On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $304,000 cash Lavoi $202,000 land $144,900 building Contribution Profit sharing Cash withdrawal March 20, 2023 $184,800 salary allowance View transaction list 5% of original capital investments 40% of remaining 5% of original capital investments 60% of remaining $129,800 Net Income during the year was $509,600 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022

EXERCISE 8-10. Problem Solving 2: Gain or loss on realization of non-cash assets; capital deficiency absorption. Joshua, Daniel, and Martha were partners sharing profit and losses in the ratio of 1:2:1, respectively. On March 15, 2019, they decided to liquidate. Capital balances of Joshua, Daniel, and Martha were P215,000, P75,000, and P85,000, respectively. Liabilities amounting to P100,000 had yet to be settled. Total assets, inclusive of P35,000 cash, totaled P475,000. All non-cash assets were sold for only 30% of their book values. Liquidating expenses of P5,000 were also incurred. It was also determined that all partners, except Daniel, were solvent. REQUIRED: 1. How much was the gain or loss on non-cash asset realization? 2. How much cash should Martha infuse to satisfy the liquidation process of the partnership?

The following data pertain Ali,Saeed partnership for the first year of operations: Revenues OR360,000 Cost of goods sold OR150,000 Salaries expenses OR25,000 Interest expenses OR3,000 OR8,000 (for Insurance policy two years) The net income for the first year will be: Select one: a. OR178,000 b. OR174,000 C. OR210,000 d. OR182,000

How much cash must be contributed by each of the partners after they contributed their properties