1. Journalizing Partner’s Original Investment Austin Fisher contributed land, inventory, and $19,000

NOTE: We do not resell pre-written papers. Upon ordering a paper, we custom-write an original paper exclusively for you. Please proceed and order an original paper to enjoy top grades.


Order a Similar Paper Order a Different Paper

1. Journalizing Partner’s Original Investment Austin Fisher contributed land, inventory, and $19,000 cash to apartnership. The land had a book value of $72,000 and a marketvalue of $136,000. The inventory had a book value of $73,100 and amarket value of $68,000. The partnership also assumed a $52,000note payable owed by Fisher that was used originally to purchasethe land. Required: Provide the journal entry for Fisher’s contribution to thepartnership. If an amount box does not require an entry, leave itblank. 2. Dividing Partnership Net Income Required: Steve Jack and Chelsy Dane formed a partnership, dividing incomeas follows: Annual salary allowance to Jack of $126,000. Interest of 7% on each partner’s capital balance on January1. Any remaining net income divided to Jack and Dane, 1:2. Jack and Dane had $50,000 and $112,600, respectively, in theirJanuary 1 capital balances. Net income for the year was $225,000.How much is distributed to Jack and Dane? Note: Compute partnership share to two decimalplaces. Round final answers to the nearest whole dollar.

Jack: $

Dane: $ 3. Revaluing and Contributing Assets to a Partnership Demarco Lee invested $58,000 in the Camden & Saylerpartnership for ownership equity of $58,000. Prior to theinvestment, equipment was revalued to a market value of $386,000from a book value of $299,000. Kevin Camden and Chloe Sayler sharenet income in a 1:2 ratio. Required: a. Provide the journal entry for therevaluation of equipment. For a compound transaction, if an amount box does not require anentry, leave it blank. b. Provide the journal entry to admit Lee. 4. Partner Bonus Lilly has a capital balance of $68,000 after adjusting assets tofair market value. Van Ness contributes $39,000 to receive a 45%interest in a new partnershipwith Lilly. Determine the amount and recipient of the partner bonus. 5. Liquidating Partnerships Prior to liquidating their partnership, Fowler and Dunn hadcapital accounts of $31,000 and $45,000, respectively. Prior toliquidation, the partnership had no cash assets other than what wasrealized from the sale of assets. These partnership assets weresold for $91,000. The partnership had $3,000 of liabilities. Fowlerand Dunn share income and losses equally. Determine the amount received by Fowler as a final distributionfrom liquidation of the partnership.

$ 6. Liquidating Partnerships—Deficiency Prior to liquidating their partnership, Short and Bain hadcapital accounts of $10,000 and $37,000, respectively. Thepartnership assets were sold for $17,000. The partnership had noliabilities. Short and Bain share income and losses equally. Required: a. Determine the amount of Short’sdeficiency.

$ b. Determine the amount distributed to Bain,assuming Short is unable to satisfy the deficiency.

$ . . .

"Is this question part of your assignment? We can help"

ORDER NOW
Writerbay.net

Do you need help with an assignment? We work for the best interests of our clients and maintain professionalism to offer brilliant writing services in most of academic fields—ranging from nursing, philosophy, psychology, biology, finance, accounting, criminal justice, mathematics, computer science, among others.


Order a Similar Paper Order a Different Paper