Question
Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP. Hockey LP Football LP Total
Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners: Hockey LP and Football LP.
| Hockey LP | Football LP | Total | |||||||||
| Beginning-year balance | $ | 347,000 | $ | 1,422,700 | $ | 1,769,700 | |||||
| Annual net income | 35,361 | 724,901 | 760,262 | ||||||||
| Cash distribution | (80,000 | ) | (80,000 | ) | |||||||
| Ending-year balance | $ | 382,361 | $ | 2,067,601 | $ | 2,449,962 | |||||
Compute partner return on equity for each limited partnership (and the total) for the year using the above data from Rugged Sports Enterprises LP.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
