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Microsoft Word non-commercial use 3. Jimmy Pesto and Calvin Fischoeder's business goes bankrupt and needs to...


Microsoft Word non-commercial use 3. Jimmy Pesto and Calvin Fischoeders business goes bankrupt and needs to liquidate. Jimmy
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Microsoft Word non-commercial use 3. Jimmy Pesto and Calvin Fischoeder's business goes bankrupt and needs to liquidate. Jimmy and Calvin's income ratios are 60% and 40%, respectively. They sell their noncash assets to their competitor Bob for $105,000. The following is the partnership's Balance Sheet: Jimmy Pesto's Pizzeria Balance Sheet December 31, 20XX Assets Cash $20,000 Accounts Receivable 5,000 Supplies 3,000 Inventory 12,000 Equipment 80,000 Total Assets $120,000 Liabilities and Owners' Equity Accounts Payable $55,000 J. Pesto, Capital 45,000 C. Fischoeder, Capital 20,000 Total Liabilities and Owners' Equity $120,000 Prepare the journal entries to liquidate the business. Account Debit Credit 238110% 9/21
osert Page Layout References Mailings Review View Easy Dokument creator View This file originated from an Internet location and might be unsafe. Click for more details Enable Editing C! Scenario 3: Net income was $24,000 for the year. Each partner is given a 10% interest on beginning capital balances. Lisa is given a $10,000 salary allowance and $5,000 is given to both Bart and Maggie. The remainder is shared equally. Prepare a schedule showing the division of net income. Lisa Bart Maggie Total Salary allowance Interest allowance on capital Total salaries and interest Remaining deficiency Total division of net income Prepare a partners' capital statement for the year under scenario 3. Partners' Capital Statement Bart Maggie Lisa Total
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A B с D Date Credit Debit 105000 Account Titles and Explanation Cash Accounts receivable Inventory Supplies Equipment Profit

A B C D Date Credit Debit 105000 169 170 171 172 173 174 175 Account Titles and Explanation Cash Accounts receivable Inventor

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