Franco and Jason share income and losses in a 2:1 (2/3 to Franco and 1/3 to Jason) ratio after allowing for salaries of $15,000 and $30,000, respectively. If the partnership suffers a $15,000 loss, by how much would Jason's capital account increase? Question 26 options: $10,000 $20,000 $40,000 $25,000
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Question 26 options:
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$10,000 |
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$20,000 |
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$40,000 |
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$25,000 |
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- The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners capital balances prior to Aruns retirement are $60,000 each. Prepare a schedule showing how Aruns withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000. In addition, show the resulting entries to the capital accounts of each of the three.Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000LO.3, 11 Emily has 100,000 that she wants to invest and is considering the following two options: Option A: Investment in Redbird Mutual Fund, which is expected to produce interest income of 8,000 per year. Option B: Investment in Cardinal Limited Partnership (buys, sells, and operates wine vineyards). Emilys share of the partnerships ordinary income and loss over the next three years would be as follows: Emily is interested in the after-tax effects of these alternatives over a three-year horizon. Assume that Emilys investment portfolio produces ample passive activity income to offset any passive activity losses that may be generated. Her cost of capital is 8%, and she is in the 32% tax bracket. The two investment alternatives possess equal growth potential and comparable financial risk. a. Based on these facts, compute the present value of these two investment alternatives and determine which option Emily should choose. Refer to Appendix H for the present value factors. b. Prepare your solution using spreadsheet software such as Microsoft Excel.
- Franco and Jason share income and losses in a 2:1 (2/3 to Franco and 1/3 to Jason) ratio after allowing for salaries of $18,000 and $37,500, respectively. If the partnership suffers a $15,000 loss, by how much would Jason's capital account increase? a.$26,500 b.$32,500 c.$14,000 d.$37,500What is the answer? Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance? a. $10,000 b. $20,000 c. $30,000 d. $40,000Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?
- The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners' capital banaces prior to Arun's retirement are $60,000 each. Prepare a schedule showing how Arun's withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000The partners of Apple, Bere, and Carroll LLP share net income and losses in a 5:3:2 ratio, respectively. The capital account balances on January 1, 2021, were as follows: Apple, capital Bere, capital Carroll, capital Total partners' capital The carrying amounts of the assets and liabilities of the partnership are the same as their current fair values. Dorr will be admitted to the partnership with a 20% capital interest and a 20% share of net income and losses in exchange for a cash investment. The amount of cash that Dorr should invest in the partnership is: Multiple Choice $25,000. $75.000 $ 25,000 75,000 50,000 $150,000 $37,500X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits? A $14,000 B $22,000 C $26,000 D $26,667
- Phox and Ranch have decided to form a partnership. They are in the process of agreeing on how the profits/losses will be divided. Assume that the company is anticipating net income of $80,000 for the first time period. If there is no agreement, what would Phox's share of the net income be? Phox Ranch Total Net Income ? 80,000 Group of answer choices $40,000 $20,000 $80,000 There is no way to determine it.The partners, C and D, share profits 3:2. However, C is to receive a yearly bonus of 20% of the profits, in addition to his profit share. The partnership made a net income for the year of P960,000 before the bonus.Assuming C’s bonus is computed on profit after deducting said bonus, how much profit share will D receive? Choices: P160,000 P307,200 P640,000 P320,000Bell’s creditors have filed a $31,000 claim against the partnership’s assets. The partnership currently holds assets of $400,000 and liabilities of $158,000. If the assets can be sold for $240,000, what is the minimum amount that Bell’s creditors would receive? Multiple Choice $1,000 $3,200 $12,000 $0
