Financial Accounting Partners Distributive Share Homework Help
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1.Prepare all the necessary journal entries to record the following transactions: 1. Sale of a 20 year convertible bond (dated March 1, 2001) with a face value of $1,000,000, interest rate 5%. The bonds were sold 4 months later on June 30, 2001 at 98 plus accrued interest of $16,667 ($1,000,000 x 5% x 4/12). Brokers fees and other bond issue costs such as printing and legal fees totaled $8,320. Interest is paid semi-annually March 1 and September 1: Record the journal entries for the following dates: June 30, 2001; July 31, 2001; August 31, 2001; September 1, 2001. 2. On June 1, 2002 (11 months after the bonds were issued), 2% or $20,000 of the bonds in item 1 above are converted to 120 shares of $100 par value common stock. Prepare the journal entries to record the conversion on June 1, 2002. (Use book value method). 3. Additional newfacts: On June 1, 2002, a company purchased on the open market $20,000 of a company’s non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of “60” ($12,000 cash) plus accrued interest. The purchase or sale of non-convertible bonds with detachable stock purchase warrants follows the following rule: the market value of detachable warrants must be shown separately – to compute gain or loss. Thus, bonds issued with non-detachable stock purchase warrants would show the “difference’ from “carrying value” as an “extraordinary gain or loss.” Prepare the journal entries to record the purchase on the open market on June 1, 2002. Show support for the bond payable discount by preparing an amortization schedule.
2.Partner’s Distributive Share.
Helen is a member of a partnership that reports ordinary income of $68,000 for the current taxable year. Helen’s distributive share of the partnership income is $34,000, of which she withdrew $18,000 during the year. Compute the amount Helen should report as income from the partnership when preparing her personal income tax return for the year.
3.Partnership Charitable Contributions.
Leona and Calley operate a placement service as partners, sharing profits and losses equally. During the current calendar year, the partnership contributes $3,000 to Calley’s alma mater, State University. The partnership treats this contribution as an expense in computing its $47,500 profit from operations.
a. Is the partnership entitled to treat the contribution to State University as a deduction from ordinary income in the partnership return?
b. What is each partner’s distributive share of ordinary income from the partnership?
c. Can each partner claim a deduction on her personal income tax return for the contribution the partnership made to State University? If so, how much?
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4. Fred and Ken are general partners in a business sharing profits and losses 60% and 40%, respectively. The partnership uses a calendar year. Ken files his individual return on the basis of the calendar year. The partnership’s ordinary income for the year is $140,000 (after deducting partners’ guaranteed payments). During the year, each partner received a guaranteed payment of $8,000 per month. Compute the amount of partnership income Ken should report on his personal income tax return. How much of this amount is subject to self-employment tax?
5. Business Entity Problem
This problem is designed for those using the “business entity” approach. The solution may require information from Chapters 15 and 16. Tom is a general partner in a partnership that reports ordinary income of $80,000. His distributive share of partnership ordinary income is $40,000. During the year his guaranteed payments were $30,000 and he withdrew $25,000 from the partnership
a. What amount would be subject to social security and Medicare taxes? Explain.
b. Is the partnership responsible for withholding income taxes and FICA taxes on the partner’s earnings? Explain how these taxes are paid to the government.
c. How would your answers to Parts a. and b. change if the business was operated as an S corporation?
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