User Account

All Pages

What is the partnership agreed capital

Assignment Help Accounting Basics
Reference no: EM132785739

Problem 1: The Mac-Don-Ald Partnership is being liquidated. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: MAC: Capital - ?33,000, Loans Payable -?7,000, P&L Ratio - 2; DON: Capital - ?42,000, P&L Ratio - 3; ALD: Capital - ?95,000, Loans Receivable -?15,000, P&L Ratio - 5. The second cash payment to any partner/s under program of priorities shall be made thus:

A. To Ald - ?10,000
B. To Mac - ?6,000
C. To Mac -?4,000
D. To Mac -?4,000 and Ald -?10,000

Problem 2: Bea and Gerald are partners who has a capital of ?90,000 each and share profits and losses equally. The offer is to admit Julia for one-third interest in the firm upon her investment of an amount equal to the agreed capital as a new partner. What is the partnership's agreed capital?

A. ?180,000
B. ? 90,000
C. ?135,000
D. ?270.000

 

Reference no: EM132785739

Questions Cloud

Different modes of action of antimicrobial drugs : A. Name and describe the different modes of action of antimicrobial drugs. Provide one example for each mode of action.
Explain why nitrate determination is important : Explain why nitrate determination is important when assessing an effluent discharging into an aquatic ecosystem.
Make statement of changes in partners capital for the year : Make statement of changes in partners' capital for the year ended December 31, 2016. (Round answers to 0 decimal places, e.g. 5,125.)
What is the net realizable value of the receivables : If Alpha Gym estimates 2% of revenue as bad debts, what is the net realizable value of the receivables which should be presented in the statement of financial
What is the partnership agreed capital : One-third interest in the firm upon her investment of an amount equal to the agreed capital as a new partner. What is the partnership's agreed capital?
Difference between the molecular infection biology : What is the difference between the molecular infection biology (MIB) and evolution biology (Evt) approaches to understanding infectious disease?
What the cash distribution to partners would be : What the cash distribution to partners would be? The total liabilities of the partnership amount to ?200,000, and all assets available are non-cash assets
Major possible and real sources of contamination : 1) Name 4 major possible and real sources of contamination in your current environment.
Explain the two main contributions of the algae : Explain the difference between an intermediate host and a definitive host

Reviews

Write a Review

Accounting Basics Questions & Answers

  Anthony and latrisha are married and have two sons james

anthony and latrisha are married and have two sons james age 25 and jonas age 13. both sons are properly claimed as

  On what date does a qualified stock purchase occur

For purposes of the § 338 election, on what date does a qualified stock purchase occur? What is the due date for making the § 338 election

  What is the amount of cash to be included in the august 31

the august 31 balance shown on the bank statement is 9810. b. there is a deposit in transit of 1260 at august 31. c.

  What would be the adjusted cost of goods sold

Assuming that any overhead variance is closed to (i.e., added to or subtracted from) the Cost of Goods Sold account, what would be adjusted Cost of Goods Sold

  Economic and tax advantages of business expansion

Describe and evaluate some of the economic and tax advantages of business expansion. How do economic and tax implications of expansion influence decisions on whether to expand or not, and if expansion is undertaken, how do these implications shape..

  What would be the loss accrual

Sue Co. has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. The loss accrual should be:

  Compute the correct cost of goods sold for each year

Compute the correct cost of goods sold for each year - Brooks Hardware reported cost of goods sold

  Solve problem using comparative statement data

Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal.

  Compute the cost of the ending inventory

At the end of the year, Lisa had 146 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO

  Calculate hawaii-blues total obligation to tourists at the

accounting for prepaid expenses and unearned revenues. hawaii-blue began business on january 1 of the current year and

  Discuss about the internal revenue code

Is the Internal Revenue Code responsible for the backdating problem? Did Code Sec. 162(m), which restricts the deductibility of nonperformance-based executive.

  Complete the federal income tax return for sarah hamblin

Please complete the 2016 federal income tax return for Sarah Hamblin. Be sure to include only required tax forms when completing the tax return

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd