The MGP General Partnership was created on January 1 of the current year by having Melinda, Gabe, and Pat each contribute $10,000 cash to the partnership in exchange for a one third interest in partnership income, gains, losses, deductions, and credits. On December 31 of the current year, the partnership balance sheet reads as follows:
|
Don't use plagiarized sources. Get Your Custom Essay on the mgp general partnership was created on january 1 of the current year by having m 699216 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! | Basis | FMV |
| Basis | FMV |
| Assets | $60,000 | $75,000 | Recourse debt | $30,000 | $30,000 |
|
|
|
| Melinda, capital | 14,000 | 19,000 |
|
|
|
| Gabe, capital | 14,000 | 19,000 |
|
|
|
| Pat, capital | 2,000 | 7,000 |
|
|
|
|
| $60,000 | $75,000 |
Pat’s capital account is less than Melinda’s and Gabe’s capital accounts because Pat has withdrawn more cash than the other partners have. How do the partners share the recourse debt as of December 31 of the current year?
LDR 3302-21.01.01-1A24-S1, Organizational Theory and Behavior Unit III Essay Top of Form Bottom of Form…
Chapter 9 What are teratogens? Give 5 examples. Define each of these stages: Germinal, embryonic,…
You are a Financial Analyst that has been appointed to lead a team in the…
You are familiar with the ANA Code of Ethics and have a growing understanding of…
This week’s discussion will focus on management decision-making and control in two companies, American corporation…
Mary Rowlandson felt that the man who eventually came to own her, Quinnapin, was “the…