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B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivab...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
Page 3 of 7 B, M, C Partnership t(2) Balance Sheet March 1, 2019 Liabilities Assets...
Page 3 of 7 B, M, C Partnership t(2) Balance Sheet March 1, 2019 Liabilities Assets 120,000 Cash $ 60,000 40,000 100,000 200,000 Accounts Payable Account Receivable Merchandise Inventory Plant Asses( Net) 85,000 95,000 100,000 $ B Capital М Сapital C Capital $ Total Assets $ 400,000 Total Liabilities & Partner's Equity 400,000 $ The stated ratio for B, M, C are 3:3: and & 4 Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000....
answer please Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities...
answer please
Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities $ 120,000 Assets Accounts Payable $ $ Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 B Capital M Capital C Capital 85,000 95,000 100,000 $ $ $ Total Assets 400,000 $ 400,000 Total Liabilities & Partner's Equity The stated ratio for B, M, Care 3:3:and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis &Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets 60,000 40,000 100,000 200,000 S 400,000 Liabilities Payable Partners' Equity $120,000 Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000 S400,000 Required: Prepare Journal entries and ledger accounts...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis &Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets 60,000 40,000 100,000 200,000 S 400,000 Liabilities Payable Partners' Equity $120,000 Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000 S400,000 Required: Prepare Journal entries and ledger accounts...
Problem 1 The following balance sheet extract of the partnership firm of Small, Medium and Large...
Problem 1 The following balance sheet extract of the partnership firm of Small, Medium and Large has been prepared just before they decided to liquidate their firm on June 30, 2019. $ Cash 60,000 Accounts receivable 40,000 Other non-cash assets 300,000 Accounts payable 120,000 Small, capital 85,000 Medium capital 95,000 Large, capital 100,000 The partners have been distributing profits and losses in the ratio of 2:2:1 respectively between Small, Medium and Large. The following transactions took place during the process...
Accounting 202 Quiz # 3 The partnership of Adcock, Villa. and Davis decide to liquidate after...
Accounting 202 Quiz # 3 The partnership of Adcock, Villa. and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis & Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets S 60,000 40,000 100,000 200.000 S 400.000 Liabilities Accounts Payable $120,000 Partners' Equity Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000...
The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement...
The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement of partnership liquidation) was as follows: $ Cash Inventory Loan to Maude Loan to Oscar Plant assets-net $ 70,000 60,000 10,000 18,000 80,000 Accounts payable Notes payable Maude, capital(20%) Ned, capital(20%) Oscar, capital(60%) 42,000 68,000 30,000 32,000 66,000 Total assets $238.000 Total liabilities & equity $238.000 Liquidation events in November were as follows: - All the inventory was sold for $10,000 above book value;...
Renata is the sole proprietor of a company with the following balance sheet: Assets Liabilities Cash...
Renata is the sole proprietor of a company with the following balance sheet: Assets Liabilities Cash $ 100,000 Accounts payable $ 50,000 Inventory 300,000 Loan payable 100,000 Plant and equipment, net 600,000 Total liabilities 150,000 ________ Capital 850,000 Total assets $1,000,000 Total liabilities and capital $1,000,000 The cash and inventory are carried at fair value, and plant and equipment has a fair value of $650,000. Renata enters into a partnership with Santiago. Renata contributes her company, and the partnership...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabiliti...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabilities 24000 10,000Partners' Equity uniture 15,000Ryan Capital 9000 quipment 7000Peter, Capita Other assets 10 James, Capital Total liabilties and partners $60.00Dequity Total assets Ryan, Peter, and James share profits 3 2.1 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss The accounts receivable were collected in full and the...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
Page 3 of 7 B, M, C Partnership t(2) Balance Sheet March 1, 2019 Liabilities Assets 120,000 Cash $ 60,000 40,000 100,000 200,000 Accounts Payable Account Receivable Merchandise Inventory Plant Asses( Net) 85,000 95,000 100,000 $ B Capital М Сapital C Capital $ Total Assets $ 400,000 Total Liabilities & Partner's Equity 400,000 $ The stated ratio for B, M, C are 3:3: and & 4 Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000....
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Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities $ 120,000 Assets Accounts Payable $ $ Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 B Capital M Capital C Capital 85,000 95,000 100,000 $ $ $ Total Assets 400,000 $ 400,000 Total Liabilities & Partner's Equity The stated ratio for B, M, Care 3:3:and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis &Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets 60,000 40,000 100,000 200,000 S 400,000 Liabilities Payable Partners' Equity $120,000 Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000 S400,000 Required: Prepare Journal entries and ledger accounts...
The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis &Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets 60,000 40,000 100,000 200,000 S 400,000 Liabilities Payable Partners' Equity $120,000 Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000 S400,000 Required: Prepare Journal entries and ledger accounts...
Problem 1 The following balance sheet extract of the partnership firm of Small, Medium and Large has been prepared just before they decided to liquidate their firm on June 30, 2019. $ Cash 60,000 Accounts receivable 40,000 Other non-cash assets 300,000 Accounts payable 120,000 Small, capital 85,000 Medium capital 95,000 Large, capital 100,000 The partners have been distributing profits and losses in the ratio of 2:2:1 respectively between Small, Medium and Large. The following transactions took place during the process...
Accounting 202 Quiz # 3 The partnership of Adcock, Villa. and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis & Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets S 60,000 40,000 100,000 200.000 S 400.000 Liabilities Accounts Payable $120,000 Partners' Equity Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000...
The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement of partnership liquidation) was as follows: $ Cash Inventory Loan to Maude Loan to Oscar Plant assets-net $ 70,000 60,000 10,000 18,000 80,000 Accounts payable Notes payable Maude, capital(20%) Ned, capital(20%) Oscar, capital(60%) 42,000 68,000 30,000 32,000 66,000 Total assets $238.000 Total liabilities & equity $238.000 Liquidation events in November were as follows: - All the inventory was sold for $10,000 above book value;...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabilities 24000 10,000Partners' Equity uniture 15,000Ryan Capital 9000 quipment 7000Peter, Capita Other assets 10 James, Capital Total liabilties and partners $60.00Dequity Total assets Ryan, Peter, and James share profits 3 2.1 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss The accounts receivable were collected in full and the...
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