Add explaintion each step Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdrawsfrom the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for herequity in the LLC.Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, MemberEquity, Olivia, Member Equity.

:Step 1: Analyze the TransactionEvent: Olivia withdraws from Camila, Dani, and Olivia LLC (Limited…

Answered: Camila, Dani, and Olivia are members of…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 27P

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Marcee and Rebecca are partners. Marcee has a capital balance of $50,000 and Rebecca has a capital balance of $35,000. Rebecca sells $15,000 of her ownership to Jason. Which of the following is true of the journal entry to admit Jason? A Rebecca, Capital will be credited for $15,000 B Jason, Capital will be debited for $20,000 C Jason, Capital will be credited for $15,000 D Rebecca, Capital will be debited for $20,000
On October 1, 2024, Apollo, Brett, and Clark formed the A, B and C partnership. Apollo contributed $27,300; Brett, $42,900; and Clark, $59,800. Apollo will manage the store; Brett will work in the store three-quarters of the time; and Clark will not work in the business. Read the requirements LOADING... . Requirement 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025, is $55,000, and the partnership agreement allocates 70% of profits to Apollo, 15% to Brett, and 15% to Clark. The agreement does not discuss the sharing of losses. (Use parentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate cell.) A, B and C Allocation of Profits and Losses Apollo Brett Clark Total a. Net income (loss) Capital allocation:…
Lopez and Gomez are members in an LLC that reports net income of $139,000. An agreement states that Lopez receives a $20,900 salary allowance and Gomez receives a $50,900 salary allowance. Any remaining income or loss is to be shared by Lopez and Gomez in a 2:3 ratio (in percents: Lopez, 40%; Gomez, 60%). 1. Determine each member's share of net income. 2. Prepare the entry to record the closing of Income Summary. Hint: The business is a limited liability company (LLC), so equity accounts are "Lopez, Member Equity" and "Gomez, Member Equity". Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each member's share of net income. Allocation of each member's Income Lopez Gomez Net income Salary allowances Balance of income Balance allocated Balance of income Shares of the members
Qu Maali and Marwa are partners of Perfurme business sharing profit and loss in the ratio of 6:2. Their Balance Sheet as on 31/12/19 shows OMR 35,000 as Profit and Loss A/c in the liabilities side. On 31-12-2020 they admit mizna, on that date, their Balance Sheet showed an amount of Profit and Loss A/c in the Asset side. OMR 15,000 as ut of 10 On the same Balance Sheet an reserve fund of OMR 19500 were found. Record necessary journal entries in Maali and Marwa Perfume business. uestion Finis
Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the Capital accounts are: Guerra, P530,000 Guillermo, P430,000; and Gregorio, P210,000 Required: Journalize the journal entries to record the retirement of Gregorio under each of the following unrelated assumptions: 1. Gregorio retires, taking P210,000 of partnership cash for her equity. 2. Gregorio retires, taking P270,000 of partnership cash for her equity.
See the problem in the photo. Provide the journal entries to record the retirement of Gregorio under each of the following unrelatedassumptions: 1. Gregorio retires, taking P210,000 of partnership cash for her equity.2. Gregorio retires, taking P270,000 of partnership cash for her equity.
Capital balances in Ayayai Co. are Dene $61,000, Aneta $36,200, and Harriet $26,600. The partners share income equally. Harriet receives $31,800 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. LUst all deblt entrles before credlt entries.) Account Titles and Explanation Debit Credit,
Leo, Kesho and Kutwa trade in electrical goods and as partners in Leo Unincorporated. They share profits and losses equally. The following details in the draft accounts regarding their profit and loss status as at 31 December 2020 have been provided: Debits Sh. Credits Sh. Office expenses General expenses Salaries and wages Show room expenses Rents, rates and taxes Printing and stationery Instalment tax paid Advertising Legal charges Interest on capital Depreciation Bad debts Commission to partners Donation for poverty Property taxes Electricity expenses General reserve 408,000 188,000 560,000 234,000 300,000 128,000 90,000 146,000 164,000 420,000 184,000 136,000 160,000 200,000 24,000 92,000 240,000 Gross profit Interest earned Discounts received Other receipts Rent income Capital gain on shares. 2,600,000 240,000 160,000 300,000 264,000 200,000 The partners provided additional information as follows: 1. Closing stock…
Yuanne Sipp and Letitia Grimes share partnership income on a 3:2 basis. They have capital balances of $550,000 and $284,000, respectively, when Tammy Tuck is admitted to the partnership. Prepare the journal entry to record the admission of Tammy Tuck assuming Tuck invests $240,000 for a 25% ownership interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title…
1. Nita and Bona, entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: (see attached image) Direction: d) Prepare a statement of partner's equity for 2019.
After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis, $55,000. If McGinnis retired and withdrew $50,000 in settlement of his/her equity, the amount entered in McGinnis's capital account would be a a.$50,000 credit. b.$55,000 credit. c.$5,000 credit. d.$55,000 debit.
Anthony and Erin start a partnership with capital contributions of $64,300 and $94,800, respectively. Over the course of the year, Anthony withdraws $2,300 from the business in order to meet his personal expenses. Which of the following is the correct journal entry to close Anthony's withdrawals account at the end of the year? O Anthony, Withdrawals 2,300 Anthony, Capital O Anthony, Withdrawals Cash 0 0 0 O Anthony, Capital Anthony, Withdrawals O Cash Anthony, Withdrawals 2,300 2,300 2,300 2,300 2,300 2,300 2,300

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