Nov | Dec | Jan | |
Cash | 25,000 | 0 | 0 |
Sale of fixture | 18,000 | 8000 | 0 |
Sale of equipment | 21,000 | 0 | 25000 |
Sale of supplies | - | 16000 | 0 |
Total | 64,000 | 24,000 | 25000 |
Liab paid | 60,700 | 0 | 0 |
Cash to be distributed in ratio 2:3:1:4 | 3,300 | 24,000 | 25000 |
Dennis | 660 | 4,800 | 5,000 |
Edwards | 990 | 7,200 | 7,500 |
Lacy | 330 | 2,400 | 2,500 |
Ingram | 1,320 | 9,600 | 10,000 |
Q2. Partnership liquidation – Safe payments Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and...
Partnership Liquidation—Safe Payments
Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah
Ingram formed a partnership to operate the Deli Sisters Cafe.
Rerouting of bus lines caused declines in patronage to the extent
that the partners have agreed to dissolve the partnership and
liquidate the assets. The November 2, 2020, balance sheet of the
Deli Sisters Cafe and other data appear below. Partnership income
and losses are shared in a 2:3:1:4 ratio.
Additional
information:
During November, sold half...
The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: Cash $ 49,000 Liabilities $ 62,000 Accounts receivable 116,000 Rodgers, loan 69,000 Inventory 135,000 Wingler, capital (30%) 171,000 Land 102,000 Norris, capital (10%) 122,000 Building and equipment (net) 185,000 Rodgers, capital...
Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: Cash $ 59,000 Liabilities $ 57,000 Accounts receivable 126,000 Rodgers, loan 79,000 Inventory 145,000 Wingler, capital (30%) 186,000 Land 107,000 Norris, capital (10%) 132,000 Building and equipment (net) 190,000...
Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: Cash $ 53,000 Liabilities $ 60,000 Accounts receivable 120,000 Rodgers, loan 73,000 Inventory 139,000 Wingler, capital (30%) 177,000 Land 104,000 Norris, capital (10%) 126,000 Building and equipment (net) 187,000...
Hardin, Sutton, and Williams have operated a local business as a partnership for several years. All profits and losses have been allocated in a 3:2:1 ratio, respectively. Recently, Williams has undergone personal financial problems, and is insolvent. To satisfy Williams' creditors, the partnership has decided to liquidate. The following balance sheet has been produced: 20 Points) 4 Cash Noncash assets 10,000 227,000 Liabilities Hardin, capital Sutton, capital Williams, capital Total liabilities and capital $ 80,000 96,000 45,000 16.000 S 237000...