Homework Answers
At the time of liquidation of partnership firm, at first the
outside liabilities of the partnership firm is settled and then if
any cash remains then it is distributed amongst partners in their
capital ratio. Although, $10000 is seperated for contingent
expenses.
Therefor Baar will receive (400000-200000-10000)*30%=$57000
Add Answer to:
3. Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may...
Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take...
Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash Other assets $400,000 200,000 Accounts payable Abe, capital (40%) Barr, capital (30%) Cane, capital (30%) Total liab./equity $200,000 135,000 216,000 49,000 $600,000...
Use the following information for questions 1 and 2. On June 30, 2020, the Warls, Xin,...
Use the following information for questions 1 and 2. On June 30, 2020, the Warls, Xin, and Yates partnership had the following fiscal year-end balance sheet: Cash $ 4,000 Accounts payable $ 7,000 Accounts receivable 6,000 Loan from Xin 5,000 Inventory 14,000 Warle, capital(20%) 14,000 Plant assets-net 12,000 Xin, capital(30%) 10,000 Loan to Warls 6.000 Yates, capital(50%) 6,000 Total assets 42,000 Total liab,/equity $ 42,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: $ Cash Other assets...
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order....
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order. The proper steps to follow when liquidating a partnership are o sell assets, distribute gains or losses to partners based on income sharing ratio, pay the liabilities with the cash from sale of assets, distribute remaining cash based on capital account balances. sell assets, pay liabilities off, distribute gains or losses based on income sharing ratio, distribute cash based on income sharing ratio. O...
After the accounts are closed in February 3, prior to liquidating the partnership, the Capital account's...
After the accounts are closed in February 3, prior to liquidating the partnership, the Capital account's oof William Gerloff, Joshua Chu, and Courney Jewett are $19,180, $4,020, and $22,140, respectively. cash and noncash assests total $5,600 and $54,240, repectively. amounts owed to creditors total $14,500. the partners shares income and losses in the ratio of 2:1:1. between February 3 and February 28, the noncash assets are sold for $34,560, the partner with the Capital deficiency pays the deficiency to the...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
Danks, Vickerman and Walter are liquidating their partnership. Before selling the assets and paying the liabilities,...
Danks, Vickerman and Walter are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances areDanks $46,000;Vickerman,$29,000; and Walter,$21,000.The profit-and-loss-sharing ratio has been 2:2:1 for Danks,Vickerman,and Walter, respectively. The partnership has $76,000 cash,$42,000 non-cash assets, and $22,000accounts payable. Requirement 1. Assuming the partnership sells the non-cash assets for $52,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss onliquidation, the payment of the outstanding liabilities, and the distribution of remaining...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash Other assets $400,000 200,000 Accounts payable Abe, capital (40%) Barr, capital (30%) Cane, capital (30%) Total liab./equity $200,000 135,000 216,000 49,000 $600,000...
Use the following information for questions 1 and 2. On June 30, 2020, the Warls, Xin, and Yates partnership had the following fiscal year-end balance sheet: Cash $ 4,000 Accounts payable $ 7,000 Accounts receivable 6,000 Loan from Xin 5,000 Inventory 14,000 Warle, capital(20%) 14,000 Plant assets-net 12,000 Xin, capital(30%) 10,000 Loan to Warls 6.000 Yates, capital(50%) 6,000 Total assets 42,000 Total liab,/equity $ 42,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: $ Cash Other assets...
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order. The proper steps to follow when liquidating a partnership are o sell assets, distribute gains or losses to partners based on income sharing ratio, pay the liabilities with the cash from sale of assets, distribute remaining cash based on capital account balances. sell assets, pay liabilities off, distribute gains or losses based on income sharing ratio, distribute cash based on income sharing ratio. O...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago