Accounting Partnership Profit And Capital Income Homework Help
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1.On January 1, 2012, the dental partnership of Left, Center, and Right was formed when the partners contributed $20,000, $60,000, and $50,000, respectively. Over the next three years, the business reported net income and (loss) as follows
During this period, each partner withdrew cash of $10,000 per year. Right invested an ad- ditional $12,000 in cash on February 9, 2013.
At the time that the partnership was created, the three partners agreed to allocate all profits and losses according to a specified plan written as follows
• Each partner is entitled to interest computed at the rate of 12 percent per year based on the individual capital balances at the beginning of that year.
• Because of prior work experience, Left is entitled to an annual salary allowance of $12,000, and Center is credited with $8,000 per year.
• Any remaining profit will be split as follows: Left, 20 percent; Center, 40 percent; and Right, 40 percent. If a loss remains, the balance will be allocated: Left, 30 percent; Center, 50 percent; and Right, 20 percent.
Determine the ending capital balance for each partner as of the end of each of these three years.
2.The E.N.D. partnership has the following capital balances as of the end of the current year
Answer each of the following independent questions
a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?
b . Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $280,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners?
3.The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence
Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.
Each partner receives 11 percent interest on average capital investment.
Any residual profit or loss is divided equally.
The average capital investments for 2013 were as follows
How much of the $90,000 partnership profit for 2013 should be assigned to each partner?
4.The C-P partnership has the following capital account balances on January 1, 2011
Com is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Pack after interest of 10 percent is given to each partner based on beginning capital balances.
On January 2, 2011, Hal invests $76,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Com (50%), Pack (30%), and Hal (20%). In 2011, the partnership reports a net income of $36,000.
a. Prepare the journal entry to record Hal’s entrance into the partnership on January 2, 2011.
b. Determine the allocation of income at the end of 2011.
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5. The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence
• Jones, the managing partner, receives a bonus equal to 20 percent of the business’s profit.
• Each partner receives 15 percent interest on average capital investment.
• Any residual profit or loss is divided equally.
The average capital investments for 2011 were as follows
How much of the $90,000 partnership profit for 2011 should be assigned to each partner?
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