Len Peters and Beau Silver form a partnership to operate a catering business. Peters invests $20,000 cash and Silver invests $30,000 cash on March 1, 2014. Prepare the journal entry to record the formation of the partnership.
Answer to relevant QuestionsBill Ace and Dennis Bud are partners in AMPAC Company. Net income for the year ended March 31, 2014, is $120,000.a. How much net income should be allocated to each partner assuming there is no partnership agreement?b. ...On June 17, 2014, Bishop agrees to invest $30,000 into a partnership for a 40% interest in total partnership equity. At the time Bishop is admitted, the existing partners, Pollard and Mission, each have a $30,000 capital ...For each scenario below, recommend a form of business organization: sole proprietorship, partnership, or corporation. Along with each recommendation explain how business profits would be taxed if the form of organization ...Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6:2:2 ratios. On November 30, the date Tran retires from the partnership, the equities of the partners are: Barth, $300,000; Holt, $195,000; and ...Phillis and Case are in the process of forming a partnership to which Phillis will devote one-third time and Case will devote full time. They have discussed the following alternative plans for sharing net incomes and ...
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