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  • The Partnership of Angel Investor Associates Began Operations On January 115725

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    M Bilal Saleem
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    The partnership of Angel Investor Associates began operations on January 1, 2012 with initial contributions from two partners totaling $200,000. During the year, a third partner, Lance McGinnis, contributed $50,000 for a 20% interest. The partnership earned $250,000 in net income for 2012 and distributed half of each partner's increase in capital to them as withdrawals.

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    The Partnership of Angel Investor Associates Began Operations on January 115725

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    The partnership of Angel Investor Associates began operations on January 1, 2012 with initial contributions from two partners totaling $200,000. During the year, a third partner, Lance McGinnis, contributed $50,000 for a 20% interest. The partnership earned $250,000 in net income for 2012 and distributed half of each partner's increase in capital to them as withdrawals.

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    226 views1 page

    The Partnership of Angel Investor Associates Began Operations On January 115725

    Uploaded by

    M Bilal Saleem
    The partnership of Angel Investor Associates began operations on January 1, 2012 with initial contributions from two partners totaling $200,000. During the year, a third partner, Lance McGinnis, contributed $50,000 for a 20% interest. The partnership earned $250,000 in net income for 2012 and distributed half of each partner's increase in capital to them as withdrawals.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    The partnership of Angel Investor Associates began

    operations on January 115725


    The partnership of Angel Investor Associates began operations on January 1, 2012, with
    contributions from two partners as follows:Scott Wilson ... $120,000Michael Goforth ..
    80,000The following additional partner transactions took place during the year:1. In early
    January, Lance McGinnis is admitted to the partnership by contributing $50,000 cash for a 20%
    interest.2. Net income of $250,000 was earned in 2012. In addition, Scott Wilson received a
    salary allowance of $45,000 for the year. The three partners agree to an income-sharing ratio
    equal to their capital balances after admitting McGinnis.3. The partners’ withdrawals are equal
    to half of the increase in their capital balances from salary allowance and income.Prepare a
    statement of partnership equity for the year ended December 31, 2012.View Solution:
    The partnership of Angel Investor Associates began operations on January 115725
    SOLUTION-- http://expertanswer.online/downloads/the-partnership-of-angel-investor-associates-
    began-operations-on-january-115725/

    See Answer here expertanswer.online


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