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?

A local partnership has assets of cash of $5,000 and a build…

A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners’ capital accounts are as follows Harry $40,000, Landers $30,000 and Waters $15,000. The partners share profits and losses 4:4:2.If the building is sold for $50,000 and there are no liquidation expenses what amount should Harry receive in the final settlement?