Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $26,000 and $51,000, respectively....
Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $26,000 and $51,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $74,000. The partnership had $3,000 of liabilities. Ellis and Dunn share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership
please show how to solve (details)
Homework Answers
|
Carrying value of non-cash asset prior to liquidation ($26,000 + $51,000 + $3,000) |
$ 80,000 |
|
Sale of Asset |
$ 74,000 |
|
Loss on Liquidation |
- $ 6,000 |
|
Since ellis and dunn share income and losses equally |
|
|
Ellis share of loss (50% * $6000) |
- $ 3000 |
|
Ellis capital account balance |
$26,000 |
|
Ellis cash distribution |
$23,000 |
Add Answer to:
Prior to liquidating their partnership, Ellis and Dunn had
capital accounts of $26,000 and $51,000, respectively....
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $140,000. The partnership had $6,000 of liabilities. Ellis and Dunn share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership. $
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $140,000. The partnership had $6,000 of liabilities. Ellis and Dunn share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership. $
Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $71,000 and $120,000, respectively....
Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $71,000 and $120,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $167,000. The partnership had $6,000 of liabilities. Ellis and Montgomery share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership. $
Prior to liquidating their partnership, Todd and Dunn had capital accounts of $42,000 and $66,000, respectively....
Prior to liquidating their partnership, Todd and Dunn had capital accounts of $42,000 and $66,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $121,000. The partnership had $4,000 of liabilities. Todd and Dunn share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership. $
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Ericson had capital accounts of $63,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Ericson had capital accounts of $63,000 and $118,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $218,000. The partnership had 59,000 of liabilities. Ellis and Ericson share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Gentry had capital accounts of $41,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Gentry had capital accounts of $41,000 and $61,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $98,000. The partnership had $5,000 of liabilities. Ellis and Gentry share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $68,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $68,000 and $117,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $206,000. The partnership had $6,000 of liabilities. Perkins and Dunn share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $35,000 and...
Liquidating Partnerships Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $35,000 and $66,000, respectively. Prior to liquldation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $120,000. The partnership had $3,000 of liabilities. MacPherson and Dunn share Income and losses equally. Determine the amount recelved by MacPherson as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Fowler and Ericson had capital accounts of $26,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Fowler and Ericson had capital accounts of $26,000 and $38,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $57,000. The partnership had $3,000 of liabilities. Fowler and Ericson share income and losses equally. Determine the amount received by Fowler as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Brooks had capital accounts of $26,000 and...
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Brooks had capital accounts of $26,000 and $42,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $65,000. The partnership had $3,000 of liabilities. Perkins and Brooks share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Ericson had capital accounts of $63,000 and $118,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $218,000. The partnership had 59,000 of liabilities. Ellis and Ericson share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Gentry had capital accounts of $41,000 and $61,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $98,000. The partnership had $5,000 of liabilities. Ellis and Gentry share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $68,000 and $117,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $206,000. The partnership had $6,000 of liabilities. Perkins and Dunn share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $35,000 and $66,000, respectively. Prior to liquldation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $120,000. The partnership had $3,000 of liabilities. MacPherson and Dunn share Income and losses equally. Determine the amount recelved by MacPherson as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Fowler and Ericson had capital accounts of $26,000 and $38,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $57,000. The partnership had $3,000 of liabilities. Fowler and Ericson share income and losses equally. Determine the amount received by Fowler as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Brooks had capital accounts of $26,000 and $42,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $65,000. The partnership had $3,000 of liabilities. Perkins and Brooks share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.
Most questions answered within 3 hours.
-
Using any transfer function as an example (e.g. a linear
transfer function), explain why for a...
asked 48 seconds ago -
How does the relation between instrumental and
ceremonial motives change in stable environments? Based on this,...
asked 57 seconds ago -
Research and find an advertising campaign that uses Influencer
Marketing. What potential ethical dilemmas did you...
asked 1 minute ago -
Write a calculator program using
JavaScript in HTML in the same HTML file. (There
will only...
asked 5 minutes ago -
_________ is the more advanced of the two command-line
interfaces included with Windows 10.
asked 9 minutes ago -
a dentist drill starts from rest. After constant angular
acceleration , it turns at a rate...
asked 15 minutes ago -
1a) How many electrons in an atom can have the quantum numbers n
= 5, l...
asked 13 minutes ago -
Each of the following vectors is given in terms of its
x and y components. Find...
asked 29 minutes ago -
Consider the rate law.
rate=k[A]^x
Determine the value of x if the rate doubles when [A]...
asked 31 minutes ago -
A spring with a force constant of 1.50 N/m is attached to a mass
of 120g....
asked 34 minutes ago -
Are there major Free-Rider problems in the state of
Pennsylvania?
asked 33 minutes ago -
A network consists of the following list. Times are given in
weeks. Activity Preceding Time (weeks)...
asked 34 minutes ago