Salary Sanders Chapter 12 Accounting for Partnerships all with v nembers equity accounts are also cr LLG, on June 1, 20Y2. Madison Media, $55,000 during 2 on each member's January the ratio of 4:3:3 among for Marvel Media, LLC, for 20Y2 were s uary 1 capital balance. Any remaining incoWithe and ne and the three members. The revenues, 1,260,000, $900,000, andenses, to j a. Determine the division of income among the three members b. Prepare the journal entry to close the revenues, expenses, Amounts equal to the salary and interest allowances were 0, withdrawals individual member equity accounts. Prepare a statement of members' equity for 20Y2. d. What are the advantages of an income-sharing agreement for the Myles Etter and Crystal Santori are partners who share in the income capital balances of $210,000 and $62,500, respectively. Etter, wit Ex 12-9 Admitting new partners ls one-third of his interest to Lonnie Davis. What entry is requi if the sales price is (a) $60,000? (b) $80,000? Admitting new partners who buy an interest and contribute a accounts of Trent Henry and Tim Chou have balances of $1 EX 12-10 60,000 a respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the $29,000. Clarke contributes $90,000 cash to the partnership, for which she a. Journalize the entries to record the admission of (1) Gilbert and (2) c ,000 of Chou an ownership equity of $90,000 b. What are the capital balances of each partner after the admission of the Admitting new partner who contributes assets EX 1 After the tangible assets have been adjusted to current market prices, the of Brad Paulson and Drew Webster have balances of $45,000 and $60, Austin Neel is to be admitted to the partnership, contributing $30,000 nership, for which he is to receive an ownership equity of $35,000. A equally in income. a. Journalize the entry to record the admission of Neel, who is to receive b. What are the capital balances of each partner after the admissiono c. Why are tangible assets adjusted to current market prices prior t partner? Salary Sanders Chapter 12 Accounting for Partnerships all with v nembers equity accounts are also cr LLG, on June 1, 20Y2. Madison Media, $55,000 during 2 on each member's January the ratio of 4:3:3 among for Marvel Media, LLC, for 20Y2 were s uary 1 capital balance. Any remaining incoWithe and ne and the three members. The revenues, 1,260,000, $900,000, andenses, to j a. Determine the division of income among the three members b. Prepare the journal entry to close the revenues, expenses, Amounts equal to the salary and interest allowances were 0, withdrawals individual member equity accounts. Prepare a statement of members' equity for 20Y2. d. What are the advantages of an income-sharing agreement for the Myles Etter and Crystal Santori are partners who share in the income capital balances of $210,000 and $62,500, respectively. Etter, wit Ex 12-9 Admitting new partners ls one-third of his interest to Lonnie Davis. What entry is requi if the sales price is (a) $60,000? (b) $80,000? Admitting new partners who buy an interest and contribute a accounts of Trent Henry and Tim Chou have balances of $1 EX 12-10 60,000 a respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the $29,000. Clarke contributes $90,000 cash to the partnership, for which she a. Journalize the entries to record the admission of (1) Gilbert and (2) c ,000 of Chou an ownership equity of $90,000 b. What are the capital balances of each partner after the admission of the Admitting new partner who contributes assets EX 1 After the tangible assets have been adjusted to current market prices, the of Brad Paulson and Drew Webster have balances of $45,000 and $60, Austin Neel is to be admitted to the partnership, contributing $30,000 nership, for which he is to receive an ownership equity of $35,000. A equally in income. a. Journalize the entry to record the admission of Neel, who is to receive b. What are the capital balances of each partner after the admissiono c. Why are tangible assets adjusted to current market prices prior t partner