answer all parts

I WHAT IS A PARTNERSHIP? Explain in your own words During year 2, 2017 the following T accounts show the activity in the partners Capital and Withdrawal accounts On May 1, 2017-HM withdrew $45,000 and JR withdrew $25,000 216.540 1-May HH's additional capital contributions during the year is as follows: Date Contribution 3/31/17 16,000 12,000 24,000 11/30V17 R's additional capital contributions during the year is as follows Date Contribut 12,000 12,000 24,000 1/30/17 Assume the partnership agreement states that profits and losses will be distributed as fol ows: 1. JR will receive an annual salary of $30,000 2. Each partner receives a 20% interest on their weighted average capital balances: 3.3R gets a bonus of 15% on net income over $50,000 4. Hl and JR share remaining profits and losses equally (50:50) 1. Caculate the weighted average capital balance for each partner (Hint: use same method used for calculation of weighted average of stocks) 2. Cakculate the distribution of the income or loss generated under the tollowing assumptions a) The partnership had a net income of $150,000 at the end of 2017, how much is distributed to JR b) The partnership had a net income of $75,000 at the end of 2017, how much is distributed to MH c) The partnership had a net loss of $20,000 at the end of 2017, what is each partner's capital balance after distribution of the loss d) Prepare the closing entries for both capital and withdrawal accounts as of Dec. 31, 2017 under each independent scenario HH and JR are fashion designers who agreed to form a partnership to open a doting store. An attorney prepares the partnershp agre ndicates that assets invested in the partnership wil be recorded at their fair market value and that iablities wibe assumed at book The assets contributed by each partner and the liabilities assumed by the partnership follow Allowance for uncollectible accounts Fair Value Liabilities Accounts payable 18,000 Prepare the journal entry to record the investment of each partner separately. The partners of the HH and R partnership agree to admit a new partner LV into the partnership. Below is the information about the partnership at the time of LV's admission OR 145,460 40% 200,540 60% Capital balance Profit/loss sharing ratio (3:2)