Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 11.00

Jeanette, Barry

Use the following information for questions 1 to 5.On January 1, Year 2, Jeanette, Barry, and Len decided to form a partnership toproduce and market Jeanette’s newest invention. The partners agreed to the followingterms:Contributions Salaries Profit sharing ratioJeanette 250,000 35,000 40%Barry 150,000 25,000 30%Len 200,000 30,000 30%Interest was to be accrued at 7% on opening capital balances each year. Duringthe year, each partner drew $20,000 from the firm.At the end of Year 5, the partnership balances are as follows:Jeanette 650,000Barry 450,000Len 500,0001. Assume that at the end of the Year 2, the partnership reported net income of$156,000. Which of the following is the amount that would be reported forJeanette’s capital account at December 31, Year 2?a. $291,400b. $292,100c. $292,400d. $312,1002. Assume that at the end of the Year 2, the partnership reported net income of$105,000. Which of the following is the amount that would be reported forBarry’s capital account at December 31, Year 2?a. $157,400b. $161,000c. $173,600d. $177,400Each of the next three questions should be considered independently.3. On January 1, Year 6, Yvonne purchases one-half of Jeanette’s interest in thepartnership for $400,000. The partners feel that the assets cannot be individuallyreassessed, but they want to revalue the partnership and record goodwillbased on Yvonne’s payment. Which of the following would be reported asLen’s capital account immediately after the admission of Yvonne into thepartnership?a. $500,000b. $612,500c. $625,000d. $700,000CHAPTER 15 ACCOUNTING FOR PARTNERSHIPS 254. On January 1, Year 6, Yvonne contributes $400,000 cash to the partnershipfor a 25% interest. The partners wish to use the bonus method to recordYvonne’s interest. What will be the balance in Jeanette’s capital accountimmediately after the admission of Yvonne into the partnership?a. $610,000b. $617,000c. $650,000d. $800,0005. On December 31, Year 5, Len retires. The partners agree that he should bepaid $575,000, and the remaining partners wish to use the asset revaluationmethod and record goodwill upon Len’s retirement. What will be the balancein Barry’s capital account immediately after the retirement?a. $375,000b. $450,000c. $525,000d. $550,000

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Maurice Tutor
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Status NEW Posted 08 Aug 2017 01:08 PM My Price 11.00

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