Example 3 (Equity: Business Ownership): Hanna, Ursula, Thomas and Günther engage in a partnership named "Chick Enterprise. Chick generates a net income of 75.000 $. 1) Ursula, Thomas and Günther get salary allowances for their extra professional service for At clients, as follows: 12.000$ for Ursula; 9.000 $ for Thomas and 3.000 for Günther respectively. 11) Average capital balances during the year are as follows: Hanna Ursula Thomas Günther 42.000 $ 4.200 $ 12.600 $ 25.200 $ Partners agreed for a 7.25 interest allowance for each partner at the end of the year. 84.000 $ [II) After salary & interest allowances, the remainder will be allocated from a fixed ratio of [5:2:4:1] for [Hanna: Ursula: Thomas: Günther] Find each partner's capital (equity) and do the closing entry

For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the…

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Problem Mr. Renato and Mr. Walter, both married and are certified public accountants, formed general professional partnership during the current taxable year to render consultancy services to the public. The partners share profits and losses equally. The result of the partnership's operation showed the following data: Gross receipt from clients Costs of services P 1,000,000 300,000 Business expenses 240,000 Additional information provided: a. Mr. Renato, married with three qualified dependent children, has other income derived from business as follows: P 400,000 120,000 80,000 Gross sales Costs of expenses Operating taxes b. Travelling expenses incurred by the partners related to GPP's operation, which were neither claimed by the GPP as deduction income nor liquidated by the partnership: 15,000 10,000 Mr. Renato Mr. Walter c. Mr. Walter, married with five qualified dependents, received compensation income of P 250,000 as part -time college professor. Required: Determine the net taxable…

Subject: accounting

Albert billy and Cathy share profits and losses of their partnership as 1:4:3  if the net income is 30,000 calculate Albert's share of the profits

1 John and Mary are equal partnership in a partnership. John's beginning basis is 50,000 and Mary's beginning basis is 70,000 Sales 200,000 Long term capital gain Short term capital loss 6,000 -4,000 Dividend income 2,000 salaries 50,000 Rent Expense 20,000 Interest income 5,000 Depreciation Section 179 expense 30,000 20,000 Distribution to Mary 40,000 Distrbution to John 30,000 1 Calculate ordinary income 2 Calculate Separately Reported Items 3 Calculate ending basis for John and Mary.

Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed Text

5. Help me selecting the right answer. Thank you

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