M, N and O are partners sharing profits in the ratio of 2: 2: 2. N dies on 30th Jun 2020 due to ill health. The company profits for the last 3 years was OMR 20,000, OMR 20,000 and OMR 20,000. Calculate the profit share of N? O a. None of the options are correct O b. OMR 3333.33 O c. OMR 20,000 d. OMR 10,000

AA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow:   Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?

Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2018. During 2018, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2018?    Group of answer choices $633,334 $466,666 $300,000 $190,000

ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?

The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019, and gave you the following balances: Cash 100,000 Outside Creditors 890,000 Non-Cash Asset 1,400,000 Loan due to kapos 10,000     Kapos, capital 90,000     Kulang, capital 190,000     Kasia, capital 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non-cash asset was sold for 800,000. Kulang is a limited partner. The personal assets and liabilities of partners are as follows:   Asset Liabilities Kapos 300,000 150,000 Kulang 150,000 110,000 Kasia 200,000 150,000   Answer the following:   Gain/Loss absorbed by Kapos   Gain/Loss absorbed by Kulang   Gain/Loss absorbed by Kasia   Capital balance of Kapos after the sale of Non – Cash Asset   Capital balance of Kulang after the sale of Non – Cash Asset…

d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease

A28

Kk.193.

Davis has decided to retire from the partnership of Davis, Eiser, and Foreman. The partnership will pay Davis P200,000. Goodwill is to be recorded in the transaction as implied by the excess payment to Davis. A summary balance sheet for the Davis, Eiser, and Foreman partnership appears below. Davis, Eiser, and Foreman share profits and losses in a ratio of 1:1:3, respectively. Assets Cash 75,000 Inventory 82,000 Marketable securities 38,000 Land 150,000 Building-net 255,000 Total assets 600,000 Equities Davis, capital 160,000 Eiser, capital 140,000 Foreman, capital 300,000 Total equities 600,000 What goodwill will be recorded? P40,000. P120,000. P160,000. P200,000.   What partnership capital will Eiser have after Davis retires? P100,000. P140,000. P180,000. P220,000.   What partnership capital will Foreman have after Davis retires? P240,000. P300,000. P360,000. P420,000.

1. Which of the following is generally excluded from gross income? a.Dividends b.Rewards c.Partnership income d.Life insurance proceeds paid to the beneficiary e.None of these choices are correct.   2. Sam died on January 15, 2013 and left his wife, Terry, an insurance policy with a face value of $100,000. Terry elected to receive the proceeds over a 10-year period ($10,000 plus interest each year). This year Terry receives $11,500 ($10,000 proceeds plus $1,500 interest) from the insurance company. How much income must Terry report from this payment? a.$1,500 b.$11,500 c.$0 d.$500 e.None of these choices are correct.   3. Marie had a good year. She received the following prizes and awards: - an iPad from The Famous Daytime Talk Show with a fair market value of $500- lottery winnings of $1,000 received in cash- a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident- a $10,000 cash prize from American IdolHow much of her prizes…