Accounting Partnership Profit And Capital Income Homework Help
- August 18, 2017
- Posted by:
- Category: Accounting QA
Best UK USA UAE Australia Canada China Accounting Partnership Profit And Capital Income Homework Help Service Online
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
2012 | $(30,000) |
2013 | 20,000 |
2014 | 40,000 |
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
Pineda | $230,000 |
Adams | 190,000 |
Fergie | 160,000 |
Gomez | 140,000 |
Total capital | $720,000 |
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
Jones | $ | 195,000 |
King | 390,000 | |
Lane | 585,000 | |
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, Capital | $150,000 |
Pack, Capital | 110,000 |
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.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
Our Clients
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
Related Services
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
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
Jones | $100,000 |
King | 200,000 |
Lane | 300,000 |
How much of the $90,000 partnership profit for 2011 should be assigned to each partner?
Product Code: ACC259
Looking for Accounting Partnership Profit And Capital Income Homework Help , please submit your details here with product code mentioned above.