The Keller, Long, and Mason partnership had the following ba…

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4. Assume that noncash assets were sold for $60,000 and liquidation expenses in the amount of $18,500 were incurred. If Long was personally insolvent and could not contribute any assets to the partnership, and Keller and Mason were both solvent, what amount of cash would Keller receive from the distribution of partnership assets?                        A)    $0.                       B)    $60,500.            C)    $62,300.            D)    $58,700.            E)    $64,100.

Parker Corp., a U.S. company, had the following foreign curr…

Parker Corp., a U.S. company, had the following foreign currency transactions during 2021:(1.) Purchased merchandise from a foreign supplier on July 5, 2021 for the U.S. dollar equivalent of $80,000 and paid the invoice on August 3, 2021 at the U.S. dollar equivalent of $82,000.(2.) On October 1, 2021 borrowed the U.S. dollar equivalent of $872,000 evidenced by a non-interest-bearing note payable in euros on October 1, 2022. The U.S. dollar equivalent of the note amount was $860,000 on December 31, 2021, and $881,000 on October 1, 2022.What amount should be included as a foreign exchange gain or loss from the two transactions for 2021?

            White, Sands, and Luke has the following capital…

            White, Sands, and Luke has the following capital account balances and profit and loss ratios:$60,000 (30%); $100,000 (20%); and $200,000 (50%). The partnership has received a predistribution plan. How would $200,000 be distributed?     White Sands Luke A) $ 60,000   $ 40,000   $ 100,000   B) $ 6,000   $ 44,000   $ 150,000   C) $ 48,148   $ 65,432   $ 86,420   D) $ 12,000   $ 68,000   $ 120,000   E) $ 60,000   $ 100,000   $ 40,000                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

A partnership has assets of cash of $10,000 and equipment wi…

A partnership has assets of cash of $10,000 and equipment with a book value of $160,000. All liabilities have been paid. The partners’ capital accounts are as follows Michael $80,000, Gregory $60,000 and Phillips $30,000. The partners share profits and losses on a 4:3:3 basis. If the equipment is sold for $100,000 and there are no liquidation expenses what amount should Michael receive in the final settlement?

Goodman, Pinkman, and White formed a partnership on January…

Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021.What was the remainder portion of net income allocated to White for 2021?