Exercise 16-5 Your answer is partially correct. Try again. Following is the balance sheet of the...
Exercise 16-5
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Your answer is partially correct. Try again. |
Following is the balance sheet of the BDO Partnership:
| Cash | $12,000 | Liabilities | $12,000 | |||
| Accounts Receivable | 41,000 | Brink, Capital | 47,000 | |||
| Inventory | 28,000 | Davis, Capital | 25,000 | |||
| Equipment | 58,000 | Olsen, Capital | 55,000 | |||
| $139,000 | $139,000 |
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper distribution of cash, using the safe payment
approach. (Round answers to 0 decimal places, e.g.
5,125. Enter credit balance of an account and credit posting to an
account with negative sign preceding the number, e.g. -45 or
parentheses, e.g. (45).)
| Capital Balances | ||||||||||||
| Cash | Noncash Assets |
Liabilities | Brink 40% |
Davis 40% |
Olsen 20% |
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Following is the balance sheet of the BDO Partnership:
HELP PLEASE! The first expert answer was wrong. This is my second time asking. |
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Homework Answers
Add Answer to:
Exercise 16-5
Your answer is partially correct. Try again.
Following is the balance sheet of the...
Exercise 16-5 Following is the balance sheet of the BDO Partnership: Cash $12,000 Liabilities $12,000 Accounts...
Exercise 16-5
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper distribution of cash, using the safe payment...
CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-5 Following is the balance sheet of the BDO Partnership:...
CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-5 Following is the balance sheet of the BDO Partnership: SI Cash Accounts Receivable Inventory Equipment $11,000 42,000 28,000 54,000 $135,000 Liabilities Brink, Capital Davis, Capital Olsen, Capital $13,000 46,000 28,000 48,000 $135,000 The partners share income 40:40:20, respectively. Assume that 70% of the receivables are collected and that inventory with a book value of $16,000 is sold for $12,000. All cash available at this time is to be distributed. Determine the proper distribution...
*Exercise 12-07 Your answer is partially correct. Try again. Terry, Nick, and Frank are forming The...
*Exercise 12-07 Your answer is partially correct. Try again. Terry, Nick, and Frank are forming The Cullumber Partnership. Terry is transferring $30,000 of personal cash and equipment worth $24,500 to the partnership. Nick owns land worth $18,300 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $7,300, accounts receivable of $36,600, supplies worth $4,000, and equipment worth...
Exercise 16-3 Your answer is partially correct. Try again. The unsuccessful partnership of the Jones Brothers...
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Problem 13-03A Partially correct answer. Your answer is partially correct. Try again. Condensed balance sheet and...
Problem 13-03A Partially correct answer. Your answer is
partially correct. Try again. Condensed balance sheet and income
statement data for Flint Corporation are presented here. FLINT
CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 32,000
$ 22,000 $ 20,000 Accounts receivable (net) 52,000 47,000 50,000
Other current assets 93,000 98,000 67,000 Investments 58,000 73,000
48,000 Plant and equipment (net) 500,000 370,000 358,000 $735,000
$610,000 $543,000 Current liabilities $ 87,000 $ 82,000 $ 72,000
Long-term debt 148,000 88,000 53,000...
Exercise 23-16 Your answer is partially correct. Try again. The balance sheet data of Brown Company...
Exercise 23-16 Your answer is partially correct. Try again. The balance sheet data of Brown Company at the end of 2014 and 2013 are shown below. 2014 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation equipment Land $30,000 55,400 64,400 15,000 89,100 (17,820 ) 69,500 $305,580 2013 $35,100 44,500 45,400 25,200 75,600 (7,900 ) 39,700 $257,600 $64,800 15,100 . -- Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 29,800 189,600 6,280...
Exercise 5-4 Your answer is partially correct. Try again. Assume that Denis Savard Inc. has the...
