Mastery Problem Accounting for Partnerships and Limited Liability companies Design Pros Imaging Dividing Partnership income Now Partner Design Prou maging Stephanie Damen und Layla Taylor formed a partnership Design Pros imaging, tout May. Each person contributed to the buses and both parties work but one in re business. The business made a prott in the first year, which ended Dec 31, but Layla and Stephanie are discussing how to divide the natinicom equitatay The following table shows some options that their accountant worked up Partner Option Taylor Barnes 527,840 545,760 B 546,400 523 200 C $6.510 19:420 32.184 21.450 $38.724 530.876 D $32,000 $28.000 6,540 9,420 -1.500 4.770 $36.950 532650 E $32,000 $28.000 Reading Mastery Problem: Accounting for Partnerships and Limited Liability companies Dudlgn Pros Imagine Dividing Partnership Income New Partner Design Pros Imaging Dividing Partnership Income Unfortunately, the accountants notes about each option have been lost. Stephanie remembers that the accountant proposed paying norest yearty on each partnera capta Investment at the beginning of the year. Layla asked the accountant to include at least one bonus option. The accountant used last year's root to wow how the net income would have been divided under each option Taylor Barnes S 1. What is each partner's capital investment? 2. What is each partners proposed salary amount? $ $ 3. What was the net income for Design Pros Imaging last year's 4. Which option shows how the net income will be split the partners do not reach an agreement? 5. In Option D, what do the negative amounts represent? 6. What is the last tom in Option that is divided between the partners? Accounting for Partnerships and Limited Liability Companies Design Pros Imaging Dividing Partnership Income New Partner Design Pros Imaging Dividing Partnership Income New Partner Another designer, Chad Mineart, Joined the partnership on January 1, after all assets were adjusted to their market values. He is hoping to work in the business next year. The journal entries to record his admission follow PAGES JOURNAL ACCOUNTING EQUATION POST. REF DERIT CREDIT ASSETS LASLITES DATE DESCRIPTION Jan. 1 Layla Taylor, Capital Stephanie Bares, Capital EQUITY 1 1 16350.00 55,325.00 1 Chad Mineart, Capital 51,67500 T 1 Cash 45.000.00 T 45,000.00 1 Chad Mineart, Capital 1. How was Chad admitted to the partnership? Check all that apply Check My Work 1 more Check My Work uses remaining Email instructor Submit Assignment for Grading Mastery Problem Accounting for Partnerships and Limited Liability companies Design Pros Imaging Dividing Partnership income Now Partner Design Prou maging Stephanie Damen und Layla Taylor formed a partnership Design Pros imaging, tout May. Each person contributed to the buses and both parties work but one in re business. The business made a prott in the first year, which ended Dec 31, but Layla and Stephanie are discussing how to divide the natinicom equitatay The following table shows some options that their accountant worked up Partner Option Taylor Barnes 527,840 545,760 B 546,400 523 200 C $6.510 19:420 32.184 21.450 $38.724 530.876 D $32,000 $28.000 6,540 9,420 -1.500 4.770 $36.950 532650 E $32,000 $28.000 Reading Mastery Problem: Accounting for Partnerships and Limited Liability companies Dudlgn Pros Imagine Dividing Partnership Income New Partner Design Pros Imaging Dividing Partnership Income Unfortunately, the accountants notes about each option have been lost. Stephanie remembers that the accountant proposed paying norest yearty on each partnera capta Investment at the beginning of the year. Layla asked the accountant to include at least one bonus option. The accountant used last year's root to wow how the net income would have been divided under each option Taylor Barnes S 1. What is each partner's capital investment? 2. What is each partners proposed salary amount? $ $ 3. What was the net income for Design Pros Imaging last year's 4. Which option shows how the net income will be split the partners do not reach an agreement? 5. In Option D, what do the negative amounts represent? 6. What is the last tom in Option that is divided between the partners? Accounting for Partnerships and Limited Liability Companies Design Pros Imaging Dividing Partnership Income New Partner Design Pros Imaging Dividing Partnership Income New Partner Another designer, Chad Mineart, Joined the partnership on January 1, after all assets were adjusted to their market values. He is hoping to work in the business next year. The journal entries to record his admission follow PAGES JOURNAL ACCOUNTING EQUATION POST. REF DERIT CREDIT ASSETS LASLITES DATE DESCRIPTION Jan. 1 Layla Taylor, Capital Stephanie Bares, Capital EQUITY 1 1 16350.00 55,325.00 1 Chad Mineart, Capital 51,67500 T 1 Cash 45.000.00 T 45,000.00 1 Chad Mineart, Capital 1. How was Chad admitted to the partnership? Check all that apply Check My Work 1 more Check My Work uses remaining Email instructor Submit Assignment for Grading