A, a partner in the ABC Partnership, has a 30% participation in partnership profits and losses. A’s capital account has a net decrease of P 60,000 during the calendar year 2021. During 2021, A withdrew P130,000 (charged against his capital account) and contributed property valued at P 25,000 to the partnership. What was the net income of the ABC Partnership for 2021?

In 2021, Fred invested $127,000 in a general partnership. Fred's interest is not considered to be a passive activity. If his share of the partnership losses is $88,900 in 2021 and $62,230 in 2022, how much can he deduct in each year? Fred can deduct $ Feedback ▼Check My Work X in 2021 and $ X in 2022. The at-risk rules limit the deductibility of losses from business and income-producing activities.

What is the correct answer to the question?

ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?

Accounting For the year 2019, the BC partnership sustained a total ordinary loss of $84,000 and a total short-term capital loss of $66,000. The partnership also had a total long-term capital gain of $50,000. B's outside basis as of January 1, 2019, was $27,000 and B received a $21,000 cash distribution in 2019. C's outside basis as of January 1, 2019 was equal to $33,000 and C received a cash distribution of $60,000 in 2019. a) What amount of the partnership's income, gain or loss (including any gain as a result of the distribution) will B include on her 2019 income tax return? b) What is the amount and character of any suspended loss that B may carry to 2020? c) What amount of the partnership's income, gain or loss (including any gain as a result of the distribution) will C include on her 2019 income tax return?

Moonboots Partnership had a net income of P8,000 for the month ended September 30, 2021. Sunshine purchased an interest in moonboots Partnership of Liz and Dick by paying Liz P32,000 for half of her capital and half of her 50% profit-sharing interest on October 1, 2021. At this time, Liz’s capital balance was P24,000 and Dick’s capital balance was P56,000. Sunshine should receive a credit to her capital balance of:

Hw.111.

have some numbers figured out but not all of them

On October 1, 2021, Pamu and Kevin formed a partnership and agreed to share profits and lossesin the ratio of 3:7, respectively. Balances of capital accounts should be in accordance with the profitand loss percentage on the date of partnership formation. Pamu contributed a parcel of land that costher P200,000. Kevin contributed P300,000 cash. The land has a quoted price of P360,000 on October1, 2021. What amount should be recorded in Pamu’s capital account upon formation of thepartnership assuming the use of bonus method? a. P150,000b. P198,000c. P200,000d. P360,000

On December 31, 2030, ABC Partnership’s Statement of Financial Position shows that A, B and C have capital balances of P800,000, P600,000 and P200,000 with profit or loss ratio of 1:4:5. On January 1, 2031, C retired from the partnership and received P160,000. At the time of C’s retirement, the assets and liabilities of the partnership are properly valued. What is the capital balance of B after the retirement of C?a. P568,000b. P616,000c. P632,000d. P640,000