Sanchez and Talas are forming a partnership, Best Leather Goods, to import merchandise from Spain. Sanchez is especially artistic and will travel to Spain to buy the merchandise. Talas is a super salesman and has already lined up several department stores to sell the leather goods. Read the requirements Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to Requirement 2. If the partnership agreement de eliminate the unlimited personal liability of the partners if the partnership agreement does not state the establish the corporate tax rate at which the partnership with be taxed on earnings Requirement 3. Sanchez is contributing $210,0 increase the partners' understanding of how the business is run. Begin by journalizing Sanchez's investment. Sanchez is contributing $210,000 in cash and accounts payable of $40,000. 105,000. The building's current market value is $110,000. Joumalize the contribution of the two partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Journalize Talas' investment. Talas is contributing a building that cost Talas $105,000. The building's current market value is $110,000. Date Accounts and Explanation Debit Credit Sanchez and Talas are forming a partnership, Best Leather Goods, to import merchandise from Spain. Sanchez is especially artistic and will travel to Spain to buy the merchandise. Talas is a super salesman and has already lined up several department stores to sell the leather goods. Read the requirements Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to Requirement 2. If the partnership agreement does not state the profit-and-loss-sharing ratios, how will profits or losses be shared? If the partnership agreement does not state the profit-and-loss-sharing ratios, the profits or losses are shared ing's current market value is $110,000. Joumalize the contribution of the two partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 3. Sanchez is contributing $210,000 in cash and accounts payable of $40,000. Talas is contribu Begin by journalizing Sanchez's investment. Sanchez is contributing $210,000 in cash and accounts payable Date Accounts and Explanation Debit Credit based on each partner's capital balance. based on each partner's investment. based on each partner's service. equally Journalize Talas' investment. Talas is contributing a building that cost Talas $105,000. The building's current market value is $110,000. Date Accounts and Explanation Debit Credit
