·X&Y are Partners Jan. 01 Initial Capital March 30 Addl. capital June 30 withdrawal Agreements Int. on Ave. capa 10% Salary allow, x, 200k 9, 100k Remander X, 60% Y₁ 40% Propit for the year $1,200,000. X $ 800.000 $400,000 100.000 50.000 Required. Compute the FF. X 1. Ave. Cap. of 2. lust-on Ave. cap. Share on balapter Salaries & Int 4. Total Shave 3. X Y
Q: PROBLEM 6 On March 24, 2020, Pluto and Mars decided to form a partnership Pluto invested P115,000…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: The partnership agreement of Thomas, Gise, and Bosco provides for the following income ratio: (a)…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: On Jan. 1, 2020, the Mones, Pitular and Tuazon Partnership was formed with initial investments by…
A: given information, Net Income = P350,000 Allowance of interest on capital balance @ 5% is calculated…
Q: The old partnership of A & B reported the following: Partners A B Capital 200,000 Profit or Loss…
A: Profit and loss sharing in case of partnership shall be done in accordance with sharing ratio…
Q: Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000,…
A: There are several forms of business organization that can be adopted by the business. These are like…
Q: The total value of the new partnership would be:
A: The value of the partnership after the admission of any new partner or by the retirement of the…
Q: Current Attempt in Progress Partners Jason and Dickens have capital balances in a partnership of…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During…
A: Closing entries are recorded in the books in order to close the temporary accounts like revenues,…
Q: On January 1 Steve Froese, Mark Popse and Nick Antler agreed to form a partnership called FPA…
A: We have assumed that given partnership loss is before distribution of partners salaries .
Q: Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment,…
A: The initial capital contribution (partnership) or sale of common stock made to establish a company…
Q: Q7 Shaun and Morgan are partners in a firm sharing profits and losses equally. On 1st April, 2014,…
A:
Q: Capital 1/1/2020 Profit/loss% Withdrawals in 2020 Alice 39285 30% 15,000 Bob 26528 25% 45,000…
A:
Q: EXAM LOSS ACCOUNT WIT
A: In this question, we have to make trading and profit and loss account and balance sheet. The sharing…
Q: Financial statements for partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law,…
A: A partnership is a mutual agreement entered into two or more entities for the purpose, of entering…
Q: Adax Designs Services is a partnership with Adam and Max as partners. The partnership has been…
A: Statement of Changes in Equity - It is the reconciliation of the opening and closing balance of…
Q: (Figure)The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively…
A: Partnership business means where two or more person comes together to do the business and share the…
Q: Problem 1 At the end of the its first year of operations on December 31, 2020, HEART ATTACK…
A: Part a:
Q: Problem 7 On March 1, 2018, X and Y formed a partnership. The partners contributed the following X Y…
A: Partnership is one of the form of business organisation. Under this, two or more than two persons…
Q: If a new partner pays his share of goodwill In cash? Which method is applend in the troatment of…
A: Method of Usage : "Premium method" is used, if a new partner pays his share of goodwill in cash into…
Q: hat earnings after interest and salary allowances would be divided in the ratio of 2/3 and 1/3 to…
A: Partnership Equity Statement Definition The statement of partnership equity is a financial statement…
Q: The XYZ partnership has the following balance sheet: Basis FMV Land $60,000 $81,000…
A: When investment interest is sold, then capital gain or loss is recognized. Nature of capital gain or…
Q: Contract Open High hilo Low Eurodollar (CME) -$1,000,000; pts of 100% 97.2400 97.2450 97.2225 Jan…
A: An essential financial tool utilized in the international financial markets is eurodollar futures.…
Q: A, B and C partnership shows the following profit and loss ratios and capital balances: A 60%…
A: A, Capital B, Capital C, Capital D, Capital Partnership Capital before admission of D…
Q: he following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: Answer) Calculation of capital balance of Legolas prior to withdrawal by Gimli Capital Balance of…
Q: The following are the capital balances and share in each profit of Ring Partnership: Aragorn…
A: Total capital before admission of Gandalf= Aragorn + Legolas +Gimli = 300+200+200 = 700
Q: XIX The partnership of JJ, KK, LL, and MM is preparing to liquidate. Profit and loss sharing ratios…
A: The partnership is referred to the type of business in which two or more partners join together to…
Q: Required: 1o. & 1b. Prepare journal entries to record the partners' initial capital investments and…
A: Partnership Firm :— When two or more Individuals Come together to form an business and share profit…
Q: Camel with interest 30% and capital 140,000. Seen 30% with capital 175000 and Areen 40% with capital…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Q: Bertra Саpital Coloma, Capital 160,000 The articles of partnership stipulate that profits and losses…
A: The question is related to Partnership Accounting. The details for the same is given.
