Question
In: Accounting
1. . A, B, and C are partners. Each originally contributed $5,000 to the partnership. If,...
1. . A, B, and C are partners. Each originally contributed $5,000 to the partnership. If, after dissolution and liquidation, the firm's assets are $100,000 and its debts to creditors are $40,000, how much will be C's share of the assets if according to the partnership contract they are to be divided equally among the partners? Explain.
2. Without authority from his co-partners B and C, and in breach of their partnership agreement, A assigns a truck owned by the firm to Z, a creditor of A. Z demands the truck. The partners B and C refuse to relinquish it. Can the partnership be dissolved? Explain.
3. For 1992, XYZ Limited Partnership has a $50,000 loss. Carol is a limited partner of the firm. Must Carol pay for a share of this loss from her personal assets? Explain.
4. Bob, Carol, Ted, and Alice agree to for a limited partnership. They are prepared to execute and sign a certificate but are unsure what is required by the Uniform Limited Partnership Act. Explain to them what a certificate of limited partnership contains.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Partners A, B, C and D each contribute $100,000 for 25% of the ABCD partnership. The...
Partners A, B, C and D each contribute $100,000 for 25% of the ABCD
partnership.
The
partners all meet the three tests for economic effect, and the four
tests for allocation of nonrecourse deductions are met as
well.
They use
the $400,000 cash and $3,600,000 of nonrecourse financing to buy a
building that is depreciable over 20 years on a straight line
basis.
Income
equals expenses in all years, except for depreciation,
which is allocated completely to D.
How much...
The ABC partnership has three partners, A, B, and C, who each has an equal interest...
The ABC partnership has three partners, A, B, and C, who each
has an equal interest in partnership capital, profits, and losses.
To pay off expenses incurred by the partnership, C contributed
additional capital on October 31 of the current year. As a result
of C's contribution, the partners' interests in the partnership
capital, profits, and losses changed to 25% for A, 25% for B, and
50% for C. The partnership is an accrual method, calendar year
taxpayer.
a) If...
A, B and C are general partners in ABC partnership. X is a debtor to the partnership in the amount of P180,000.
A, B and C are general partners in ABC partnership. X is a debtor to the partnership in the amount of P180,000. A received from the debtor X the sum of P60,000 and issued a receipt identifying the amount collected as P60,000.a. A cannot be compelled to share the P60,000 with B and C.b. A can be compelled to share with B and C their P60,000.c. B and C should automatically sue X to collect the P120,000.d. B and C...
Luis and Jennifer formed the JL Partnership as equal partners. Each partner contributed cash and property...
Luis and Jennifer formed the JL Partnership as equal partners.
Each partner contributed cash and property with a value of $80,000
for partnership operations. As a result of these contributions,
Luis had a basis of $80,000 and Jennifer a basis of $60,000 in
their partnership interests. At the end of their first year of
operations, they had the following results: Gross sales $110,000
Cost of goods sold 75,000 Rent expense 18,000 Employees’ salaries
20,000 Utilities 3,000 Charitable contribution 500 Section...
A and B are equal partners in a personal services partnership. Each partner acquired her partnership...
A and B are equal partners in a personal services partnership.
Each partner acquired her partnership interest for cash several
years ago. None of the partnership’s asset sis Section 704(c)
property. The partnership has the following balances sheet:
Assets
Liabilities and Partnerships' Capital
A.B.
FMV
cash
13,000
13,000
Liabilities
2,000
capital
assets
Capital
A.B.
FMV
collectibles
1,000
3,000
A
10,000
15,000
Other
6,000
2,000
B
10,000
15,000
Subtotal
...
A and B are equal partners in a personal services partnership. Each partner acquired her partnership...
A and B are equal partners in a personal services partnership.
Each partner acquired her partnership interest for cash several
years ago. None of the partnership’s assets is Section 704(c)
property. The partnership has the following balance sheet:
Assets
Liabilities and Partners’ Capital
A.B.
F.M.V.
A.B.*
F.M.V.
Cash
$13,000
$12,000
Liabilities:
$2,000
Capital
Assets:
Capital:
Collectibles
1,000
3,000
A
$10,000
15,000
Other
6,000
2,000
B
10,000
15,000
Subtotal
7,000
5,000
Receivables
0
14,000 ...
Jim, one of two equal partners of the JJ Partnership, a general partnership, contributed business property...
Jim, one of two equal partners of the JJ Partnership, a general
partnership, contributed business property with an adjusted basis
to him of $15,000 and a fair market value of $10,000 to the JJ
Partnership. Jim’s capital account was credited with $10,000. The
property later was sold for $12,000. As a result of this sale, how
much gain or loss must Jim report on his personal income tax
return? a. $1,000 gain b. $1,500 loss c. $2,000 gain d. $3,000...
On January 1, Kirk, Picard, and Sisko formed S. T. Enterprises, a partnership. The partners contributed:...
On January 1, Kirk, Picard, and Sisko formed S. T. Enterprises,
a partnership. The partners contributed: Kirk-Cash
$14,000; Picard-Cash $49,000 and Land $62,000; Sisko-Equipment
$83,000. They share profits and losses 3:2:1, respectively.
Prepare journal entry:
A, B and C are equal partners in the ABC partnership which has the following balance...
A, B and C are equal partners in the ABC partnership which has
the following balance sheet:
Assets
Partners’ Capital
A.B.
F.M.V.
A.B. F.M.V.
Cash
$6,000
$6,000
A
$12,000 $18,000
A/R
0
9,000
B
12,000 18,000
Inventory
18,000
18,000
C
12,000 18,000
Land & Building
6,000 12,000
Equipment
6,000 9,000
$36,000
$54,000
$36,000 $54,000
The partnership distributes the $9,000 worth of accounts
receivable to A and $18,000 worth of inventory equally ($9,000
each) to B and...
1. Under a partnership, the partners have ________ for partnership debts. A. limited liability B. unlimited...
1. Under a partnership, the partners have ________ for
partnership debts.
A. limited liability
B. unlimited liability
C. no liability
D. limited personal liability
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