QUESTION 17 Tri-State Fitness, Inc. licenses Exercise, Inc., pursuant to a contract, the right to operate a Tri-State Fitness gym. This is O a. a sole proprietorship. Ob. a principal-agent relationship. Oc. a franchise. Od. a free agent relationship.
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- Problem #3 Admission by Investment of Assets After the tangible assets have been adjusted to fair values, the capital accounts of Rey Refozar and Rogelio Ceradoy have balances of P75,000 and P125,000, respectively. Elmer Dimayuga is to be admitted to the partnership, contributing P50,000 cash to the partnership, for which he is to receive equity of P65,000. All partners share equally in profit. Required: 1. Prepare the journal entry to record the admission of Dimayuga who is to receive a bonus of P15, 000. 2. Calculated the capital balance of each partner after the admission of the new partner.Problem #3 Admission by Purchase of Interest or Investment of Assets Dolores Aguilar, Isolde Sustrina, and Beth Bigalbal are partners in Cavite Realty Company. Their capital balances as at July 31, 2019, are as follows: Aguilar, Capital - 450,000Sustrina, Capital- 150,000Bigalbal, Capital- 300,000 Each partner has agreed to admit Nelia Pascual to the partnership. Required: Prepare the entries to record Pascual’s admission to or Aguilar’s withdrawal from the partnership under each of the following conditions: Pascual paid Aguilar P125,000 for 20% of Aguilar’s interest in the partnership. Pascual invested P200,000 cash in the partnership and received an interest equal to her investment. Pascual invested P300,000 cash in the partnership for a 20% interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances. Pascual invested P300,000 cash in the partnership for a 40% interest in the business. The original partners gave Pascual a…MC: Topic: Income Taxation Which of the following is considered a “constructive receipt” of gross income? * A partner’s share in the income of the general professional partnership is credited to his capital account. Payment for the sale is deposited by buyer to the seller’s bank account. Cancellation of debt of employee by employer in consideration of friendship. A and B only All of the above
- Chris Gray, Bryson Alef, and Nick Pirollo are founding partners of their company, Scholly. Assume that Chris, Bryson, and Nick decide to expand their business with the help of general partners. Required 1. What details should Chris, Bryson, Nick, and their future partners specify in the general partnership agreements? 2. What advantages should Chris, Bryson, Nick, and their future partners be aware of with respect to organizing as a general partnership? 3. What disadvantages should Chris, Bryson, Nick, and their future partners be aware of with respect to organizing as a general partnership?QUESTION 1 Petu, Mika and Simon are in a partnership and share profits or losses in the ratio 3:2:1. Petu, Mika and Simon received salaries of N$120 000, N$100 000 and N$80 000 respectively as well as 10% interest on the opening balance of their capital. Petu received an entertainment allowance of N$20 000. Apele is the general manager. PMS PARTNERSHIP Statement of financial position as at 31 December 2019 ASSETS N$ N$ Non-current assets Land and building 420 000 Vehicles 100 000 Total non-current assets 520 000 Current assets Inventories 10 000 Receivables 50 000 Cash and cash equivalents 110 000 Total current assets 170 000 Total assets 690 000 EQUITY AND LIABILITIES Equity Capital: 420…16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to partners' personal assets. The partnership has a limited life. Partners are taxed on partnership withdrawals. A partner can bind the partnership to contracts. All partners must agree before the partnership can act.c
- Q8 ABC Bakers is a partnership concern owned and operated by Mr. X and Mr. Y. Identify the option that reflect the correct treatment of accounting transaction in the books of ABC Bakers? Select one: a. Mr. X borrowed Mr. Y money from a partnership’s bank account to buy a car for personal use: Debit vehicle; Credit Bank b. Mr. Y purchased an oven for the bakery using his personal credit card: Debit Oven (Asset); Credit Equity Capital c. Mr. X paid his house rent from the business bank account. Debit Rent expense; Credit Bank B d. Mr. Y paid out of buA partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partner