help me with no.7
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- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.Help me please
- A partnership agreement states that following: the partners shall participate in profits: partner 1 - 70%, partner 2 - 25% and partner 3 - 5%. if the partnership had net income for the year of $135,000, what would be partner's 2 share of the income? a. $33,750. b. $94,500. c. $100,000. d. $6,750.tnership s. Is th Chapter 2-Nature and Formation of a Partnership EXERCISES Exercise 2-1 (Cash and Non-cash Contributions) Give the entry to record the investment of Alonzo into the partnership under each of the following independent assumptions: a. ers int b. conter c. How d. does Cash of P400,000. 63 Accounts receivable of P500,000 with an allowance for uncollectible accounts of P50,000. Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost. Equipment that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been depreciated over a 10-year useful life. Exercise 2-2 (Cash and Net Asset Contributions)5. Assume that a partnership had assets with a book value of P240,000 and a market value of P195,000, outside liabilities of P70,000, loans payable to partner Able of P20,000, and capital balances for partners Able, Baker, and Chapman of P70,000, P30,000, and P50,000. How much would Able receive upon liquidation of the partnership assuming profits and losses are allocated equally? a. P70,000 b. P90,000 C. P75,000 d. P55,000
- The CDG Carlos, Dan, and Gall Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: Assets Cash Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital $138,000 68,000 78,000 Personal assets Personal liabilities Personal net worth $ 34,000 93,000 118,000 336,000 $581,000 $297,000 284,000 $581,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Gail $ 268,000 $310,000 $368,000 (239,000) (231,000) (340,000) $ 87,000 $ 28,000 $ 29,000 2. Carlos, Dan, and Gall share profits and losses in the ratio 15:45:40, 3. CDG sold all noncash assets on December 10, 20X6, for $276,000.Ma1. Nina and Sue form an equal partnership during the current year. They agree to share profits and losses equally. Nina contributes cash of $100,000 and Sue contributes property (A/B of $80,000, FMV of $100,000) subject to a recourse debt of $50,000 which the partnership will assume. a. Is any gain or loss recognized on the formation of the partnership? b. What basis do the partners have in their partnership interest after the formation?The CL Partnership has two partners, Cleo andLeo. Each partner’s basis in his or her partnership interest is $10,000 before any distribution. The partnership distributes $12,000 cash to Cleo and $8,000 cash to Leo.a. Assuming a current distribution, determine for each partner (1) gain on loss recognized 2) basis in the partnership interest after the distribution.b. Assuming a liquidating distribution, determine each partner’s gain or loss recognized.
- The Articles of Partnership of Ange and Bill and the following provisions were stipulated: Annual salary of P50,000 each Bonus to Ange of 20% of the net income after partner’s salaries and bonus, the bonus being treated as an expense. Balance to be divided equally. The partnership reported a net income of P375,000 after partners’ salaries but before bonus. How much is the share of Bill in the profit? Group of answer choices 284,375 206,250 268,750 190,625The KT Partnership has two partners, Kati and Tim. Each partner's basis in his or her partnership interest is $7,000 before any distribution. The partnership distributes $11,000 cash to Kati and $3,000 cash to Tim. Read the requirements. ..... Requirement a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. (Complete all input fields. Enter a $0 for any zero balan minus sign or parentheses.) Kati Tim (1) Gain (loss) recognized (2) Basis in the partnership interest after the distribution Requirements a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. b. Assuming a liquidating distribution, determine each partner's gain or loss recognized. Print DoneProblem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…