Homework Answers
Asset Discharged (sold)
Assets of the partnership First Discharged.the underlying theme in accounting for partnership liquidation is the equitable distribution of the assets to be equitable a distribution should recognize the legal rights of the partnership creditors and individual partners.
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The RUPA establishes rules governing the priority in which partnership assets are distributed to creditors and...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of...
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital Cash $ 40,000 Liabilities $ 50,000 Adams, Loan 10,000 Adams, Capital 55,000 Other Assets 200,000 Peters, Capital 75,000 Blake, Capital 70,000 Total Assets $ 250,000 Total Liabilities and Equities $ 250,000 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of...
Alex and Bess have been in partnership for many years. The partners, who share profits and...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare...
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its...
The partnership of Frick, Wilson, and Clarke has elected to
cease all operations and liquidate its business property. A balance
sheet drawn up at this time shows the following account
balances:
Cash
$
66,000
Liabilities
$
46,000
Noncash assets
231,000
Frick, capital (60%)
135,000
Wilson, capital (20%)
37,000
Clarke, capital (20%)
79,000
Total assets
$
297,000
Total liabilities and capital
$
297,000
Part A
Prepare a predistribution plan for this partnership
Part B
The following transactions occur in liquidating this...
Alex and Bess have been in partnership for many years. The partners, who share profits and...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,000. At the date the partnership ceases operations, the balance sheet is as follows: $ Cash Noncash assets 45,000 105,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 34,500 73,500 42.000 $ 150,000 Total assets $ 150,eee Part A: Prepare...
Check my work Alex and Bess have been in partnership for many years. The partners, who...
Check my work Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 67,000 260,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,500 182,000 96,500 $ 327,000 Total assets $ 327,000...
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 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The...
Problem 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 48,000 135,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 30,000 94,500 52,500 $ 183,000 Total assets...
Problem 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profi...
Problem 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 48,000 135,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 30,000 94,500 52,500 $ 183,000 Total assets...
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its...
The partnership of Frick, Wilson, and Clarke has elected to
cease all operations and liquidate its business property. A balance
sheet drawn up at this time shows the following account
balances:
Cash
$
65,000
Liabilities
$
42,000
Noncash assets
237,000
Frick, capital (60%)
141,000
Wilson, capital (20%)
38,000
Clarke, capital (20%)
81,000
Total assets
$
302,000
Total liabilities and capital
$
302,000
Part A
Prepare a predistribution plan for this partnership
Part B
The following transactions occur in liquidating this...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare...
The partnership of Frick, Wilson, and Clarke has elected to
cease all operations and liquidate its business property. A balance
sheet drawn up at this time shows the following account
balances:
Cash
$
66,000
Liabilities
$
46,000
Noncash assets
231,000
Frick, capital (60%)
135,000
Wilson, capital (20%)
37,000
Clarke, capital (20%)
79,000
Total assets
$
297,000
Total liabilities and capital
$
297,000
Part A
Prepare a predistribution plan for this partnership
Part B
The following transactions occur in liquidating this...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,000. At the date the partnership ceases operations, the balance sheet is as follows: $ Cash Noncash assets 45,000 105,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 34,500 73,500 42.000 $ 150,000 Total assets $ 150,eee Part A: Prepare...
Check my work Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 67,000 260,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,500 182,000 96,500 $ 327,000 Total assets $ 327,000...
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 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 48,000 135,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 30,000 94,500 52,500 $ 183,000 Total assets...
Problem 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 48,000 135,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 30,000 94,500 52,500 $ 183,000 Total assets...
The partnership of Frick, Wilson, and Clarke has elected to
cease all operations and liquidate its business property. A balance
sheet drawn up at this time shows the following account
balances:
Cash
$
65,000
Liabilities
$
42,000
Noncash assets
237,000
Frick, capital (60%)
141,000
Wilson, capital (20%)
38,000
Clarke, capital (20%)
81,000
Total assets
$
302,000
Total liabilities and capital
$
302,000
Part A
Prepare a predistribution plan for this partnership
Part B
The following transactions occur in liquidating this...
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