For a partnership, assume for a certain time period, the Income Statement has Sales of $100,000, Cost of merchandise sold of $60,000, and Total Operating expenses $15,000, what is the net income for this time period? Group of answer choices $175,000 $100,000 $25,000 No Income Statement is prepared for a partnership.

Clayton is attempting to consider the price to be paid for a partnership interest. The exiting partnership is characterized as follows:     Partnership Total Asset   Book Value 800,000 Fair market value excluding goodwill 850,000 Liabilities   Accounts payable 300,000 Bank loans 200,000 Other liabilities 58,000 Interest to be acquired by Clayton   In capital 20% In profit and losses 25%   Determine the amount of consideration that Clayton should have to convey in order to acquire 20% of interest in capital and 25% of interest in profits and losses. Select one: 73,000X 48,000 34,500 60,500

Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $100,000 and $150, 000, respectively. Determine their participation in the year's net income of $290,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $36,000 and $49,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $36,000 and $49, 000, respectively, and the remainder divided equally. Dawson McDonald a. $fill in the blank 1 $fill in the blank 2 b. $fill in the blank 3 $fill in the blank 4 c. $fill in the blank 5 $fill in the blank 6 d. $fill in the blank 7 $fill in the blank 8 e. $fill in the blank 9 $fill in the blank 10

Question-based on partnership   I have tried it but incorrect, the first 2 answers are wrong.   Thanks for the help.

Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $231,000 and $97,000, respectively. Etter, with the consent of Santori, sells one-third of her interest to Lonnie Davis. Question Content Area a.  What entry is required by the partnership if the sales price is $60,000?

Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year’s net income of $380,000 under each of the following independent assumptions: a. No agreement concerning division of net income.b. Divided in the ratio of original capital investment.c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.d. Salary allowances of $47,000 and $59,000, respectively, and the balance divided equally.e. Allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally.   Dawson McDonald a. $fill in the blank 1 $fill in the blank 2 b. $fill in the blank 3 $fill in the blank 4 c. $fill in the blank 5 $fill in the blank 6 d. $fill in the blank 7 $fill in the blank 8 e. $fill in the blank 9 $fill in the blank 10

.  Partner A received the following in a nonliquidating distribution:   Basis               FMV Cash                                        $20,000           $20,000 Inventory Item 1                     $15,000           $18,000 Inventory Item 2                     $10,000           $6,000 Capital Asset 1                        $20,000           $7,000 Capital Asset 2                        $10,000           $20,000                                                 $75,000           $71,000   Assume A’s basis in the partnership before the distribution was $60,000.  What would the bases of the assets be to A?

PARTNERSHIP INCOME DISTRIBUTION: For partnership Y, if total partners salary allowances are 300,000, total interest on the partners’ original capital balances is 400,000, and the remainder of the partnership’s net income is 200,000, how much is the total partnership net income?     a. 900,000     b. 800,000     c. 300,000     d. 100,000     e. None of the above

Dividing Partnership Net Income Required: Steve Conyers and Chelsy Stevens formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $125,280. 2. Interest of 7% on each partner's capital balance on January 1. 3. Any remaining net income divided to Conyers and Stevens, 1:2. Conyers and Stevens had $66,000 and $105,000, respectively, in their January 1 capital balances. Net income for the year was $216,000. How much is distributed to Conyers and Stevens? Note: Compute partnership share. Conyers: $ Stevens: $

Required information Skip to question In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others. Refer to the information provided above. David invests $50,000 for a one-fifth interest. What amount of goodwill will be recorded? Multiple Choice A. $4,000 B. $20,000 C. $40,000 D. $15,000