Alison and her cousin Alec are both CPAs and have been in business together as partners for ten years. Now that they are successful-with the families and personal assets to prove it-they are concerned about being held personally liable for the partnership's obligations. How can they address those concerns?
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5. Alison and her cousin Alec are both CPAs and have been in business together as partners for ten years. Now that they are successful-with the families and personal assets to prove it-they are concerned about being held personally liable for the partnership's obligations. How can they address those concerns?
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- 5. Maria brought in her business to the partnership, the accounts receivable has a P 100,000 balance, it was agreed that the net realizable value of the receivable should be adjusted to P 75,000. What should be the amount of allowance for bad debts? a. 65,000 b. 15,000 c. 25,000 d. 55,00046-Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? General partners will contribute more because they have more money General partners have a distinct legal personality None of the choices are correct General partners have unlimited liability12 Roscoe is insolvent and still owes $60,000 to his personal creditors. The personal creditors now attempt to collect from the partnership, where Roscoe has been a partner. Roscoe has a capital account balance of $15,000. His partner Jordan has a capital account balance of $25,000. The partnership has cash of $200,000 and liabilities of $160,000. How much does Roscoe’s personal creditors have a right to recover from the partnership ?
- Q01. Eric and James are registered domestic partners and are both residents of, and domiciled in, California. Eric makes $47,200, and James makes $46,800. Eric also received $820 in interest income from Eric's investment fund, which he inherited and has maintained as separate property during the partnership. What amount will Eric report on his federal and California returns?1. On May 1, 2008, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Jose contributed a computer that cost him P50,000.Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2008 immediately after the formation of the partnership. What amount should be recorded in Jose's capital account on formation of the partnership?1. X is indebted to the partnership for P10,000.00 and to the managing partner, Y, for P20,000.00. Y was able to collect from X, P6,000.00. How much should Y give the partnership? a. P2,500.00 b. P2,000.00 c. P3,000.00 d P1,500.002. The ZXC Partnership is very successful. However, it was later on discovered that Partner T, the accountant of the partnership, was working as a part-time accountant in a university. What is the remedy of the partnership against T? a. None of the above b. .The partnership may compel A to remit all his salaries. c. The partnership may compel A to resign in the university. d. The partnership may file a criminal complaint of estafa against A
- Please answer the following questions, I really need it now. Thank you so much!!! 1. On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences. 2. On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Suico contributed cash of P300,000 and machinery with a carrying…GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that JINX is to bellowed a salary of P14,000, and GWEN is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to GWEN's capital account?3) Dalia, Stephanie, and Judy were partners under a written agreement made in January that the partnership should continue for ten years. During the same year, Judy being indebted to a Mr. Greene, sold and conveyed her interest in the partnership to Mr. Greene. The partnership paid Mr. Greene $50,000 as Judy's share of the profits for that year, but refused Mr. Greene permission to inspect the books or to come into the managing office of the partnership. Mr.Greene brings an action setting forth the above facts. Explain The Reasons For Your Answer: (a) Does Judy selling her interest in the partnership to Mr. Greene dissolve the partnership? Explain the reason for your answer. (b) To what is Mr. Greene entitled: (1) Inspection of partnership books? (2) Participation in management of the partnership? (3) Account of partnership transactions?
- Donna, Rick, and Daisy are partners sharing profits in a 3:3:4 ratio, respectively. They have been overwhelmed by the amount of work recently and have agreed to admit Bud to the partnership for a cash investment. The current balances in their capital accounts are P60,000, P80,000, and P120,000, respectively. 13. Assuming Bud is given a 20% interest in the partnership for an P80,000 cash investment, the entry to record his investment includes a: a. credit to Bud, capital for P80,000 b. debit to loss on sale of partnership interest for P12,000 C. debit to Daisy, capital for P4,800 d credit to Donna, capital for P3,600 14. Assuming Bud is given a 15% interest in the partnership for a P70,000 cash investment, the entry to record his investment includes a: a. credit to Donna, capital for P6,150 b. credit to Bud, capital for P70,000 C. debit to Rick, capital for P6,150 d. credit to gain on sale of partnership interest for P20,5001) Sharif and Huda were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fatima into the partnership and revalue their assets and liabilities as indicated here under: To bring into record investment of R.O 18,000 which had not so far been recorded in the books of the firm? > To depreciate stock, furniture and machinery by R.O 18,000, R.O 6,000 and R.O 30,000 respectively. > To provide for workmen's compensation of R.O 24,000. Required: show the revaluation account.9. Marites, Marilyn and Melody formed the Tres Marias partnership with the following contributions: Marites - cash P50,000; Marilyn – machines with fair value of P40,000 and book value of P50,000; Melody enough cash and an equipment which is mortgaged at P20,000. If Marites, Marilyn and Melody must have interest in capital and profits and losses in the ratio of 5:4:3, respectively, how much is the total assets after partnership formation? * P140,000 P130,000 P120,000 P100,000 answer not given How much should be Kon