The stetement of fnancl podtian of the 1a5 partnership ot December 31, 08 pes be

Question

The stetement of fnancl podtian of the 1a5 partnership ot December 31, 08 pes below Cash $ B0,000 280,000 460,000 380,000 00,000 S 400,000 800,000 Liabilities F, Capital A, Capital S, Capital Total Liabilities and Capital Other Assets $1,2 Total Assets Partnera F, A and S share prufas and loosee 30:20:, repectiwely ach qunation halow is independent ui the others $1.200.000 Hefer to the abowe tnfiormation. Assome part S retiras from the partbr ship by seling hee ieiteret dirncty toAor $4200 Wha 296,000 810,000 $280,000 $880,000 $296.00 880,00x S280,000 840,000 B) C) 030 tafer to the above information. Assume partner S retires from the partnenhip and raceives $420,000 for har capttal interva. Wh caputal after S ratires if the retiring partner's goodwll is reocenized by the partmershlp? $456,000 $480,000 $404,000 $428,000 $460,000 B) E) 14) iFrom the point of view of the lessor, lesses cannot be classaified as: a. sales-type without proft b. saies-type with profit c. finance d. operating 15) On 7114, Petry Co. leased equipment to Dish Co. for 10 years (the useful lMe of the asset). Petry had purchased the $5 20 000. Annual payments of S 28 00 begin on 7 1 14. Assume th t the present value of these payme ts at 8% ; If this is a sales type lease, what amount of profit should Petry record for year ended 1231/14? a. $0 b. $800,000 c. $1,200,000 d. $1,080,000

Explanation / Answer

Answer no.12 :-

Partner 's' selling her interest directly to 'A' for $420000.

old capital of 'A'    =        $460000

Add: New capital =        $420000

Total Share of Partner 'A'= $880000

Share of Partner 'F'    = $280000

Option (B) is Correct.

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