Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $72,500 and $217,500, respectively. Determine their participation in the year's net income of $300,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 6% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $38,000 and $46,000, respectively, and the balance divided equally, e. Allowance of interest at the rate of 6% on original investments, salary allowances of $38,000 and $46,000, respectively, and the remainder divided equally. Hawes Albright Bock Show Me How Calculator Admitting New Partners Who Buy an interest and contribute Assets Print item The capital accounts of Trent Henry and Tim Chou have balances of $137,500 and 599,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $31,600 and one-fourth of Chou's interest for $21,800. Clarke contributes $33,600 cash to the partnership for which she is to receive an ownership equity of $33,600 al. Joumalize the entry to record the admission of Gilbert. For a compound transaction, if an amount box does not require an entry, leave it blank. a2. Journalize the entry to record the admission of Clarke b. What are the capital balances of each partner after the admission of the new partners? Partner Capital Balance Trent Henry m Chu LeAnne Gilbert Becky Clarke Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $43,000 and $56,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $27,000. a. Determine the recipient and amount of the partner bonus. b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank c. Why would a bonus be paid in this situation? Apparently, Jenkins and Tanner value offered by Solano 1 Block Calculator Printer Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $24,000 and $16,000, respectively. After all roncash assets are sold and all liabilities are paid, there is a cash balance of $30,000 a. What is the amount of a gain or loss on realization? b. How should the pain or loss be divided between Hewitt and Patel? Hewitt Patel C. How should the cash be divided between Hewitt and Patel If an amount is zero, enter 0 Hewitt and Patel Distribution of Cash Dwi Cotal balance before relation Patel Division of an or loss on relation Castrated to partner Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $46,500, $66,300, and $29,400, respectively. Cash, noncash assets, and liabilities total $71,400, 5122,700, and $51,900, respectively. Between July 1 and July 29, the noncash assets are sold for 598,100, the laboties are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "o", Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets Liabilities + Capital Gold (3/6) - Capital Porter (2/6) + Capital Sims (1/6) Balance before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of subiities. Cash b uted to partners Final balances