Q: The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a)…
A: Answer) Calculation of Amount allocated to Alix out of Net Income of $ 544,000 Alix…
Q: Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear…
A: Partnership is the mutual agreement between the atleast two individual where they together run a…
Q: E 16-14 Partnership retirement—Revaluation and bonus approaches The capital account balances and…
A: A partner withdrawing his share from a partnership is known as retirement. The partner who withdraw…
Q: Q.11 A and B are partners' sharing profits in-proportion of 3. : .2 With Capitals of Rs. 40,000 and…
A: Partnership is a form of arrangement between two or more people whereby they agree to manage…
Q: Current Attempt in Progress McGill and Smyth have capital balances on January 1 of $41,000 and…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: EXERCISE 6-13. Problem Solving 4. Alloy and Aeson are partners who share profits and losses in the…
A: Partnership Net Income: By deducting total costs from total revenues, the partnership's net income…
Q: Program- Year-Section: Multiple Choices I Kịm, Tak and Gu are partners in the KIMT partner,…
A: Partnership is the association of two or more individuals who collaborate with a view to conduct…
Q: Appropriation of profits General Journal Allocate $412,200 net income by providing annual salary…
A: In partnership, Allocation of profits or losses is governed by the profit sharing agreements between…
Q: Norrudin, Norsal, and Nasheb operate a partnership with a complex profit and loss sharing agreement.…
A: Net income allocation schedule…
Q: Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners…
A: Net income is the amount of money earned by the entity after deducting the expenses from the…
Q: PROBLEM B EW PARTNER Acacia and Karla capital is P480,000 and P520,000. Profit share ratio is 4:6.…
A: "Since you have asked multiple questions, we will solve only the first question. You can repost the…
Q: partnership transactions LO P2 On March 1, Eckert and Kelley formed a partnership. Eckert…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Assignment X and Y are partners sharing profit and loss in the ratio of 7:3. their capital accounts…
A: Profit and Loss Appropriation account in partnership shows distribution of net income of partnership…
Q: n the year ended 31/12/2018 total income of Palestine co,20,000 if A partner received 5,000 annual…
A: When two or more people create an agreement for the purpose of earning a profit, in which all the…
Q: L%20ACCOUNTING%2019 75% Question Payne and Cain were partners in a retail business sharing profits…
A: The details regarding a partnership firm is given for the year ended 31st March 2010 Required 1.…
Q: Problem V The balance sheet for the partnership of JJ, CC and TT, whose shares of profit and losses…
A: Partnership means the agreement between the two or more person to do the business together and share…
Q: A B alary allowance nterest on ave. capital balance 10% emainder P30,000 P10,000 P40,000 10% 10% 40%…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1,…
A: Partnership is an arrangement where the parties ,known as business partners , agree to cooperate to…
![X&Y are Partners
Jan or Initial Capital
01
March 30 Addl. Capital
June 30 withdrawal
Agreements. Int. on Ave. cape 10%
Salary allow, y, 200k
9, 100
Remainder X, 60%
Y₁ 40%%
Propit for the year $1,200,000.
X
$ 800.000 $400,000
100.000
50.000
Required. Compute the FF.
I. Ave. Cap.oF
2. lust-on Ave. cap. X
3. Share on balapter
Salaries & Int. X
4. Total Share
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7b9b716-1b90-48a7-9ec9-5173a2e757ce%2F2b7143b8-c5f5-4d21-82de-1c805cb7840c%2F1ciftft_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Exercise 3-7. Distribution of Net Loss to partners Carmela and Ferdinand formed a partnership on January respectively. The partnership reported a net loss of P80,000. 1, 2023, with initial investments of P300,000 and P500,000, The partnership agreement provides that profit or loss shall be distributed accordingly: • Monthly salary of P10,000 and P5,000 respectively for Carmela and Ferdinand, . 10% interest on partners' original capital. . 20% bonus to Carmela based on net income before interest, and salary. •The remainder is shared in the ratio of 3:2 respectively. Required: Determine the share of Carmela and Ferdinand in the net loss.Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $430,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,200 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $430,200 net indome by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to…Multiple Choice - III 20xx with their respective profit and loss ratio: Profit and Loss Ratio vi Capital P3,000,000 P4,500,000 40 % Manuel 60 % Marcus partnership for P2,700,000. As a result Marshall acquired 1/3 interest in the e assets and profits of the firm. 1. What is the total capital balance of the partnership after the admission by Marshall? A a. P10,200,000 b. P10,500,000 c. P 7,700,000 d. P 7,500,000 000.000 % 000,00 e. Not given 2. What is the capital share of Marshall after he was admitted in the partnership? a. P2,700,000 b. P2,500,000 c. P1,600,000 d. P1,100,000 e. Not given 3. What is the percentage share of Marshall in the profits and losses? a. 44.4% b. 40.0 % c. 33.3 % d. 26.7% e. Not given
