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1.Brenda Wilson, Elizabeth Higgins, and Helen Poncelet form a partnership as a first step in creating a business. Wilson invests most of the capital but does not plan to be actively involved in the day-to-day operations. Higgins has had some experience and is expected to do a majority of the daily work. Poncelet has been in this line of business for some time and has many connections. Therefore, she will devote a majority of her time to getting new clients.
Write a memo to these three partners suggesting at least two different ways in which the profits of the partnership can be allocated each year in order to be fair to all parties.
2.Heidi Birmingham and James T. Roberts have decided to create a business. They have financing available and have a well-developed business plan. However, they have not yet decided which type of legal business structure would be best for them.
Write a report for these two individuals outlining the types of situations in which the corporate form of legal structure would be the best choice.
3.The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work more billable hours each year than Blue. However, Blue has more experience and can charge a higher hourly rate. Red expects to invest more money in the business than Blue.
Build a spreadsheet that can be used to allocate profits and losses to these two partners each year. The spreadsheet should be constructed so that the following variables can be entered
Net income for the year.
Number of billable hours for each partner. Hourly rate for each partner.
Capital investment by each partner. Interest rate on capital investment. Profit and loss ratio.
Use this spreadsheet to determine the allocation if partnership net income for the current year is $200,000, the number of billable hours is 2,000 for Red and 1,500 for Blue, the hourly rate for Red is $20 and for Blue is $30, and investment by Red is $80,000 and by Blue is $50,000. Interest on capital will be accrued each year at 10 percent of the beginning balance. Any remaining income amount will be split 50–50.
Use the spreadsheet a second time but make these changes: Blue reports 1,700 billable hours, Red invests $100,000, and interest will be recognized at a 12 percent annual rate. How do these three changes impact the allocation of the $200,000?
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Aken, Prince, and Bird share profits and losses in the ratio of 2:3:5. They have decided to liquidate their partnership. The partnership balance sheet on January 31, Year 8, is as follows
Assets Liabilities and equities Cash $ 40,000
Liabilities $ 50,000
Non cash assets 200,000
Bird, loan 20,000
Aken, capital 45,000
Prince, capital 75,000
Bird, capital 50,000$240,000 $240,000
Prepare a cash distribution plan for the APB partnership on January 31, Year 8.
During the liquidation of the partnership, the following events occur.
• In February Year 8, noncash assets with a book value of $85,000 are sold for$55,000, and $21,000 is paid to outside creditors of the partnership.
• In March Year 8, the remaining noncash assets are sold for $70,000, and the rest ofthe outside creditors are paid. Liquidation expenses of $3,800 are also paid.
• Cash is distributed to partners at the end of each month.
Calculate the amount that each partner received in both February and March.
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