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Ex.

1216
ANGEL INVESTOR ASSOCIATES
Statement of Partnership Equity
For the Year Ended December 31, 2010
Jen
Teresa
Jaime
Wilson, McDonald, Holden,
Capital
Capital
Capital
Partnership capital, January 1, 2010 ........ $ 45,000
Admission of Jaime Holden ......................

Salary allowance ........................................ 30,000


Remaining income ..................................... 46,800
Less: Partner withdrawals ......................... (38,400)
Partnership capital, December 31, 2010 ... $ 83,400

Total
Partnership
Capital

$ 55,000
$100,000
$ 25,000
25,000
30,000
57,200 26,000 130,000
(28,600) (13,000) (80,000)
$ 83,600 $ 38,000 $205,000

Admission of Jaime Holden:


Equity of initial partners prior to admission .................
Contribution by Holden ..................................................
Total..................................................................................
Holdens equity interest after admission ......................
Holdens equity after admission ....................................
Contribution by Holden ..................................................
No bonus ..........................................................................

$100,000
25,000
$125,000

20%
$ 25,000
25,000
$
0

Net income distribution:


The income-sharing ratio is equal to the proportion of the capital balances after admitting Holden according to the partnership agreement:
Jen Wilson:

$45,000
= 36%
$125,000

Teresa McDonald:
Jaime Holden:

$55,000
= 44%
$125,000

$25,000
= 20%
$125,000

These ratios can be multiplied by the $130,000 remaining income ($160,000 $30,000
salary allowance to Wilson) to distribute the earnings to the respective partner capital accounts.
Withdrawals:
Half of the remaining income is distributed to the three partners. Wilson need not
take the salary allowance as a withdrawal but may allow it to accumulate in the
member equity account.

672

Ex. 1217
a.

Merchandise Inventory ................................................


Allowance for Doubtful Accounts .........................
Luke Gilbert, Capital ...............................................
Marissa Cohen, Capital ..........................................
Tyrone Cobb, Capital ..............................................
1
2

b.

5,800
7,8001
5,2002
5,2002

($24,000 $5,800) 3/7


($24,000 $5,800) 2/7

Luke Gilbert, Capital ....................................................


Cash .........................................................................
Notes Payable .........................................................
1

24,000

252,8001
52,800
200,000

$245,000 + $7,800

Ex. 1218
a.

The income-sharing ratio is determined by dividing the net income for each
member by the total net income. Thus, in 2010, the income-sharing ratio is as follows:
Nevada Properties, LLC:
Star Holdings, LLC:

$90,000
= 30%
$300,000

$210,000
= 70%
$300,000

Or a 3:7 ratio
b. Following the same procedure as in (a):
Nevada Properties, LLC:
Star Holdings, LLC:
Randy Reed:

c.

$100,000
= 25%
$400,000

$220,000
= 55%
$400,000

$80,000
= 20%
$400,000

Randy Reed provided a $290,000 cash contribution to the business. The amount
credited to his member equity account is this amount less a $20,000 bonus paid
to the other two members, or $270,000.

673

Ex. 1218

Concluded

d. The positive entries to Nevada Properties and Star Holdings are the result of a
bonus paid by Randy Reed.
e.

Randy Reed acquired a 20% interest in the business, computed as follows:


Randy Reeds contribution .................................
Nevada Properties, LLC, member equity ...........
Star Holdings, LLC, member equity ...................
Total ......................................................................

$ 290,000
540,000
520,000
$1,350,000

Reeds ownership interest after admission


($270,000 $1,350,000) .......................................

20%

Ex. 1219
a.
Cash balance .................................................
Sum of capital accounts ...............................
Loss from sale of noncash assets ...............

Capital balances before realization ..............


b. Division of loss on sale of noncash assets
Balances .........................................................
c. Cash distributed to partners.........................
Final balances ................................................

$ 16,000
20,000
$ 4,000
Pryor

Lester

$ 12,000
2,000*
$ 10,000
10,000
$
0

$8,000
2,000*
$6,000
6,000
$
0

*$4,000/2

Ex. 1220

Capital balances before realization ..............


Division of gain on sale of noncash assets
[($76,000 $61,000)/2] ..............................
Capital balances after realization..................
Cash distributed to partners .........................
Final balances ................................................

674

Bradley

Barak

Total

$ 26,000

$35,000

$61,000

7,500
$ 33,500
33,500
$
0

7,500
$42,500
42,500
$
0

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