Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP.
Hockey LP
$ 339,000
35,850
Football LP
$ 1,389,900
734,925
(150,000)
$ 374,850
$ 1,974,825
Beginning-year capital balance
Annual net income
Cash distribution
Ending-year capital balance
Compute partner return on equity for each LPand the total) for the year using the above data from Rugged Sports Enterprises LP.
Complete this question by entering your answers in the tabs below.
Return on
Partner Return
Equity
on Equity
Compute partner return on equity for the year using the above data from Rugged Sports Enterprises LP.
Return on Equity.
Rugged Sports Enterprises LP
Choose Numerator:
/ Choose Denominator:
1
1
Total
$ 1,728,900
770,775
(150,000)
$ 2,349,675
=
=
Return On Equity
Equity
Return On
Partnership Income Allocation - Profit-sharing based on beginning, ending, and average capital balances
A summary of changes in the capital accounts of the Kat, Lyn, and Mol partnership for 2016, before closing partnership net income to the capital accounts, is as follows:
Kat Capital Lyn Capital Mol Capital Total Capital
Balance 1/1/2016 $80,000 $80,000 $90,000 $250,000
Investment April 1 $20,000 $20,000
Withdrawal May 1 ($15,000) ($15,000)
Withdrawal July 1 ($10,000) ($10,000)
Withdrawal September 1 ($30,000) (30,000)
$90,000 $65,000 $60,000 $215,000
Required: Determine the allocation of the 2016 net income to the partners…
Admission by Investment of Assets
Partners Quinsay and Buenaventura have capital balances of P100,000 and P40,000 and share income in a ratio of 4:1, respectively. Rementina is to be admitted into the partnership with a 20% interest in the business.
What is the journal entries and computations to record the admission of Rementina for each of the following independent situations:
1. Rementina invested P60,000. Total capital will be P200,000.
2. Rementina purchased the 20% interest by paying Quinsay P22,000 and
Buenaventura P11,000.
3. Rementina invested P32,000. Total capital will be P172,000.
Chapter D Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Prob. 5DQCh. D - Prob. 6DQCh. D - Prob. 7DQCh. D - Prob. 8DQCh. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 1QSCh. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Prob. 4QSCh. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - Prob. 8QSCh. D - Prob. 1ECh. D - Prob. 2ECh. D - Prob. 3ECh. D - Prob. 4ECh. D - Prob. 5ECh. D - Prob. 6ECh. D - Prob. 7ECh. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - Prob. 12ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Prob. 3PSACh. D - Prob. 4PSACh. D - Prob. 5PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 5PSBCh. D - Prob. 3BTN
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