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Advanced Accounting Assigned Problem 1 – Chapter 13 a) Fox, George, and Hayes form a partnership on 1-1-20X1. Fox contributes cash of \$40,000 and equipment with a book value to Fox of \$8,000 and a fair market value of \$10,000. George contributes cash of \$25,000 and equipment with a book value to George of \$30,000 and a fair market value of \$25,000. Hayes contributes \$5,000 of cash and equipment with a book value to Hayes of \$15,000 and a fair market value of \$20,000. Prepare the entry for the admission of the partners to the new partnership. b) Fox, George, and Hayes partnership agree states the following regarding the allocation of net income: · Interest on beginning of the year capital balances is 5 percent. · A bonus is to be allocated to George computed as 10 percent of income after the bonus and in excess of \$50,000 (George’s name is important to the partnership – thus the bonus) · A salary of \$40,000 is to be allocated to Fox (Fox is the only partner working in the partnership). · Any remaining income is to be allocated 20 percent to Fox, 60 percent to George, and 20 percent to Hayes. Compute how much of the \$90,000 of partnership income for year 20X1 is to be allocated to each partner. Advanced Accounting Assigned Problem 2 – Chapter 13 The Roe, Soh, and Tow Partnership earned \$150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income: · Salary to Roe of \$40,000; Salary to Soh of \$60,000, Salary to Tow of \$50,000 · Interest on average capitals – the interest amounts are computed as \$3,000 to Roe, \$4,200 to Soh, and \$4,800 to Tow. · Any remaining income is to be allocated 25 percent to Roe, 40 percent to Soh, and 35% to Tow. Show the entry made to close income summary to partner capital.

Advanced Accounting Assigned Problem 1 – Chapter 13

a) Fox, George, and Hayes form a partnership on 1-1-20X1. Fox contributes cash of \$40,000 and equipment with a book value to Fox of \$8,000 and a fair market value of \$10,000. George contributes cash of \$25,000 and equipment with a book value to George of \$30,000 and a fair market value of \$25,000. Hayes contributes \$5,000 of cash and equipment with a book value to Hayes of \$15,000 and a fair market value of \$20,000.

Prepare the entry for the admission of the partners to the new partnership.

b) Fox, George, and Hayes partnership agree states the following regarding the allocation of net income:

· Interest on beginning of the year capital balances is 5 percent.

· A bonus is to be allocated to George computed as 10 percent of income after the bonus and in excess of \$50,000 (George’s name is important to the partnership – thus the bonus)

· A salary of \$40,000 is to be allocated to Fox (Fox is the only partner working in the partnership).

· Any remaining income is to be allocated 20 percent to Fox, 60 percent to George, and 20 percent to Hayes.

Compute how much of the \$90,000 of partnership income for year 20X1 is to be allocated to each partner.

Advanced Accounting Assigned Problem 2 – Chapter 13

The Roe, Soh, and Tow Partnership earned \$150,000 of net income for the year. The partnership agreement states the following regarding the allocation of net income:

· Salary to Roe of \$40,000; Salary to Soh of \$60,000, Salary to Tow of \$50,000

· Interest on average capitals – the interest amounts are computed as \$3,000 to Roe, \$4,200 to Soh, and \$4,800 to Tow.

· Any remaining income is to be allocated 25 percent to Roe, 40 percent to Soh, and 35% to Tow.

Show the entry made to close income summary to partner capital.

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