Sandler and Torres are forming a partnership, Organic Leather Goods, to import merchandise from Europe. Sandler is especially artistic and will travel to Europe to buy the merchandise. Torres 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 Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to Requirement 2. If the partnership agreement dc F If the partnership agreement does not state the Requirement 3. Sandler is contributing $210,00 building's current market value is $70,000. Jourr line of the journal entry table.) Begin by journalizing Sandler's investment. San eliminate the unlimited personal liability of the partners. establish the corporate tax rate at which the partnership with be taxed on earnings. increase the partners' understanding of how the business is run. 50,000. Th on on the 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 Requirement 3. Sandler is contributing $210,000 in cash and accounts payable of $50,000. Torres building's current market value is $70,000. Journalize the contribution of the two partners. (Record c line of the journal entry table.) Begin by journalizing Sandler's investment. Sandler is contributing $210,000 in cash and accounts 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. he elas Requirement 3. Sandler is contributing $210,000 in cash and accounts payable of $50,000. Torres is contributing a building that cost Torres $60,000. The building's current market value is $70,000. Journalize the contribution of the two partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Sandler's investment. Sandler is contributing $210,000 in cash and accounts payable of $50,000. Date Accounts and Explanation Debit Credit Journalize Torres' investment. Torres is contributing a building that cost Torres $60,000. The building's current market value is $70,000. Date Accounts and Explanation Debit Credit
