a. What is Maria's and Javier's qualified business income? b. What is Maria's and Javier's qualified business income if Marja had $459,480 of ordinary income after reporting $196,920 in guaranteed payments to Maria and Javier ($98,460 each)?

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:$ __________

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

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Peter and Paul are partners in a partnership. Their share of the partnership profits and losses are 60% and 40% respectively. Peter is a resident and Paul is a non-resident. In this income year, the partnership derived the following income:   interest income from an Australian Bank Account: $30,000 interest income from an overseas bank account: $18,000 Calculate the net income of the partnership and explain how that amount will be allocated and assessed in the hands of Peter and Paul.

Nancy Freeley has been operating an​ apartment-locator service as a sole proprietorship. She and Melissa Marcellus have decided to form a partnership. Freeley​'s contribution consists of​ Cash, $6,000​; Accounts​ Receivable, $12,000​; ​Furniture, $13,000​; Building​ (net), $53,000​; and Notes​ Payable, $17,000.   To determine Freeley​'s equity in the​ partnership, she and Marcellus hire an independent appraiser. The appraiser values all the assets and liabilities at their book​ value, except the​ building, which has a current market value of $100,000. ​Also, there are additional Accounts Payable of $3,000 that Freeley will contribute. Marcellus will contribute cash equal to Freeley​'s equity in the partnership.   Requirements 1. Journalize the entry on the partnership books to record Freeley​'s contribution. 2. Journalize the entry on the partnership books to record Marcellus​'s contribution.

Solange and Louis enter into a partnership agreement. Solange contributes $65,000 in capital. Louis contributes $95,000 in capital. The agreement stipulates that profits and losses will be shared in the ratio of their respective capital account balances. The net income for the year is $32,000. Which of the following amounts should be credited to Louis’s capital account? $19,000 $32,000 $16,000 $13,000

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?

Answer the following three questions.  Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts? a.$108,000 b.$115,000 c.$180,000 d.$120,000   Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances. a.$75,000 and $75,000 b.$37,500 and $112,500 c.$100,000 and $50,000 d.$50,000 and $100,000   Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of a.$126,700 b.$11,502 c.$42,600 d.$34,209

Greg and Harriet are partners in GH partnership. Greg originally contributed $50,000 while Harriet contributed $150,000. Greg works full-time while Harriet works part-time. During the year, GH Partnership earned $120,000 in net income. Determine how much of this $120,000 would be allocated to each partner under each of the following profit/loss sharing agreements. a. There is no agreement. Greg   Harriet     b. In the ratio of original capital investments. Greg   Harriet     c. In the ratio of time devoted to the business. Greg   Harriet     d. 10% of original capital investments and the remainder equally. Greg   Harriet     e. 10% of original capital investments, a salary allowance of $30,000 for Greg, and the remainder equally. Greg   Harriet