College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 3SEB
1.
To determine
Prepare the lower portion of the income statement showing the allocation of net income between Partner N and Partner B.
2.
To determine
Prepare a statement of partners’ equity showing each individual partner’s equity.
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Students have asked these similar questions
FB Manufacturing Company is a partnership among Yolando Gonzalez, Willies Todd, and Linda Walkers. The partnership contract states that partnership profits will be split equally among the three partners. During the current year Gonzalez withdrew $25,000, Todd withdrew $23,000, and Walker withdrew $35,000. net income of FB Manufacturing company amounted $180,000.
a. calculates each partner's share of net income for the period.b. describes the effects, if any that partnership operations would have on the individual tax returns of the partnerc. prepare a statement of partners' equity for the year. Assume that partners’ capital accounts had beginning balances of $50,000, $60,000, and $40,000 for Gonzalez, Todd, and Walkers respectively.
Determine net income and record the share in the profit
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $14,500,
and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership
reports the following results:
Sales revenue
Gain on sale of land ($1231)
Cost of goods sold
Depreciation-MACRS
Employee wages
Cash charitable contributions
Municipal bond interest
Other expenses
(Negative amounts should be indicated by a minus sign.)
Problem 20-61 Part a (Algo)
a-1. How much ordinary income (loss) is allocated to Gary for the year?
a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment
income (loss).
Req A1
Complete this question by entering your answers in the tabs below.
Req A2
$ 80,700
6,900
(28,200)
(18,100)
(17,200)
(4,600)
Description
Separately Stated Items on Schedule K-1:
§1231 gains
Cash charitable contributions
Compute Gary's share of separately stated…
Chapter 19 Solutions
College Accounting, Chapters 1-27
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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