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23 Nov 2019

A partner will have the same profit-sharing, loss-sharing, andcapital-sharing ownership percentages. a. True b. False

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Nestor Rutherford
Nestor RutherfordLv2
10 Jul 2019
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Reed, Sharp and Tucker were partners with capital accountbalances of 100,000 and 32,000, 28,000, respectively. Before theadmission of Upton, the profit and loss sharing ratio was 2:3:2.The partners agreed to use the bonus method to account for theadmission of Upton to the partnership. Upton is investing $14,000for a 15% ownership. Required: Prepare the journal entry to recordthe admission of Upton to the partnership.

23. Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.

What was Wasser's total share of net income for 2012?
A. $63,000.
B. $53,000.
C. $58,000.
D. $29,000.
E. $51,000.

24. Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.

What was Nolan's total share of net income for 2012?
A. $63,000.
B. $53,000.
C. $58,000.
D. $29,000.
E. $51,000.

25. Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.

What was Cleary's total share of net income for 2012?
A. $63,000.
B. $53,000.
C. $58,000.
D. $29,000.
E. $51,000.

​Ronald, Ross, and Carol opened a partnership firm. Ronald has acapital of​ $77,000; Ross has a capital of​ $119,000; and Carol hasa capital of​ $91,000. Ronald decided to withdraw from thepartnership and received​ $86,000. Which of the following will beincluded in the journal entry to record​ this? (Assume an equal​profit-loss sharing between the existing​ partners.) A. ​Carol,Capital is debited for​ $4,500. B. ​Ross, Capital is credited for​$4,500. C. Cash is credited for​ $9,000. D. ​Ross, Capital isdebited for​ $9,000.

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