Jon and Joe formed a partnership on July 1, 2016, and invested the following assets: Jon Joe Cash $65,600 $125,500 Realty 247,800 The realty was subject to a mortgage of $25,100, which was assumed by the partnership. The partnership agreement provides that Jon and Joe will share profits and losses in the ratio of one-third and two-thirds, respectively. Joe's capital account at July 1, 2016, should be $282,600 $348,200 $373,300 $364,933 LINK TO TEXT LINK TO TEXT On July 1, 2016, Mary and Jane formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively, Mary invested a parcel of land that cost her $39,900. Jane invested $50,100 cash. The land was sold for $60,500 on July 1, 2016, four hours after formation of the partnership. How much should be recorded in Mary's capital account on formation of the partnership? $24,200 $60,500 $8,240 $20,600 LINK TO TEXT LINK TO TEXT The partnership agreement of Tami, Julie, and Kim provides for annual distribution of profit or loss in the following order: Tami, the managing partner, receives a bonus of 15% of profit. Each partner receives 10% interest on average capital Investment Residual profit or loss is divided equally The average capital investments for 2016 were: Tami Julie $99,500 198,800 297,500 Kim How much of the $94,500 partnership profit for 2016 should be allocated to Tami? $9,950 $19,880 $31,040 $14,175 LINK TO TEXT LINK TO TEXT Tom and Jim are partners who share profits and losses in the ratio of 3:2, respectively. On August 31, 2016, their capltal accounts were as follows: Tom Jim $79,800 50,400 $130,200 On that date they agreed to admit John as a partner with a one-third interest in the capital and profits and losses, for an investment of $50,200. The new partnership will begin with a total capital of $181,500. Immediately after John's admission, what are the capital balances of the partners? Tom - $60,500, Jim - $60,500, John - $60,500 Tom . Tom and Jim are partners who share profits and losses in the ratio of 3:2, respectively. On August 31, 2016, their capital accounts were as follows: Tom $79,800 50,400 Jim $130,200 On that date they agreed to admit John as a partner with a one-third interest in the capital and profits and losses, for an investment of $50,200. The new partnership will begin with a total capital of $181,500. Immediately after John's admission, what are the capital balances of the partners? Tom - $60,500; Jim - $60,500; John - $60,500 Tom - $72,933; Jim - $46,967; John - $60,500 Tom - $79,800; Jim - $50,400, John - $50,200 Tom - $73,620; Jim - $46,280; John - $60,500 LINK TO TEXT LINK TO TEXT On June 30, 2016, the balance sheet for the partnership of Al, Carl, and Paul, together with their respective profit and loss ratios, were as follows: Assets, at Cost AI, Lon AI, Capital (20%) Carl, Capital (20%) Paul, Capital (60%) Total $179,600 Al has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $219,700 at June 30, 2016. It was agreed that the partnership would pay Al $61,600 cash for Al's partnership Interest, including Al's loan, which is to be repaid in full. No goodwill is to be recorded. After Al's retirement, what is the balance of Carl's capital account? $179,600 $8,900 42,300 38,600 89,800 $46,025. $36,025 Tom - $60,500, Jim - $60,500; John - $60,500 Tom - $72,933, Jim - $46,967; John - $60,500 Tom - $79,800; Jim - $50,400; John - $50,200 Tom - $73,620; Jim . $46,280; John - $60,500 LINK TO TEXT LINK TO TEXT On June 30, 2016, the balance sheet for the partnership of Al, Carl, and Paul, together with their respective profit and loss ratios, were as follows: Assets, at Cost Al, Loan AI, Capital (20%) Carl, Capital (20%) Paul, Capital (60%) Total $179,600 $8,900 42,300 38,600 89,800 $179,600 Al has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $219,700 at June 30, 2016. It was agreed that the partnership would pay Al $61,600 cash for Al's partnership Interest, including Al's loan, which is to be repaid in full. No goodwill is to be recorded. After Al's retirement, what is the balance of Carl's capital account? $46,025 $36,025 $38,600 $46,620 LINK TO TEKT LINK TO TEKT