Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick? Question 19 options: a) $65,000 b) $ 3,850 c) $58,000 d) $ 7,000
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- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners capital balances prior to Aruns retirement are $60,000 each. Prepare a schedule showing how Aruns withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000. In addition, show the resulting entries to the capital accounts of each of the three.What is the answer? Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance? a. $10,000 b. $20,000 c. $30,000 d. $40,000
- 5. Jackie is a 50% partner in The Lunch Box. She is to receive a guaranteed payment of $30,000. If the partnership's ordinary income before deducting the guaranteed payment is $70,000, what is Jackie's distributive share? a. $15,000 b. $20,000 c. $30,000 d. $35,000Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is $60,000. Josh is admitted as a new partner by investing $50,000 cash. Josh is given a 20% interest in retum for his investment. The amount of the bonus to the old partners is a. $8,000 b. $18,000 c. $0 d. $10,000Lambert invests $20,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,000 before admitting Lambert. What is Lambert's capital after admission? Question 35 options: $18,000 $20,000 $6,667 $11,333
- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammy's admission are $50,000 each. Question Content Area Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: If an amount is zero, enter "0". A. $5,000 Total capital of Arun and Margot $fill in the blank a9a449fdc04f047_1 Investment by new partner, Tammy fill in the blank a9a449fdc04f047_2 Total capital of new partnership $fill in the blank a9a449fdc04f047_3 Tammy's capital credit $fill in the blank a9a449fdc04f047_4 Total bonus to Arun and Margot $fill in the blank a9a449fdc04f047_5 Allocation of bonus to Arun and Margot: Arun $fill in the blank a9a449fdc04f047_6 Margot $fill in the blank a9a449fdc04f047_7 B. $62,000 Total capital of Arun and Margot $fill in the blank a9a449fdc04f047_8 Investment by new partner,…Noelle invests $40,000 in the existing partnership in exchange for 20% interest in capital and 20% interest in profits and losses. The exiting partnership is characterized as follows: Existing partners Capital balances % interest in Capital % interest in Profit Santa $50,000 30% 40% Ana $60,000 70% 60% Under the bonus method, how much of capital granted or charged to Santa? Select one: 6,000 granted (credit) 3,000 charged (debit) 3,000 granted (credit) 4,000 granted (credit)X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits? A $14,000 B $22,000 C $26,000 D $26,667
- Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is $60,000. Josh is admitted as a new partner by investing $50,000 cash. Josh is given a 20% interest in return for his investment. The amount of the bonus to the old partners is 52. $0 b. $18,000 c. $8,000 d. $10,000 a. OBJ: LO: 12-03 DIF: Moderate PTS: 1 ANS: B KEY: Bloom's: Application NAT: BUSPROG: AnalyticThe capital account of the partnership of Lily and Marie at October 31, 2021 are as follows: Lily, Capital P80,000 Marie, Capital 40,000 The partners share profits and losses in the ration of 6:4 respectively. The partnership would like to expand it business and the partners agree to admit Nancy as a partner with one-third in the capital and profits and losses upon her investment of P30,000. Assuming asset) revaluation is to be recognized, what will the capital balance of Marie after the admission of Nancy?2. Use the following information for the next three cases: The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of P12,000 and P8,000, respectively. DA bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. Each partner shall receive 10% interest on average capital investments. TAny remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: AP100,000 B 60,000 C 120,000 Case #1: The partnership earns profit of P100,000. Requirement: Compute for the respective shares of the partners on the partnership profit. Case #2: The partnership earns profit of P10,000. Requirement: Compute for the respective shares of the partners on the partnership profit. Case #3: The partnership incurs loss of P20,000. Requirement: Compute for the respective shares of the partners on the…