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Dennis Ben Randy Total
Overton, Testerman, Campbell, Partnership
Capital Capital Capital Capital
Partnership capital, January 1, 2016
Admission of Randy Campbell
Salary allowance
Remaining income
Less: Partner withdrawals
Partnership capital, December 31, 2016
Exercise 12-16
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Instructions
0%
[Key code here]
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ANGEL INVESTOR ASSOCIATES
Statement of Partnership Equity
For the Year Ended December 31, 2016
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Dennis Ben Randy Total
Overton, Testerman, Campbell, Partnership
Capital Capital Capital Capital
Partnership capital, January 1, 2016 180,000$ 120,000$ –$ 300,000$
Admission of Randy Campbell – – 75,000 75,000
ON
For the Year Ended December 31, 2016
ANGEL INVESTOR ASSOCIATES
Statement of Partnership Equity
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Instructions
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Exercise 12-16
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Solution
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Noncash Gold Porter Sims
Cash +Assets =Liabilities +(3/6) +(2/6) +(1/6)
Balances before realization
Sale of assets and division of loss
Balance after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances
Exercise 12-24
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[Key code here]
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Capital
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GOLD, PORTER, AND SIMS
Statement of Partnership Liquidation
For the Period July 1-29, 2016
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Noncash Gold Porter Sims
Cash +Assets =Liabilities +(3/6) +(2/6) +(1/6)
Balances before realization 56,000$ 96,000$ 32,000$ 55,000$ 45,000$ 20,000$
Sale of assets and division of loss 90,000 (96,000) – (3,000) (2,000) (1,000)
For the Period July 1-29, 2016
Exercise 12-24
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Solution
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Capital
Score:
Instructions
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ON
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GOLD, PORTER, AND SIMS
Statement of Partnership Liquidation
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a.
Noncash Lester Torres Hearst
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Distribution of cash to members
Final balances
b.
c.
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For the Period August 1-31, 2016
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0%
[Key code here]
Exercise 12-25
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(Key essay answer here)
Instructions
Member Equity
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ARCADIA SALES, LLC
Statement of LLC Liquidation
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a.
Noncash Lester Torres Hearst
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization 26,000$ 146,000$ 35,000$ 49,000$ 61,000$ 27,000$
Sale of assets and division of gain 158,000 (146,000) – 4,800 4,800 2,400
b.
Hearst, Member Equity
53,800
65,800
c.
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ON
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ARCADIA SALES, LLC
Statement of LLC Liquidation
For the Period August 1-31, 2016
Exercise 12-25
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Solution
Section:
Score:
Member Equity
The income- and loss-sharing ratio is only used to distribute the gain or loss on the realization of asset sales. It is not used
Lester, Member Equity
Torres, Member Equity
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a.
(1)
(2)
b.
Angel Emma
Alvarez Allison Total
Capital, January 1, 2016
Additional investment during the year
Subtotal
Net income for the year
Subtotal
Withdrawals during the year
Capital, December 31, 2016
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Exercise 12-26
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Section:
ALVAREZ AND ALLISON
Statement of Partners’ Equity
For the Year Ended December 31, 2016
Emma Allison, Drawing
Angel Alvarez, Drawing
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a.
(1) 62,000
31,000
(2) 32,000
39,000
b.
Angel Emma
Alvarez Allison Total
Capital, January 1, 2016 47,000$ 73,000$ 120,000$
Additional investment during the year 8,000 – 8,000
Subtotal 55,000$ 73,000$ 128,000$
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Exercise 12-26
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ON
For the Year Ended December 31, 2016
ALVAREZ AND ALLISON
Statement of Partners’ Equity
Income Summay
Angel Alvarez, Capital
Angel Alvarez, Capital
Emma Allison, Capital
Emma Allison, Capital