Exercise 5-4 Your answer is partially correct. Try again. Assume that Denis Savard Inc. has the following accounts at the end of the current year, 1. Common Stock 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials 6. Preferred Stock (Equity) Investments (long-term). 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights. 10. Buildings. 11. Notes Receivable (short-term). 12. Cash 13. Salaries and Wages Payable. 14. Accumulated Depreciation-Buildings. 15. Cash Restricted...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.'s net income for 2022 was $406,400. Depreciation expense was $67,200. 2022 2021 $99,200 136,000 124,800 27,200 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $ 142,400 110,400 99,200 30,400 $382,400 $387,200 $ 9,600 140,800 $150,400 $ 25,600 115,200 $ 140,800 Prepare...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 2016 2017 Assets Cash $73,400 $33,100 Accounts receivable 71,200 85,800 Inventory 170,200 187,000 Land 101,000 72,800 Equipment 260,600 200,800 Accumulated depreciation-equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income...
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share...
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively Cash Other assets $ 58,000 118,000 Liabilities Miller, capital Tyson, capital Watson, capital Total liabilities and capital $ 41,000 60,000 60,000 15,000 $176,000 Total assets $176,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. b. For how much money must the other assets...
Exercise 16-5
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper distribution of cash, using the safe payment...
CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-5 Following is the balance sheet of the BDO Partnership: SI Cash Accounts Receivable Inventory Equipment $11,000 42,000 28,000 54,000 $135,000 Liabilities Brink, Capital Davis, Capital Olsen, Capital $13,000 46,000 28,000 48,000 $135,000 The partners share income 40:40:20, respectively. Assume that 70% of the receivables are collected and that inventory with a book value of $16,000 is sold for $12,000. All cash available at this time is to be distributed. Determine the proper distribution...
*Exercise 12-07 Your answer is partially correct. Try again. Terry, Nick, and Frank are forming The Cullumber Partnership. Terry is transferring $30,000 of personal cash and equipment worth $24,500 to the partnership. Nick owns land worth $18,300 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $7,300, accounts receivable of $36,600, supplies worth $4,000, and equipment worth...
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Problem 13-03A Partially correct answer. Your answer is
partially correct. Try again. Condensed balance sheet and income
statement data for Flint Corporation are presented here. FLINT
CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 32,000
$ 22,000 $ 20,000 Accounts receivable (net) 52,000 47,000 50,000
Other current assets 93,000 98,000 67,000 Investments 58,000 73,000
48,000 Plant and equipment (net) 500,000 370,000 358,000 $735,000
$610,000 $543,000 Current liabilities $ 87,000 $ 82,000 $ 72,000
Long-term debt 148,000 88,000 53,000...
Exercise 23-16 Your answer is partially correct. Try again. The balance sheet data of Brown Company at the end of 2014 and 2013 are shown below. 2014 Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation equipment Land $30,000 55,400 64,400 15,000 89,100 (17,820 ) 69,500 $305,580 2013 $35,100 44,500 45,400 25,200 75,600 (7,900 ) 39,700 $257,600 $64,800 15,100 . -- Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings 29,800 189,600 6,280...
Exercise 5-4 Your answer is partially correct. Try again. Assume that Denis Savard Inc. has the following accounts at the end of the current year, 1. Common Stock 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials 6. Preferred Stock (Equity) Investments (long-term). 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights. 10. Buildings. 11. Notes Receivable (short-term). 12. Cash 13. Salaries and Wages Payable. 14. Accumulated Depreciation-Buildings. 15. Cash Restricted...
Your answer is partially correct. Try again. The current sections of Monty Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.'s net income for 2022 was $406,400. Depreciation expense was $67,200. 2022 2021 $99,200 136,000 124,800 27,200 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $ 142,400 110,400 99,200 30,400 $382,400 $387,200 $ 9,600 140,800 $150,400 $ 25,600 115,200 $ 140,800 Prepare...
Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 2016 2017 Assets Cash $73,400 $33,100 Accounts receivable 71,200 85,800 Inventory 170,200 187,000 Land 101,000 72,800 Equipment 260,600 200,800 Accumulated depreciation-equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income...
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively Cash Other assets $ 58,000 118,000 Liabilities Miller, capital Tyson, capital Watson, capital Total liabilities and capital $ 41,000 60,000 60,000 15,000 $176,000 Total assets $176,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. b. For how much money must the other assets...
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