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- What amount is due to G's estate on December 31?A and B are equal partners. Assume that the partnership net income in the current year is 340800. The partnership agreement states as follows: Partners are entitle to Salary of: A - $45,000; B - $38,000 Interest on Capital: A - $7,000; B - $6,000 Interest charged on drawings: A - $2,500; B - $1,800 The Partners share profits and losses as follows: A: 60%; B: 40% Complete the multiple spaces below to calculate the Taxable Income of each partner. Just state the figure without any commas, full stops or dollar signs. If the figure is a negative, show it in brackets, eg (3000)The partnership business of John Estrada and Peter Arroyo was formed on January 2, 2020. At that date, the following assets were invested as derived from their respective sole proprietor’s books. Book of Estrada Book of ArroyoCash………………………………………………..P145,000 160,000Accounts receivable………………………….. 80,000 50,000Allowance for doubtful accounts………… (5,000) (3,000)Merchandise inventory…………………….. 200,000 190,000 Partner’s agreement as follows:1. Estrada and Arroyo’s adjusted capital contributions must be equal. In the event that one’s contribution will exceed the other, any one of them shall withdraw “Cash” from their respective investment.2. Their respective Accounts…
- A, B, C, D, and E are all partners. In their Articles of Partnership, it was stated that they will conduct a meeting on the 15th of June every year. A, B, C, D, and E complied with this for the past five years. What fiduciary duty is applied? Duty of loyalty Duty of obedience Duty to inform Duty of diligenceThe partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31, 2021. Before liquidating and sharing of net Supply the answer. On the space provided for each number, write the Chapter 4 Partnership Liquidation PRACTICE EXERCISES Supply the answer. On the space provided for each number writ C. correct answer. The partnership of C, A, and G named BREAKEVEN decided to liguia their partnership on May 31, 2021. Before liquidating and sharing of ne income, their capital balances are as follows: C (30%) P250,000, A (30% P180,000, and G (40%) P220,000. Net income from January 1 to May 31 is P120,000. Liabilities of the partnership amounted to P210,000 and its total assets include cash amounting to P70,000. Callo Unsettled liabilities are P110,000. C invested additional cash enough to settle their partnership's indebtedness. A is personally solvent, G is personally insolvent, and C becomes insolvent after investing the cash needed by the partnership. D. 30,00 1.…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 adjusted cost base of C's limited partnership interest was $50,000 on January 1 of the current year. The partnership allocated $36.000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains. In the previous year the partnership loaned $20.000 to C. This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year. %24Shadow, Ego and Self have decided to liquidate their partnership on December 1,2021. The statement of financial position is shown below: (Pls see picture)All of the following regarding Schedule M-2 (Form 1065) are correct EXCEPT: When completing Schedule M-2, determine if the partnership uses financial accounting or tax accounting. Schedule M-2 tracks the partners' outside basis in the partnership. Schedule M-2 tracks the partners' capital accounts. Schedule M-2 includes capital contributed by the partners during the year.
- Please answer Part C Please show work.The adjusted cost base of C's limited partnership interest was $50.000 on January 1 of the current year. The partnership allocated $36.000 of profit to C in the current year. The allocated profit consisted of $30,000 business income and $6.000 capital gains In the previous year the partnership loaned $20,000 to C. This loan remains outstanding at the end of the current year Determine C's at-risk amount at the end of the current year $Beck and Nilo are equal partners in B & N Associates, a general partnership. B & N has the following liabilities at the end of the current year: Accounts payable Unsecured bank loan Note payable secured by collateral What amount of the debt is included in Beck's at-risk amount in the partnership? A. $2,000 B. $7,000 C. $13,000 D. $15,000 $4,000 10,000 16,000