Natalia and Eric each own 40% of partnership NEW. On August 15, 2021, Natalia sold her interest to Walter, a 20% partner. On August 29, 2021, Eric sold his interest to Wendy. When does the partnership terminate? August 15, 2021. August 29, 2021. December 31, 2021. The partnership does not terminate.
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- Adam, Stanley, and Rosalind formed a partnership in State X to distribute beer and wine. Their agreement provided that the partnership would continue until December 31, 2020. Which of the following events would cause the ABC partnership to dissolve? If so, when would the partnership be dissolved? a. Rosalind assigns her interest in the partnership to Mary on April 1, 2018. b. Stanley dies on June 1, 2020. c. Adam withdraws from the partnership on September 15, 2019. d. A creditor of Stanley obtains a charging order against Stanley’s interest on October 9, 2017. e. In 2018, the legislature of State X enacts a statute making the sale or distribution of alcoholic beverages illegal. f. Stanley has a formal accounting of partnership affairs on September 19, 2019.help me pleaseRiley and Siobhan start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows: Riley $ 50,000.00 Siobhan $ 23,000.00 They agreed to admit Erin into the business for a one-fifth interest in the new partnership. Erin contributes $27,000 cash in exchange for the partnership interest. How much Capital does Erin receive?
- In 2020, Fred invested $155,000 in a general partnership. Fred's interest is not considered to be a passive activity. If his share of the partnership losses is $108,500 in 2020 and $75,950 in 2021, how much can he deduct in each year? Fred can deduct $fill in the blank 1 in 2020 and $fill in the blank 2 in 2021.Claire, Gdyan and Artchie decided to dissolve the partnership on November 30, 2020. Theircapital balances and profit ratio on this date is the following:Capital Balances Profit RatioClaire P50,000 40%Gdyan 60,000 30%Artchie 20,000 30%The net income from January 1 to November 30, 2020 is P44,000. Also on this date, cash and liabilities are P40,000 and P90,000, respectively. For Claire to receive P55,200 in full settlement of her interest in the firm, how much must be realized from the sale of the firm’s non-cash assets?a. P196,000 c. P193,000b. P177,000 d. P187,000The partnership of Liam, Noah, and Oliver has been in business for 25 years. On February 11th, 2021, Liam decides to retire. The partnership balance sheet is updated and reports the following capital balances for each partner at February 11th, 2021: Liam Capital Noah, Capital Oliver, Capital $ 120,000 200,000 150,000 Liam, Noah, and Oliver share profits and losses in the ratio of 5:3:2. Assume that Liam receives $190,000 of partnership cash upon retirement. If all partners agree that the bonus method is to be used after a piece of land held by the partnership is revalued from its current book value of $100,000 to its fair value of $110,000, how much is the capital balance for Noah after Liam retires? (Writing entries out should help: one is to revalue land and one is to record Liam's retirement.) A. $158,000 B. $164,000 C. $161,000 D. $183,500
- H. Marie, Len and Ann decided to dissolve their partnership on august 31, 2019. Profits and and losses are shared 4:3:3, respectively and their capital balances as of January 1, 2019 were as follows: Marie - P 75,000 Len - P 90,000 Ann - P 30,000 The operations of the partnership for the period January 1, 2019 to August 31, 2019 resulted to a profit of P 66,000. As of August 31, 2019, cash balance is P 60,000 and the liabilities are P 135,000. For Marie to receive P 60,000 in final settlement of her equity, how much should the non-cash assets be sold?May, Jun, and Julie share profits in the ratio of 2:3:5. On January 20, Julie opted to retire from the partnership. The capital balances on this date follow: May P43,750 Jun 70,000 Julie 61,250 How much will be the capital of Jun, assuming Julie was paid P50,000 in full settlement of her interest?Glenda sold her units in Gas Lines, LP, a PTP. She purchased the shares on November 15, 2017, for $5,000. She sold all her units on November 15, 2019, for $10,000. In 2017, the partnership reported distribution of $400. In 2018, the partnership reported a business income of $907, interest of $50, and a distribution of $1,900. In 2019, the partnership reported a business loss of $300, interest of $45, and a distribution of $3,100. What is the amount of Glenda's total gain or loss? $400 loss. $4,298 gain. $5,201 gain. $9,698 gain.
