Lambert invests $20,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,000 before admitting Lambert. What is Lambert's capital after admission? Question 35 options: $18,000 $20,000 $6,667 $11,333
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Question 35 options:
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$18,000 |
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$20,000 |
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$6,667 |
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$11,333 |
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- Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick? Question 19 options: a) $65,000 b) $ 3,850 c) $58,000 d) $ 7,000Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $60,000 and $40,000 respectively. Ramsey is admitted to the partnership and is given a 10% What is Orton's capital balance after admitting Ramsev 3. interest by investing $20,000. $44,800 b. $35,200 $20,000 d. $16,000 a. c. Challenging Bloom's: Application OBJ: LO: 12-03 DIF: PTS: 1 ANS: KEY: NAT: BUSPROG: AnalyticWhat is the answer? Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance? a. $10,000 b. $20,000 c. $30,000 d. $40,000
- 16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest 17. B. Andy's interest in the partnership is 110,000. M. Joy buys Andy's interest for 120,000. How much is the capital balance of Joy after the purchase? А. 120,000 В. 110,000 С. 130,000 D. 140,000 18. L. Garcia, A. Harina, and E. Isla are partners with capital of P90,000,P50,000, and P60,000, respectively. M. Joson is admitted into the partnership with 4 interest upon payment of 80,000. If the old partners share profits and losses in the ratio of 2/5, 2/5, and 1/5, then the capital account of Isla after the admission of Joson will show a balance of А. 50,000 В. 52,500 С. 62,000 D. 70,00047. Douglas pays Selena $45,000 for her 30% interest in a partnership with total net assets of $125,000. Following this transaction, Douglas' capital account should have a credit balance of $37,500 b. $45,000 c. $13,500 d. more than $45,000 a. OBJ: LO: 12-03 Moderate DIF: PTS: 1 ANS: A KEY: Bloom's: Application NAT: BUSPROG: Analytic5. Jackie is a 50% partner in The Lunch Box. She is to receive a guaranteed payment of $30,000. If the partnership's ordinary income before deducting the guaranteed payment is $70,000, what is Jackie's distributive share? a. $15,000 b. $20,000 c. $30,000 d. $35,000
- Partners X, Y and Z divide profits and losses 5:3:2 respectively. On July 1, 2020, A is admitted as a new partner with a 20% interest in capital and earnings in exchange for cash investment. Prior to A’s admission, the capital balances of the partners are as follows: X: P 148, 000; Y: P 260, 000; Z: P192, 000. How much cash should A contribute?Question # 01Abraham and Boling decided to admit a new partner Liu to a one forth equity interest in the partnership for an investment of $80,000. Prepare a general entry to record the admission of Liu. Also explain the calculation of Bonus to the existing partners or the incoming partner is computed? Abraham and Boling divide the profit and loss 60% to the Abraham and 40% to the Boling. At the present time the investment capital of each partner is $140,000.Lambert invests $10,974 for a 1/3 interest in a partnership in which the other partners have capital totaling $35,487 before admitting Lambert. What is Lambert's capital after Admission? Oa. $10,974 Ob. $3,658 Oc. $15,487 Od. $23,231
- Question 9 Zahra and Batool are partners in Z&B Partnership with initial investment of $360,000 and $240,000, respectively. They share income and loss by 3: 2 ratio, respectively. They accepted Mariam as a new partner in the partnership. Required: Prepare Journal entries to record the admission of Mariam who invests cash of $160,000 in the partnership and receives 25% ownership interest in the new partnership. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).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 aboveLO.2 In the current year, Bill Parker (54 Oak Drive, St. Paul, MN 55164) is considering making an investment of 60,000 in Best Choice Partnership. The prospectus provided by Bills financial planner indicates that the partnership investment is not a passive activity and that Bills share of the entitys loss in the current year will likely be 40,000, whereas his share of the partnership loss next year will probably be 25,000. Write a letter to Bill in which you indicate how the losses would be treated for tax purposes in the current year and the following year.
