Xavier and Yolanda have original investment of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding income; interest on original investment at 10%, salary allowances of $27,000 at $18,000 I have the remaining income how much of the net loss of $6000 alligator to Yolanda?

Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $42,100 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emmett and Sierra had $21,600 and $133,600, respectively in their January 1 capital balances. Net income for the year was $232,800. How much net income should be distributed to Emmett?

PT Partnership begins with 2 partners. Parrot contributes assets with a FMV of $50,000 and an adjusted basis of $10,000, and Troy contributes accounting services of $50,000. What income must Ava and Rose pick up on their individual tax returns? Parrot Troy

Robert and Matthew have a partnership agreement which includes the following provisions regarding sharing net income or net loss: 1. A salary allowance of $47,600 to Robert and $36,400 to Matthew. 2. An interest allowance of 10% on capital balances at the beginning of the year. 3. The remainder to be divided 70% to Robert and 30% to Matthew. The capital balance on January 1, 2020, for Robert and Matthew was $99,000 and $135,000, respectively. During 2020, the Robert and Matthew Partnership had sales of $496,000, cost of goods sold of $285,000, and operating expenses of $84,000. Prepare an income statement for the Robert and Matthew Partnership for the year ended December 31, 2020. As a part of the income statement, include a Division of Net Income to each of the partners.

Xavier and Yolanda have original investments of $54,900 and $100,100, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $26,200 and $31,100, respectively; and the remainder to be divided equally. How much of the net income of $115,300 is allocated to Xavier?

Barry and Kurt are equal partners in the BK partnership. Barry receives a guaranteed payment of $57,000. In addition to the guaranteed payment, Barry withdraws $11,000 from the partnership. The partnership has $25,600 in ordinary income during the year. a. How much income must Barry report from the BK  partnership? b. What is the effect of the distribution on Barry's partnership basis? a. income to Barry   b. Barry's partnership basis

Katherine invested $80,000 this year to purchase a 30% interest in the KLM Partnership. The partnership reported $200,000 of net income from operations, a $2,000 short-term capital loss, and a $10,000 charitable In addition, the partnership distributed $20,000 to Katherine and $10,000 each to partners Lauren and Missy. Assuming the partnership has no beginning or ending liabilities, what is Katherine's basis in her partnership interest at the end of the year?

Problem 11-11 (Algo) Review problem—understanding liquidity measures LO 1 Assume that the current ratio for Arch Company is 2.5, its acid-test ratio is 1.5, and its working capital is $390,000. Answer each of the following questions independently,always referring to the original information.Required: How much does the firm have in current liabilities? (Do not round intermediate calculations.) If the only current assets shown on the balance sheet for Arch Company are Cash, Accounts Receivable, and Merchandise Inventory, how much does the firm have in Merchandise Inventory? (Do not round intermediate calculations.) If the firm collects an account receivable of $117,000, what will its new current ratio and working capital be? (Round "Current ratio" to 1 decimal place.) If the firm pays an account payable of $53,000, what will its new current ratio and working capital be? (Do not round intermediate calculations. Round "Current ratio" to 1 decimal place.) If the firm sells inventory that…

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Jerry and Sherry own and operate a partnership. Jerry's capital balance is $50,000 and Sherry's is $55,000. Jerry and Sherry decided to admit a new partner, Allison, to their partnership. By the terms of their partnership agreement, Jerry and Sherry share income/ loss equally, Allison intends to contribute $40,000 to receive a Twenty-five percent interest in the partnership. Required: a. Revalue the partnership assets b. Determine the total equity of the partnership after the new partner is admitted c. Determine the new partner's share of the total equity d. Determine the bonus resulting from Allison's equity of her contribution e. Make journal entries to rccord Allison's admission to the partnership