Reference no: EM133024833
Questions -
Q1. Anna, Bobby, and Gerry are partners who have capital balances of $480,000, $500,000 and $180,000 respectively. Profit or loss is distributed in the ratio of 4:2:1. Bobby received $260,000 as a result of liquidating the partnership when 60% of the noncash assets of the partnership is realized. The partnership has total assets totaling to $500,000 including $50,000 cash before liquidation. The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. How much is the loss on realization of noncash assets?
Q2. Mom, Bob and Gag are partners with capital balances of $320,000, $450,000 and $520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The entity owes Bob $20,000. Upon liquidation, $390,000 is available for distribution to the partners. How much cash will Mom receive?
Q3. Juanda and Poppy are partners who share profits and losses in the ratio of 3:2 respectively. Juanda's salary is $180,000 and Poppy's is $140,000. The partners are paid interest on their average capital balances where Juanda received interest of $30,000 and Poppy, $15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If Juanda received $280,000 from partnership income, how much was the total partnership income?
Q4. The partners of AAA Partnership are Delia, Nada, and Romina. During the current year, their average capital balances are as follows: Delia - $180,000; Nada - $160,000; Romina - $150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Delia - $50,000 and Nada - $80,000. 3. Nada shall receive bonus of 15% of income in excess of $40,000 after partner's interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Delia, Nada and Romina. How much will Ana receive if the net income earned is $470,000?
|
Applying for start-up funding
: You are starting up a freelance or consulting business and are applying for start-up funding through a private investment firm.
|
|
Calculate the depreciation amount
: All the equipment in use currently was bought on 1 March 2020. The estimated residual value of the equipment is R20,000. Calculate the depreciation amount
|
|
Explain about quantitative data
: Explain about Quantitative Data and how have organizations used it to have a positive impact on people, places, or planets. Reflect on how this new way of think
|
|
Prepare for professional future
: How can you prepare for your professional future in a way that makes you employable; what skills and attributes will help you to be flexible and responsive to a
|
|
How much is the loss on realization of noncash assets
: Anna, Bobby, and Gerry are partners who have capital balances of $480,000, $500,000 and $180,000 respectively. How much is loss on realization of noncash assets
|
|
External analysis using the five forces model
: With respect to Under Armour conduct an e To complete the task, you should answer the questions below. Remember to cite reference
|
|
Compute the labor rate and labor efficiency variances
: Actual labor costs were $109,340 for 7,810 hours. Compute the labor rate and labor efficiency variances for the month of June
|
|
What price do you pay per ounce of silver
: The spot price of silver is at $17.80 and you have not closed out your futures contract. What price do you pay per ounce of silver on the exchange date
|
|
Explain purpose of the five forces model
: 1. What is the purpose of the 5 forces model? Briefly explain each component using yourown words
|