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.
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.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 25CE
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Transcribed Image Text:1.
Gilroy,
and
On
partnership in which Flores and Hansen contributed cash of 25,000;
Gilroy contribute property with a
basis 40,000.
Flores and Hansen receive salaries of 10,000 each.
agreement of Flores, Gilroy, and Hansen provides all partners to
February 1,
2005,
Flores,
Hansen
began
a
fair value of 50,000 and a
5$ bonus of partnership income.
The partnership
tax
Gilroy receives
a
receive a
5% interest on capital and that profits and losses be
divided of the remaining income be distributed to Flores, Gilroy, and
Hansen by a 1:3:1 ratio.
Required:
Prepare a schedule to distribute 25,000 of partnership net income to
the partners.
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