If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:
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Carrie and Callie form a
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- Blake and Matthew are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew’s capital account is credited for $2,000 as his share of the net income, how much net income did the partnership earn?Oscar and Frank form an equal partnership, the O and F Partnership. Oscar contributes land with an adjusted basis of $45,000, subject to a mortgage of $100,000, in exchange for a partnership interest worth $250,000. Frank contributes cash of $100,000 and performs services for the partnership in exchange for a partnership interest worth $250,000. a. What is the amount of Oscar's recognized gain or loss (if any) as a result of the contribution to the partnership in exchange for the partnership interest? b. What is Oscar's basis in his partnership interest immediately after the contribution? c. What is the amount of Frank's recognized income or loss (if any) as a result of the receipt of the partnership interest in exchange for the cash and services? d. What is the partnership's basis in the land received from Oscar?Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
- Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remaining income (loss) equally. How much of the net loss of $(6,000) is allocated to Yolanda?Seth and Rachel have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder divided equally. How much of the net loss of $16,000 is allocated to Seth?In their partnership agreement, John, Roy, and Kim, have an income/loss distribution ratio of 4:2:1. How much would each of the three partners receive from an income of $168,000? John will get: $_____________; Roy: $ ____________; and Kin will receive:$ __________
- Martha, Steve, and Lew form a partnership to operate a grocery store. For each of the following contributions by the partners, indicate (1) the amount of income or gain recognized, if any, by the partner, and (2) the partner's basis in the partnership interest immediately after the contribution including the allocation of liabilities. If an amount is zero, enter "0". Do not round your intermediate computations. a. Martha contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest worth $105,000. The partnership assumes the liability. Income or gain recognized: $ Her basis in the partnership interest: $ b. Steve contributes property with a basis of $25,000 and a fair market value of $105,000 to the partnership for a one-third partnership interest. Income or gain recognized: $ His basis in the partnership interest after considering the liability assumed by the…Martha, Steve, and Lew form a partnership to operate a grocery store. For each of the following contributions by the partners, indicate (1) the amount of income or gain recognized, if any, by the partner, and (2) the partner's basis in the partnership interest immediately after the contribution including the allocation of liabilities. If an amount is zero, enter "0". Do not round your intermediate computations. a. Martha contributes property with a basis of $45,000 and subject to a $75,000 liability to the partnership for a one-third partnership interest worth $105,000. The partnership assumes the liability. Income or gain recognized: $ Her basis in the partnership interest:Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $42,000 is allocated to Seth?
- Xavier and Yolanda have original investments of $50,300 and $95,200, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,000, respectively; and the remainder to be divided equally. How much of the net income of $106,800 is allocated to Xavier?Tanner and Teresa share income and losses in a 2:1 ratio (2/3 to Tanner and 1/3 to Teresa) after allowing for salaries of $42,000 to Tanner and $60,000 to Teresa. Net income of the partnership is $132,000. How should income be divided for Tanner and Teresa? Oa. Tanner, 558,000, Teresa, $74,000 Ob. Tanner, $75,000; Teresa, $57,000 Oc. Tanner, $57,000, Teresa, $75,000 Od. Tunner, $62,000, Teresa, $70,000