Question

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $ 84,300 538,200 $ 252,000 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,100 166,725 129,675 $622,500 Total assets $622,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $613,800. 2. Inventory is sold for $424,200. 3. Inventory is sold for $324,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $290,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GB

Answer 1

Answoro o inventory is sold for $613,800 & 6131800 IT cash las inventory 538,200 75,600 75,600 37,800 95000 12,600 952,000 cash 352.000 111,900 191,925 142,275 446, 100 Gain on sale of inventory Gain on sale de inventory alb) Kendra, Capital (15,600x (316)) Cogley, capitał (75,600xC216)) mei capital. (15,600x (115)) Accounts payable 310) Kendra, capital 14,400 + 37,800) Md) Cogley, capital (166,725+251200) mei, Capital (129,675+ 19.600) Cash (84,300+613,800 - 252,000.) inven.fory is sold for $404,800:- - Cash ial loss on sale of inventory kendra, capital (114,000 x(316)) (bcooley, capital (114,000x(21677 mieicapital (1177000 x(116) loss on sale de inventory 360) accounts payable : - Cash Kendina, capital (94,100 - 57,000) Cogley, capital (166)725 - 28,000) miei, Capital (129,675–191000) cash 684,300+424;200 -- 350,000) 424,300 114,000 la Sventory 538,000 ort316) 57,000 38,000 19,000 114,000 25,000 2521000 17,100 128,725 110,675 356,500

inuen-fory sold for 324,600 & partners with 324,600 213,600 1 538,200 106,800 71,200 35600 213,600 32700 32700 cash Ica, Loss on sale of inventory inventory Kendra, copi-tal 213,606 x (316) dcbe Cogley, Capital (213,600xC016)) meiscapirlal (213,600 x(1161) Loss on sale of inventory cash (74,100-106.800) kendra, capital Accounts payable cash Cogley, capital (166,725 – 71,900) 5(b) mei, capital (129,615-35600) cask (34,300+324,600-250,000) u inventory is sold for $290,400:- cash t(a) Loss on sale of inventory 252,000 HC 252,000 95,525 94075 1561900 290,400 347,800 $ 38, 300 Inventory arbs 123.900 82,600 41300 247,800 Kendra, capital (247800xC316)) cogley, capital (ou1800x (2/6)) mei, capital (247800 X (1167) loss on sale of inventory. Cogley, capital fū98.00 x Q12)] mei, capital (49800x (113)) Kendra, capital (133,900 -441100) 33200 16600 49800

Accounts payable 252,000 252,000 cash a udel cogloy, capital (1661795-82,600-33:00) 50,925 mei, capital (12926-15-41,300–16600) 71,775 Cashi (843007990, 400–252,000 1 29 500