Homework Answers
| Assets | Liabilities | ||||||||
| Cash | Accounts receivable | Merchandise inventory | Plant assets(net) | Accounts payable | B Capital | M capital | C Capital | ||
| Balances before Liquidation | $ | 60000 | 40000 | 100000 | 200000 | 120000 | 85000 | 95000 | 100000 |
| Collection of Accounts receivable | 35000 | -40000 | -1500 | -1500 | -2000 | ||||
| Sale of Inventory | 110000 | -100000 | 3000 | 3000 | 4000 | ||||
| Sale of Plant assets | 200000 | -200000 | 0 | 0 | 0 | ||||
| Account payable payment | -120000 | -120000 | 0 | 0 | 0 | ||||
| Balances after Liquidation | 285000 | 0 | 0 | 0 | 0 | 86500 | 96500 | 102000 | |
| Payment to partners | -285000 | 88000 | 98000 | 104000 | |||||
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Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities...
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....
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 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...
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...
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...
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...
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...
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;...
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 of...
The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:...
The Abrams, Bartle, and Creighton partnership began the process
of liquidation with the following balance sheet:
Abrams, Bartle, and Creighton share profits and losses in a
ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The
noncash assets were sold for $200,000.
Which partner(s) would be required to contribute assets
to the partnership to cover a deficit in his or her capital
account? Calculate the safe payments for the remaining partner (s)
i.e. those with non-deficit balances.
Cash Noncash...
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....
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...
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...
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...
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...
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...
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;...
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 of...
The Abrams, Bartle, and Creighton partnership began the process
of liquidation with the following balance sheet:
Abrams, Bartle, and Creighton share profits and losses in a
ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The
noncash assets were sold for $200,000.
Which partner(s) would be required to contribute assets
to the partnership to cover a deficit in his or her capital
account? Calculate the safe payments for the remaining partner (s)
i.e. those with non-deficit balances.
Cash Noncash...
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