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MC 2-9 assu acci Almeda and Asistio are combining their separate business to form a partnership....
1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the...
1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the following: Aster Cash P 72.000 P 30,000 Accounts Receivable 150,000 108,000 Merchandise Inventory 240,000 156,000 Furniture and Fixtures 330,000 102,000 Prepaid Expenses 63.000 21.000 Accounts Payable 366,000 144,000 Aster, Capital 489.000 Amie, Capital 273,000 COURS se or los tner It has been agreed to recognize uncollectible accounts of P7,500 and P5,400 to each party, respectively, and that the furniture and fixtures of Amie are...
MC 2-8 to MC 2-20 MC 2-12, MC 2-13, MC 2-14, MC 2-15 MC 2-12, MC 2-13 , MC 2-14, MC 2-15 1.7 Amie revers As...
MC 2-8 to MC 2-20
MC
2-12, MC 2-13, MC 2-14, MC 2-15
MC 2-12, MC 2-13 , MC 2-14, MC 2-15
1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the following: Aster Cash P 72.000 P 30,000 Accounts Receivable 150,000 108,000 Merchandise Inventory 240,000 156,000 Furniture and Fixtures 330,000 102,000 Prepaid Expenses 63.000 21.000 Accounts Payable 366,000 144,000 Aster, Capital 489.000 Amie, Capital 273,000 COURS se or los tner It has been...
READING: PARTNERSHIP LIQUIDATION To-Do Date: Feb 18 at 11:59pm PARTNERSHIP LIQUIDATION BY LUMP-SUM METHOD Steps: 1....
READING: PARTNERSHIP LIQUIDATION To-Do Date: Feb 18 at 11:59pm PARTNERSHIP LIQUIDATION BY LUMP-SUM METHOD Steps: 1. To record proceeds of sales of assets any loss on sales is debited to "loss on realization or credited "gain on realization 2. Any gain or loss on realization is is distributed to capital accounts 3. To record payment of liabilities 4. To record payment of partners loan 5. Cash distribution to partners. However, at the time of liquidation, partners loan need not be...
Problem 2 Proprietor to be Used by the Partnership) 4 (Cash, Non-cash and Net Assets Contributions;...
Problem 2 Proprietor to be Used by the Partnership) 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole On January 1, 2014, Abante, Arevalo, and Almonte decided to form a partnership. Abante, a sole proprietor, will transfer to the partnership his net assets, excluding cash. Arevalo will contribute cash in an amount equal to one and a half times the investment of Abante. Almonte will contribute a piece of land with an agreed value of P1,800,000 subject to...
Problem 2 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole Proprietor to be...
Problem 2 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole Proprietor to be Used by the Partnership) On January 1, 2014, Abante, Arevalo, and Almonte decided to form a partnership. Abante, a sole proprietor, will transfer to the partnership his net assets, excluding cash. Arevalo will contribute cash in an amount equal to one and a half times the investment of Abante. Almonte will contribute a piece of land with an agreed value of P1,800,000 subject to...
Answer all HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnersh...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $47,000 and equipment with a cost of $182,000 and accumulated depreciation of $95,000. The partners agree that the equipment is to be valued at $67,900, that $4,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated Depreciation...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. - All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated...
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership...
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership is undergoing an installment liquidation. A and B share income in a 4:1 ratio, and have current capital balances of $40,000 and $70,000, respectively. $30,000 in cash is available for distribution. Assuming all liabilities have been paid, what is the amount of the safe payment to B? $24,000 $30,000 $20,000 SO Previous Page Next Page Page 36 of 49 Partners in MNO Partnership have...
1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the following: Aster Cash P 72.000 P 30,000 Accounts Receivable 150,000 108,000 Merchandise Inventory 240,000 156,000 Furniture and Fixtures 330,000 102,000 Prepaid Expenses 63.000 21.000 Accounts Payable 366,000 144,000 Aster, Capital 489.000 Amie, Capital 273,000 COURS se or los tner It has been agreed to recognize uncollectible accounts of P7,500 and P5,400 to each party, respectively, and that the furniture and fixtures of Amie are...
MC 2-8 to MC 2-20
MC
2-12, MC 2-13, MC 2-14, MC 2-15
MC 2-12, MC 2-13 , MC 2-14, MC 2-15
1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the following: Aster Cash P 72.000 P 30,000 Accounts Receivable 150,000 108,000 Merchandise Inventory 240,000 156,000 Furniture and Fixtures 330,000 102,000 Prepaid Expenses 63.000 21.000 Accounts Payable 366,000 144,000 Aster, Capital 489.000 Amie, Capital 273,000 COURS se or los tner It has been...
READING: PARTNERSHIP LIQUIDATION To-Do Date: Feb 18 at 11:59pm PARTNERSHIP LIQUIDATION BY LUMP-SUM METHOD Steps: 1. To record proceeds of sales of assets any loss on sales is debited to "loss on realization or credited "gain on realization 2. Any gain or loss on realization is is distributed to capital accounts 3. To record payment of liabilities 4. To record payment of partners loan 5. Cash distribution to partners. However, at the time of liquidation, partners loan need not be...
Problem 2 Proprietor to be Used by the Partnership) 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole On January 1, 2014, Abante, Arevalo, and Almonte decided to form a partnership. Abante, a sole proprietor, will transfer to the partnership his net assets, excluding cash. Arevalo will contribute cash in an amount equal to one and a half times the investment of Abante. Almonte will contribute a piece of land with an agreed value of P1,800,000 subject to...
Problem 2 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole Proprietor to be Used by the Partnership) On January 1, 2014, Abante, Arevalo, and Almonte decided to form a partnership. Abante, a sole proprietor, will transfer to the partnership his net assets, excluding cash. Arevalo will contribute cash in an amount equal to one and a half times the investment of Abante. Almonte will contribute a piece of land with an agreed value of P1,800,000 subject to...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $47,000 and equipment with a cost of $182,000 and accumulated depreciation of $95,000. The partners agree that the equipment is to be valued at $67,900, that $4,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated Depreciation...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. - All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated...
Question 40 (2.4 points) A & B are in business as the AB partnership. The partnership is undergoing an installment liquidation. A and B share income in a 4:1 ratio, and have current capital balances of $40,000 and $70,000, respectively. $30,000 in cash is available for distribution. Assuming all liabilities have been paid, what is the amount of the safe payment to B? $24,000 $30,000 $20,000 SO Previous Page Next Page Page 36 of 49 Partners in MNO Partnership have...
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