed that inventories are to be revalued at 70,000 from its original cost of 50,000. The partnership agreed further to pay A, 195,000 in settlement of his interest. What are the capital balances of the remaining partners after the retirement of A using bonus method?Tom and Faith are in a partnership sharing profits and losses in the ratio of 3/5 for Tom and 2/5 for Faith. The partnership deed provides for interest on capital at the rate of 5% and interest on drawings at 10% per annum. The partners are entitled to annual salaries of $ 2,000 and $1,000 for Tom and Faith respectively. The following balances were extracted from the books of the partnership as at 30th, September 2020: $ Capital accounts: Tom 14,000 Faith 10,000 Current accounts: Tom 4,000 Faith 2,500 Drawings: Tom 3,800 Faith 2,200 During the year the partners had made a net profit of $15,000 for the business. Required: Prepare the partners’ current accounts as at 30th September 2020.The partnership agreement of Brian, Gise, and Bosco provides for the following income ratio: (a) Brian, the managing partner, receives a salary allowance of $108000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Brian $609000, Gise $1199000, and Bosco $1810000. If partnership net income is $714000, the amount allocated to Gise should be: O $179850. O $200950. O $238000. O $158750.
