Get correct answer general accounting question The following information pertains to James Wilson's capital account inApex Consulting Partnership for the past fiscal year:Beginning capital balance: $45,000 Share of partnership income: $15,750Withdrawals during the year: $9,250What is Wilson's partner's return on equity for the year?A. 35.0%B. 31.5%C. 32.64%D. 28.6%

Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial metric that…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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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 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 Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
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Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $116,000 and $174,000, respectively. Determine their participation in the year's net income of $107,000 under each of the following independent assumptions: Salary allowances of $36,000 and $47,000, respectively, and the balance divided equally. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $47,000, respectively, and the remainder divided equally. Dawson McDonald 1. 1. 2. 2.
X a partner in the XY partnership, is entitled to 35% of the profits and losses. During the year, X invested equipment with a fair value of P 35,000. Also during the year. X had drawings of P 20,000. X's capital account had a net increase of P5,000 at the end of the year. What is the partnership's profit (loss) for the year? Place a parenthesis if net loss.
Dividing Partnership IncomeBeau Dawson and Willow McDonald formed a partnership, investing $120,000 and $ 180,000, respectively.Determine their participation in the year's net income of $295,000 under each of the following independent assumptions:a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $38,000 and $50,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $38,000 and $50,000, respectively, and the remainder divided equally.
Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year’s net income of $380,000 under each of the following independent assumptions: a. No agreement concerning division of net income.b. Divided in the ratio of original capital investment.c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.d. Salary allowances of $47,000 and $59,000, respectively, and the balance divided equally.e. Allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally. Dawson McDonald a. $fill in the blank 1 $fill in the blank 2 b. $fill in the blank 3 $fill in the blank 4 c. $fill in the blank 5 $fill in the blank 6 d. $fill in the blank 7 $fill in the blank 8 e. $fill in the blank 9 $fill in the blank 10

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