1. 2005, Flores, Gilroy, and began partnership in which Flores and Hansen contributed cash of 25,000; fair value of 50,000 and a 5$ bonus of partnership income. The partnership agreement of Flores, Gilroy, and Hansen provides all partners to 5% interest on capital and that profits and losses be divided of the remaining income be distributed to Flores, Gilroy, and On February 1, Hansen a Gilroy contribute property with a basis 40,000. Flores and Hansen receive salaries of 10,000 each. tax Gilroy receives a receive a Hansen by a 1:3:1 ratio. Required: Prepare a schedule to distribute 25,000 of partnership net income to the partners.

A partnership begins its first year with the following capital balances: Alexander, Capital Bertrand, Capital Coloma, Capital $72,000 82,000 92,000 The articles of partnership stipulate that profits and losses be assigned in the following manner. • Each partner is allocated Interest equal to 6 percent of the beginning capital balance. • Bertrand is allocated compensation of $16,000 per year. Any remalning profits and losses are allocated on a 3:3:4 basis, respectively. • Each partner isallowed to withdraw up to $4,000 cash per year. Assuming that the net income Is $82000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Cholce $114,016 $118,016 $98.644 $97,520

A partnership begins its first year with the following capital balances: Alexander, Capital $38,000 Bertrand, Capital Coloma, Capital 48,000 58,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 10 percent of the beginning capital balance. • Bertrand is allocated compensation of $18,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. • Each partner is allowed to withdraw up to $3,000 cash per year. Assuming that the net income is $48,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Choice $62,360 $70,040 $63,800 $67,040

A partnership begins its first year with the following capital balances: ● Alexander, Capital Bertrand, Capital Coloma, Capital The articles of partnership stipulate that profits and losses be assigned in the following manner: ● $66,000 76,000 86,000 Each partner is allocated interest equal to 8 percent of the beginning capital balance. Bertrand is allocated compensation of $10,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $6,000 cash per year. Assuming that the net income is $76,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year?

The partnership contract for the SDF and MGB Partnership, a generat partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. 1. Profit before salaries for the year ended June 30, 2018 was P315,000. Required: Give the entry to transfer income summary account balance to drawing accounts of the partners.

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A and B formed a partnership in 20x1. The partnership contract stipulates the following: • P30,000 annual salary to each partner due at each year-end. • Bonus of 10% of profit after salaries and bonus for A • 8% interest on the partners' weighted average capital balances. • Any remaining profit or loss is divided equally. The partnership's ledger shows the following: A, Capital Ref. Date Debit Credit Balance March 1, 20x1 June 1, 20x1 001 30,000.00 30,000.00 20,000.00 098 10,000.00 August 1, 20x1 December 1, 20x1 211 146 20,000.00 40,000.00 5,000.00 35,000.00 B, Capital Date Ref. Debit Credit Balance March 1, 20x1 001 20,000.00 20,000.00 June 1, 20x1 098 10,000.00 10,000.00 August 1, 20x1 146 2,000.00 8,000.00 The partnership's profit, before salaries and bonus, in 20x1 is P60,000. The partners agreed to receive full annual salaries in 20x1. How much is the share of B?

A partnership begins its first year of operations with the following capital balances: ABC, Capital DEF, Capital GHI, Capital P 110,000 80,000 110,000 According to the articles of partnership, all profits will be assigned as follows: ➤ ABC will be awarded an annual salary of P20,000 with P10,000 assigned to GHI. > The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. ➤ The remainder will be assigned on a 5:2:3 basis, respectively. > Each partner is allowed to withdraw up to P10,000 per year. Reminder from the Student Handbook: Code of Ethics- 24. Assume that the net loss for the first year of operations is P30,000 and that net income for the subsequent year is P40,000. Assume also that each partner withdraws the maximum amount from the business each period. What is the balance in ABC's capital account at the end of the first year?admission with invalidation of grade

A partnership begins its first year of operations with the following capital balancest Allegan, Capital Berrien, Capital Kent, Capital $ 110,000 80,000 110,000 According to the articles of partnership, all profits will be assigned as follows: ■ Allegan will be awarded an annual salary of $20,000 with $10,000 assigned to Kent. The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. The remainder will be assigned on a 5:2:3 basis, respectively. Each partner is allowed to withdraw up to $10,000 per year. The net loss for the first year of operations is $20,000, and net income for the subsequent year is $40,000. Each partner withdraws the maximum amount from the business each period. Required: Prepare schedules that compute the balances in each partner's capital account at the end of each of the first two years of partnership operations. Ending Capital Ending Capital Balance Year Balance Year One Two Prepare schedules that…

Partners A and B have a profit and loss agreement with the following provisions: • Salaries of P30,000 and P45,000 for A and B, respectively; The interest of 10% on average capital balances of P50,000 and P65,000 for A and B, respectively. • One-fourth of any remaining profits are allocated to A and the ratio to B. If the partnership had a net income of 250,000, how much profit is allocated to Partner B? ●