Ive tried over and over but I still dont get it. Can you fix the areas where I got wrong? Thank you!
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $75,000 and $225,000, respectively, Determine their participation in the year's net income of $295,000 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 $40,000 and $49,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 6% on original investments, salary allowances of $40,000 and $49,000, respectively, and the remainder divided equally Hawes Albright (a) 147,500 147,500 (b) 221,250 x 73,750 x $ 115,300 $ 179,700 (d) $ 143,000 $ 152,000 $ 138,500 156,500 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 $45,300, $64,200, and $28,500, respectively. Cash, noncash assets, and liabilities total $72,600, $119,100, and $53,700, respectively. Between July 1 and July 29, the noncash assets are sold for $95,100, the liabilities 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 Noncash Assets Cash + Liabilities Capital Gold (3/6) Capital Porter (2/6) Capital Sims (1/6) Balances before realization 72,600 119,100 53,700 45,300 64,200 28.500 Sale of assets and division of loss 95,100 119,100 X 12,000 X 8,000 X Balances after realization 169,700 33,300 56,200 24.500 Payment of liabilities 53,700 X 53,700 X Balances after payment of liabilities 33,300 56,200 24,500 Cash distributed to partners 114,000 X 33,100 X 56,200 X 24.500 X Final balances 4,000 X 0 0 0 114,000 0 Liquidating Partnerships Prior to liquidating their partnership, Fowler and Brooks had capital accounts of $66,000 and $95,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $141,000. The partnership had $5,000 of liabilities. Fowler and Brooks share income and losses equally. Determine the amount received by Fowler as a final distribution from liquidation of the partnership. 78,500 x