- k The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances/loss percent) Decrease highest LAP to next highest Debit $ 7,808 34,000 24,808 99,908 Decrease LAPs to next highest: $ 164,908 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $110,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $110,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30, 20X1,…PROBLEM 1 (FTG REVISED) VAL, KHU, and LAWRENCE are partners in VAKHULAW CO. sharing profits in the ratio of 3:3:2. Investments are P600,000, P400,000, and P300,000, respectively. The partners agreed to admit TYONG-GO on the following basis: TYÖNG-GO is to pay VAL, P400,000 for 1/2 of VAL's interest; TYONG-GO is also to invest P300,000 in the business. The partners agreed that revaluation of assets must be determined based on the agreed capital. The total capital of the partnership is to be P2,000,000, of which TYONG-GO's interest is to be P500,000 upon admission. REQUIRED: 1. Prepare a statement of partners equity that will show the capital balances of VAL, KHU, LAWRENCE and TYONG-GO after admission of TYONG-GÒ, respectively. Present your solution and the statement in good form. 2. Prepare the entries upon admission of TYONG-GO.Ch 21 HW assignment take frame 7) Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed payment of $100,000 for use of capital contributed by Burgundy. BV's taxable income (after deducting Burgundy's guaranteed payment) is $80,000 for 2023 and $90,000 for 2024. a. What is the amount of income from the LLC that Burgundy must report for its tax year ending April 30, 2024? $ X Feedback ►Check My Work 1 b. What is the amount of income from the LLC that Violet must report for her tax year ending December 31, 2024?
- The ABC partnership has three equal partners, A, B, and C, and the following balance sheet: Assets Partner's Capital Adj. Basis FMV Adj. Basis FMV Cash 60,000 60,000 A 70,000 80,000 Cap Asset 1 90,000 60,000 B 70,000 80,000 Cap Asset 2 40,000 60,000 C 70,000 80,000 Cap Asset 3 20,000 60,000 210,000 240,000 210,000 240,000 A receives capital asset #1 in an operating distribution. A has a one-ninth interest worth $20,000 in the partnership capital and profits after the distribution. (a) What results to A and the partnership if there is no §754 election? Reconstruct the balance sheet after the distribution. (b) What results to A and the partnership if the partnership has made a §754 election? Reconstruct the balance sheet after the distribution. (c) How should any basis adjustment be allocated among the partners?PA1. LO 15.3The 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 partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000.ye тин 6 Note Solve all insurance QNO! operation total P₂ Solve full 13 -A project capatalized for in depredade invested earn PSoroso assets will annual in 10 years 90009 Cost the income first esch Componey expects to earn is year, will cost The and mes maintenance faxes and full accurate a uniform of p19, 249 costs of 4% of the year. If the its capital Justify you 12% before income taxes. investment worthwhile? Answer
- Partners W, X, Y, and Z form the Ace partnership, contributing the following: W X Y Z Interest 40% 40% 10% 10% Prop. 1 Prop. 2 Prop. 3 Prop. 4 Basis $40,000 $120,000 $10,000 $30,000 FMV $200,000 $60,000 $70,000 $20,000 How much is each partner's basis in their partnership interest? Liability $160,000 $20,000 $60,000 $10,000Vusi and Vuma are in partnership trading as VV Traders specialising in manufacturing protective wear related to COVID-19. The partners share profits equally. The following information pertains to the business activities of the partnership for the year ended 30 June 20.2: VV TRADERS EXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2 Note R Loan to Vusi Land and buildings (at cost) Machinery (at cost) Vehicles (at cost) Accumulated depreciation: Machinery Accumulated depreciation: Vehicles Allowance for credit losses Capital contribution: Vusi Capital contribution: Vuma Allowance for settlement discount granted Long-term loan Inventory Trade receivables control Trade payables control Bank Petty cash Current account: Vusi (1 July 20.1) Current account: Vuma (1 July 20.1) 92 650 462 330 160 690 Cell Styles 201 580 29 220 9 810 3 710 350 280 350 280 8 940 70 850 49 490 97 450 41 530 84 590 1 570 42 840 63 220 Profit before year-end adjustments 170 370 Additional information 1. The…4G1ll| 8:24 PM 30: 4G 88% Question 2(1).pdf .A, B & C are three partaers in ap Inership firm since 1.1.1988. They are sharing profits and losses equally. According to the partnership agreement, inierst an drawings is to be charged at the rate of 10% pa. Drawings made by the pariners dusig the year 1988 are as follows: Date A (Rs) (Rs) (Rs) January i April 1 September ) December 1 5,000 3,000 2,000 3,000 2,000 3,000 5,000 4,000 2,000 2,000 1,000 1,000 The profits for the year amount to Rs 30,000. You are required to compute the interest on drawings recoverable from the partners and prepare the Profit & Loss Appropriation Account showing the distribution of profits among the partners. ...
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)