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The capital balance for Maxwell is $110,000 and for Russell is $40,000. These two partners share
capital balance after Evan’s investment? Choose the correct.
a. $35,000
b. $37,000
c. $40,000
d. $43,000
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- The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000The capital balance for Maxwell is $110,000 and for Russell is $40,000. These two partners share profits and losses 70 percent (Maxwell) and 30 percent (Russell). Evan invests $50,000 in cash into the partnership for a 30 percent ownership. The bonus method will be used. What is Russell’s capital balance after Evan’s investment?a. $37,000b. $35,000c. $40,000d. $43,000
- Choose the correct.The capital balance for Messalina is $210,000 and for Romulus is $140,000. These two partners share profits and losses 60 percent (Messalina) and 40 percent (Romulus). Claudius invests $100,000 in cash in the partnership for a 20 percent ownership. The bonus method will be used. What are the capital balances for Messalina, Romulus, and Claudius after this investment is recorded?a. $216,000, $144,000, $90,000b. $218,000, $142,000, $88,000c. $222,000, $148,000, $80,000d. $240,000, $160,000, $100,000Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $180,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Smart is investing $120,000 cash. The balance of Maxwell's Capital account will be: Multiple Choice $180,000. $124,000. $56,000. $64,000. $60,000.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 retum for his investment. The amount of the bonus to the old partners is a. $8,000 b. $18,000 c. $0 d. $10,000
- 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. Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $90,000. How much cash should be distributed to Adriana?a. $50,000b. $20,000c. $30,000d. $45,0001. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively. They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution? Justify your answer by showing your solution.2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively:Other Assets P500,000Emman, loan 20,000Total P520,000Accounts Payable P120,000Joseph, Capital 220,000Emman, Capital 180,000Total P520,000The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.
- Choose the correct. Bishopapital balance of $120,000 in a local partnership, and Cotton has a $90,000 balance. These two partners share profits and losses by a ratio of 60 percent to Bishop and 40 percent to Cotton. Lovett invests $60,000 in cash in the partnership for a 20 percent ownership. The goodwill method will be used. What is Cotton’s capital balance after this new investment?a. $99,600b. $102,000c. $112,000d. $126,000Ritz , Von, and Lara are partners with capital balances of P20,000, P30,000, and P50,000 respectively. They share income in the ratio of 1:2:3. Income Summary with a debit balance of P30,000 is to be closed to the capital accounts. A gain is recognized for Ritz in the amount of P3,000. The amount of cash she would be getting from the partnership upon withdrawal would be?Amy, Bob, and Cindy are partners with capital balances of $100,000, $60,000 and $80,000 and who share in the profit and loss of the ABC pip 40 17 and 20%, respectively, who they ag David for a 20% interest. If David contributes $70,000 to the partnership and the bonus method is used, what would Cindy capital balance of evid O $76,000 O $91,000 O $84,000 O $69,000