Problem 21-47 (LO 21-4) (Static)[The following information applies to the questions displayed below.]Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides shewants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1.The partnership has no liabilities and holds the following assets as of January 1:CashAccounts receivableStock investmentLandTotalsTax BasisFMV$ 18,000$ 18,000Ө7,50030,00024,00012,00036,000$ 55,500$ 90,000Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.Note: Leave no answer blank. Enter zero if applicable.Problem 21-47 Part b (Static)b. What is Melissa's basis in the distributed assets?BasisCash$6,000Accounts receivable$0Stock investment$4,000Land$12,000

Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:

Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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Required information [The following information applies to the questions displayed below.] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis $ 18,360 7,740 31,200 FMV $ 18,360 0 24,480 12,600 38,400 $ 57,300 $ 93,840 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,780. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Answer is not complete. Basis Cash $ 6,120 Accounts receivable $ Stock investment Land
Required information [The following information applies to the questions displayed below] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1 The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis FMV $ 18,000 0 $ 18,000 7,500 30,000 24,000 12,000 36,000 $ 55,500 $ 90,000 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Cash Accounts receivable Stock investment Land Basis D
Melissa, Nicole, and Ben are equal partners in the Opto Partnership (calendar-year-end). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis Cash Accounts receivable Stock investment Land FMV $19,710 $ 19,710 26,280 8,640 14,850 47,400 $64,050 $106,240 35,700 Totals Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $28.705 (Leave no answer blonk. Enter zero if applicable.) c1. What is the amount and character of Melissa's recognized gain or loss if her outside basis is $12,710 rather than $28,705? c2. What are Melissa's basis in the distributed assets if her basis in Opto Partnership is $12.710 rather than $28,705?
Required information [The following information applies to the questions displayed below.] Melissa, Nicole, and Ben are equal partners In the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and recelves a proportionate distribution to liquidate her partnership Interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis FMV $ 18,008 24, e00 12,e00 $ 18,800 Cash Accounts receivable Stock investment 7,500 30,e00 $ 55, 500 Land 36,e00 $ 90, e00 Totals Melissa recelves one-third of each of the partnershlp assets. She has a basis In her partnership Interest of $25,000. (Leave no answer blank. Enter zero if applicable.) b. What is Melissa's basis In the distributed assets? Basis Cash 6,000 Accounts receivable Stock investment Land
The Morrel & Knoz partnership has the following balances on June 30, 2024: (Click the icon to view the balances.) Morrel and Knoz share profits 1:1, respectively. Morrel and Knoz decide to liquidate the partnership. Journalize the sale of the non-cash assets for $9,000, the payment of the liabilities, and the payment to the partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $9,000. Data table i...... Date Accounts and Explanation Debit Credit 2024 Morrel and Knoz Jun. 30 Balance Sheet June 30, 2024 Assets Liabilities Cash $ 18,000 Accounts Payable $ 18,000 Non-cash Assets 15,000 Partners' Equity Morrel, Capital 6,500 8,500 Knoz, Capital Total Partners' Equity 15,000 2$ 33,000 2$ Total Liabilities and Partners' Equity 33,000 Total Assets Print Done
Current Attempt in Progress Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Required information [The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $100,000, and Matthew's is $35,000. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Cash Inventory Land Totals Cash Inventory Land Tax Basis Basis $ 30,000 5,000 500 $ 35,500 b. What is Megan's basis in the distributed assets? FMV $ 30,000 6,000 1,000 $ 37,000
Problem 21-41 (LO 21-3) (Algo) [The following information applies to the questions displayed below.] Adam and Alyssa are equal partners in the PartiPilo Partnership. The partners formed the partnership three years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: Partner Adam Alyssa Outside Basis $ 16,700 $ 16,700 On December 31 of the current year, the partnership makes a pro rata operating distribution of Partner Adam Alyssa Distribution Cash $ 23,800 Cash $ 10,550 Property $ 13,250 (FMV) ($9,950 basis to Note: Leave no answer blank. Enter zero if applicable. partnership) Problem 21-41 Part a (Algo) a. What are the amount and character of Adam's recognized gain or loss?
On January 1, 2019, David and Enrile decided to form a partnership. At the end of the year, the partnership had a credit balance in its income summary account of P 120,000. The capital accounts of the partnership show the following transactions below. David Balance, January 1 P 300,000 Additional Investment, July 16 80,000 Withdrawal, September 15 ( 30,000) Enrile Balance, January 1 P 250,000 Additional Investment, May 8 100,000 Withdrawal, October 15 ( 75,000) Assuming that an interest if 20% per annum is given on average capital and the balance of the profits is divided equally, how much is the share of Enrile and David in profits for the year 2019?