Finn and Hart form a partnership, contributing $44,000 and $66,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when enter losses.) a (Click on the icon to view the independent situations.) Determine partners' shares of net income or net loss for situation a. Net income (loss) More info Finn Hart Total Situation a. a. Net loss is $130,000 and the partners have no written partnership agreement. b. Net income is $100,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. C. Net income is $120.000, The first $72,000 is shared on the basis of capital balances. The next $36,000 is based on partner service, with Finn receiving 40% and Hart 60%. The remainder is shared equally. Print Done

The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:                     Cash $ 50,000     Liabilities $ 42,000   Other assets   150,000     Miller, capital   69,000             Tyson, capital   69,000             Watson, capital   20,000   Total assets $ 200,000     Total liabilities and capital $ 200,000       b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?

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…

The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:                     Cash $ 50,000     Liabilities $ 42,000   Other assets   150,000     Miller, capital   69,000             Tyson, capital   69,000             Watson, capital   20,000   Total assets $ 200,000     Total liabilities and capital $ 200,000       a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

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Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital $ 49,000 Cash Adams, Loan Other Assets Total Assets 11,800 218,000 Liabilities Adams, Capital Peters, Capital Blake, Capital Total Liabilities and Equities $ 278,800 $ 45,500 64,900 88,500 79,900 $ 278,800 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of $89,500 were sold for $68,000, and $22,500 of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for $78,000. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month.…