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- Waldhart X -than-cash-into-a-partnership-ther 0165345 When a partner invests assets other th Subscribe tou 25. When a partner invests assets other than cash into a partnership, these assets should be listed on the statement of financial position at a. their carrying (book) value. b. their original cost. C. their fair market value. d. the value the investing partner assigns to them. ep-by-step answerLO.2 In the current year, Bill Parker (54 Oak Drive, St. Paul, MN 55164) is considering making an investment of 60,000 in Best Choice Partnership. The prospectus provided by Bills financial planner indicates that the partnership investment is not a passive activity and that Bills share of the entitys loss in the current year will likely be 40,000, whereas his share of the partnership loss next year will probably be 25,000. Write a letter to Bill in which you indicate how the losses would be treated for tax purposes in the current year and the following year.Jlas! Jb 10 Jljull :A partnership agreement .Includes only the company address and capital of each partner .A O .Must be in a verbal form only .B O .Could be in written or verbal forms.C O .Must be in a written form only.D O يقوم الانتقال إلى سؤال آخر يحفظ هذا الرد. ASUS pouse break delete sysrq home Pgup upBd ond backspace num Ik scr Ik P 8. 969 home Pgup enter CASIO fs 991ES PLUS shiftO ch
- developed in part a(3). etd 189fc64d53a0a6a71 PROBLEM C.11 Dividing Partnership Profit and LossLOC-10 Rothchild Furnishings, Inc., has three partners-Axle, Brandt, and Conrad. At the beginning of the current year their capital balances were: Axle, $180,000; Brandt, $140,000; and Conrad, $80,000. The partnership agreement provides that partners shall receive salary allowances as follows: Axle, $10,000; Brandt, $50,000; and Conrad, $28,000. The partners shall also be allowed 12 percent interest annually on their capital balances. Residual profit or loss is to be divided: Axle, one-half; Brandt, one-third; and Conrad, one-sixth. Instructions Prepare separate schedules showing how income will be divided among the three partners in each of the following cases. The figure given in each case is the annual partnership net income or loss to be allocated among the partners. Round calculations to the nearest dollar. a. Income of $526,000. b. Income of $95,000. c. Loss of $32,000. PROBLEM C.12 Who…Quèstion 12 All of the following are characteristics of a partnership, except: O A. is not considered a separate legal entity O B. It has a definite life has two or more owners, and called stockholders OD. the owners are liable for corporation's debtsQ11 A party to a joint venture who has joint control over that joint venture is called______. Select one: a. controller b. manager c. capitalist d. venturer
- 43 0.00 11:19 AY AA, BB, and CC are partners sharing profits and loss in the ratio of 4:3:3, respectively. On January 1, 2019, they decided to liquidate the partnership and the balance sheet were prepared as follows: LIABILITIES and CAPITAL Lkablities 68. oon. CCJoon. AA, copital. AB. copltal. CC. conital. Total kab & copita ASSETS Cosh... Other Assets. P 1.000 F3.000 2.500 1,250 7.225 23.000 3,750 P24 000 Total Asels. P24.000 The Iolowing transactions as aresut of iquidation ware an tolloWs hook value Payment of of ossels Proceed tiquidation hom soe Eaenses P 250 375 500 2.500 Payment Cosh Junuory P6.000 Febnuory 3.500 March P5,250 3,000 5.000 2.500 to Creciton Withheld P1.000 S00 1.250 P3.000 7 S00 6000 April 32. The amount to be received by Partner BB for the month of January? * Your answer 33. The amount to be received by Partner CC for the month of February? * Your answerPB3. LO 15.5 Match each of the following descriptions with the appropriate term related to partnership accounting. A. Each and every partner can enter into contracts on behalf of the partnership i. liquidation B. The business ceases operations. ii. capital deficiency C. How partners share in income and loss iii. admission of a new partner D. Adding a new partner by contributing cash iv. mutual agency E. A partner account with a debit balance v. income sharing ratio20-The objective of preparing Income Statement of partnership is: a. To show drawings of partnership firm b. To show the net profit or loss of partnership firm c. To show the interest on capital of each partner d. To show the capital of each partner
- Philippine Partnership Corporation Cooperative Law Question1 I. A partnership is a separate juridical entity, the shares to be paid out to the partners is necessarily limited only to its total resources II. A partnership must refund the shares of the partners, the amount to be refunded is necessarily limited to its total resources. III. Before the partners can be paid their shares, the creditors of the partnership must first be compensated. After all the creditors have been paid, whatever is left of the partnership assets becomes available for the payment of the partner's shares. a. Only I is correct b. Only II is correct c. All are true d. All are false Question 2 The change in the relation of the parties caused by any partner ceasing to be associated in the carrying on, as might be distinguished from the winding up of, the business. a. Dissolution b. Liquidation c. Termination d. Winding up Question 3 X, Y and Z are partners in XYZ partnership. X and Y contributed P10,000 each…partnership, and any deficiency shall be paid in cash. Problem 3-12 Sole Proprietors Form a Partnership Gabriel and Lucifer decided to combined their respective businesses into a partnership with an agreed total capital of P400,000. The noncash assets contributed by the two parties are as follows: Gabriel Lucifer Accounts receivable Notes receivable Merchandise inventories Furniture Equipment Accounts payable Book value P50,000 10,000 80,000 40,000 30,000 200,000 Fair value Book value Fair value P48,000 10,000 100,000 37,000 25,000 200,000 14,000 P50,000 15,000 P60,000 60,000 70,000 Required: partnership, and any deficiency shall be paid in cash.Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,500 to Ramer and $44,400 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. ces Required: 1. Determine each partner's share given a first-year net income of $109,800 2. Determine each partner's share given a first-year net loss of $27,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net loss of $27,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners < Required 1…