With a new child I missed my seminar this week. I did go back and review the recorded seminar but I still don't fully understand it. Any help on these is very much appreciated.

Question 1 Newland and Palermo form a partnership. Newland contributes land with a book value of $50,000 and a fair value of $60,000. Newland also contributes equipment with a book value of $52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should be the balance in Newland's capital account upon formation of the partnership? $ Newland Capital Account Question 2 M. Elston and R. Ogle have partnership capital balances of $40,000 and $80,000, respectively. The partnership agreement indicates that net income or net loss should be shared equally. If net income for the partnership is $42,000, how should the net income be divided? The net income should be divided as $ to M. Elston and $ to R. Ogle. Question 3 Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $84,000 cash, and Nichols contributes $56,000 cash and equipment having a book value of $19,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $28,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 4 PFW Co. reports net income of $57,000. Partner salary allowances are Pitts $17,000, Filbert $4,000, and Witten $5,400. Indicate the division of net income to each partner, assuming the income ratio is 50 : 20 : 30, respectively. Division of Net Income Pitts Filbert Witten Total $ $ $ $ $ $ $ $ Salary allowance Remaining income Total division of net income Question 5 K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $48,120 of personal cash to the partnership. Rosen owns land worth $15,270 and a small building worth $75,970, which she transfers to the partnership. Toso transfers to the partnership cash of $12,470, accounts receivable of $33,290 and equipment worth $23,750. The partnership expects to collect $29,961 of the accounts receivable. Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record investment of Decker.) (To record investment of Rosen.) Debit Credit (To record investment of Toso.) What amount would be reported as total owners' equity immediately after the investments? $ Total owners' equity Question 6 The post-closing trial balances of two proprietorships on January 1, 2017, are presented below. Sorensen Company Dr. Cash Accounts receivable Cr. $15,000 Dr. 28,000 $3,200 Inventory 28,500 Equipment 49,000 Cr. $13,000 19,000 Allowance for doubtful accounts Lucas Company $4,800 19,900 31,000 Accumulated depreciationequipment 25,900 11,900 Notes payable 19,400 16,200 Accounts payable 23,800 33,500 Sorensen, capital 39,200 Lucas, capital 25,500 $111,500 $111,500 $91,900 $91,900 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Accounts receivable Allowance for doubtful accounts Inventory Equipment $19,000 4,900 30,200 27,000 Lucas Company $28,000 4,300 21,600 16,200 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Sorensen will invest an additional $5,400 in cash, and Lucas will invest an additional $20,500 in cash. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 (Transfer of Sorensen's assets and liabilities.) Jan. 1 Debit Credit (Transfer of Lucas' assets and liabilities.) Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1 (To record Sorensen's investment.) Jan. 1 (To record Lucas' investment.) Prepare a classified balance sheet for the partnership on January 1, 2017. (List Current Assets in order of liquidity.) SOLU COMPANY Balance Sheet J anuary 1, 2017 Assets $ $ : $ Liabilities and Owners' Equity $ $ $ Question 7 At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following. Partner Art Niensted Greg Bolen Krista Sayler Drawings $22,600 13,800 10,200 Capital $42,100 35,500 25,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been closed to the partners' capital accounts. Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Net income is $29,800. Income is shared 6 : 3 : 1. (2) Net income is $40,200. Niensted and Bolen are given salary allowances of $14,800 and $10,400, respectively. The remainder is shared equally. (3) Net income is $18,000. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $13,740 salary allowance. The remainder is shared equally. No Account Titles and . Explanation Debit Credit 1. 2. 3. Prepare a schedule showing the division of net income under assumption (3) above. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) DIVISION OF NET INCOME Art Niensted Greg Bolen Krista Sayler Total $ $ Salary allowance Interest allowance on capital Total salaries and interest Remaining deficiency $ $ $ $ Total division of net income Prepare a partners' capital statement for the year under assumption (3) above. (List items that increase partners capital first.) NBS COMPANY Partners' Capital Statement Art Niensted Greg Bolen Krista Sayler Total $ $ $ $ $ $ $ $ : : Question 8 At April 30, partners' capital balances in PDL Company are G. Donley $55,000, C. Lamar $45,000, and J. Pinkston $17,600. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1) (2) (3) (4) Terrell Terrell Terrell Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $15,000 in cash. purchases 331/3% of Lamar's ownership interest by paying Lamar $15,000 in cash. invests $62,800 for a 30% ownership interest, and bonuses are given to the old partners. invests $44,600 for a 30% ownership interest, which includes a bonus to the new partner. No Account Titles and . Explanation 1. 2. 3. 4. Debit Credit Lamar's capital balance is $33,200 after admitting Terrell to the partnership by investment. If Lamar's ownership interest is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partner? $ (1) Terrell's cash investment $ (2) Bonus to new partner Question 9 On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Capital Balance Income Ratio $60,000 50% 41,500 30% Posada 29,000 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $18,800 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $23,000 cash. (3) Posada is paid $32,920 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $19,800 from partnership assets, and bonuses to the remaining partners are (4) recognized. No Account Titles and . Explanation 1. 2. 3. Debit Credit 4. If Emig's capital balance after Posada's withdrawal is $44,890, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? $ (1) Total bonus $ (2) Cash paid to Posada