2:19 Oי 0ס42docs.google.com/formsProblem B: OperationGeeHan partnership begins its first year of operationswith Gee, capital of 160,000 and Han capital of 80,000.According to the partnership agreement, all profits willbe distributed as follows:a. Gee will be allowed a monthly salary of P10,000b. The partners will be allowed with interest equal to10% of the capital balance as of the first day of the year.c. Gee will be allowed a bonus of 10% of the net incomeafter salaries.d. The remainder will be divided on the basis of 60:40 forthe first year and 50:50 for the second year.Assume further, that the partnership generated NetIncome of P320,000 for the first year and P200,000 forthe second year.4. What is the share of Han in the netincome for the first year?Your answer5. What is the share of Gee in the netincome for the first year?Your answer6. How much is the share of Han in the netincome for the second year?Your answer7. What is the share of Gee in the netincome for the second year?Your answer

The partnership comes into existence when two or more persons agree to do the business together and…

Problem B: Operation GeeHan partnership begins its first year of operations with Gee, capital of 160,000 and Han capital of 80,000. According to the partnership agreement, all profits will be distributed as follows:

Problem B: Operation GeeHan partnership begins its first year of operations with Gee, capital of 160,000 and Han capital of 80,000. According to the partnership agreement, all profits will be distributed as follows:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

8 A, B and C formed a partnership on January 1, 2007 with investments of $200,000, $300,000 and $400,000 respectively. The profit and loss sharing ratio is 20% for A, 30% for B and 50% for C. For division of income, they have agreed: 1. interest of 10% of beginning capital balance each year 2. annual compensation of $10,000 for B. The partnership earns $500,000 in its first year of operation. Each partner draws $1000 a month. What is B’s share of the net income What is C’s capital balance at the end of the first year
Dividing Partnership Income Black and Shannon have decided to form a partnership. They have agreed that Black is to invest $255,000 and that Shannon is to invest $85,000. Black is to devote one-half time to the business, and Shannon is to devote full time. The following plans for the division of income are being considered: Equal division. In the ratio of original investments. In the ratio of time devoted to the business. Interest of 5% on original investments and the remainder equally. Interest of 5% on original investments, salary allowances of $50,000 to Black and $75,000 to Shannon, and the remainder equally. Plan (e), except that Shannon is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances. Required: For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $157,000 and (2) net income of $215,000. Round answers to the nearest whole dollar. (1) (2)…
i need the answer quickly
Direction: Answer the following questions in problem 3: [6,7,8]
Price, Waterhouse, and Coopers complete their first year of business as a partnership. The partners offer auditing, tax, and advisory services. Use the Tableau Dashboard to determine allocation of income. Select Industry → _A__B_ __C_ Owner Initial Investments Waterhouse Price $250,0... $225,0... $200,0... $175,0... $150,0... $125,0... $100,0... $75,000 $50,000 $25,000 revenue Revenues 带+ableau Coopers Advisory services Auditing revenue Tax services revenu Owner Withdrawals Price Waterhouse Coopers $0 $1,000 $2,000 $3,000 $4,000 Expenses Salaries expense Advertising expense Insurance expense Rent expense Supplies expense ņ 回 1. For Industry C, compute the partnership's net income. 2. For Industry C, determine each partner's share of income assuming the partners did not agree on a plan and therefore share income equally.
The ABC partnership has three equal partners, A, B, and C, and the following balance sheet: Assets Partner's Capital Adj. Basis FMV Adj. Basis FMV Cash 60,000 60,000 A 70,000 80,000 Cap Asset 1 90,000 60,000 B 70,000 80,000 Cap Asset 2 40,000 60,000 C 70,000 80,000 Cap Asset 3 20,000 60,000 210,000 240,000 210,000 240,000 A receives capital asset #1 in an operating distribution. A has a one-ninth interest worth $20,000 in the partnership capital and profits after the distribution. (a) What results to A and the partnership if there is no §754 election? Reconstruct the balance sheet after the distribution. (b) What results to A and the partnership if the partnership has made a §754 election? Reconstruct the balance sheet after the distribution. (c) How should any basis adjustment be allocated among the partners?
Manji
Provide complete solutionsa. ₱48,000 b. ₱100,000 c. ₱136,000 d. ₱160,000
EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 1. Cash contribution amounting to $45,000 each. 2. Kim contributed $35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed $15,000 cash and a delivery vehicle with a fair market value of $195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. 3. Kim contributed $10,000 cash and furniture and fixtures with carrying value of $32,000. Krislam contributed $5,000 cash and a building with a fair market value of $295,000 and an unpaid mortgage of $27,500. Kim and Krislam agreed that building is undervalued by $9,000. 4. Kim contributed $25,000 cash, a store equipment with fair market value of $47,000, and delivery vehicle with a fair market value of $175,000. Krislam, an industrial partner, was to contribute her…
1. 2. EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 3. Page 4. 9 Cash contribution amounting to P45,000 each. Kim contributed P35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. Kim contributed P10,000 cash and furniture and fixtures with carrying value of P32,000. Krislam contributed P5,000 cash and a building with a fair market value of P295,000 and an unpaid mortgage of P27,500. Kim and Krislam agreed that building is undervalued by P9,000. Kim contributed P25,000 cash, a store equipment with fair market value of P47,000, and delivery vehicle with a fair market value of P175,000. Krislam, an industrial partner, was to contribute…
Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed Text
a. Prepare a profit distribution account for the year ended 31 October 2021. b. Prepare the partners' current accounts (in columnar form) for the year to 31 October 2021. c. (Note: All the figures must be rounded up to the nearest RM) note i need the answer in full format thank you