Homework Answers
| No | Transaction | General Journal | Debit | Credit |
| 1 | (a) | Cash | 621000 | |
| Inventory | 538200 | |||
| Gain on sale of inventory | 82800 | |||
| 2 | (b) | Gain on sale of inventory | 82800 | |
| Kendra, Capital | 41400 | |||
| Cogley, Capital | 27600 | |||
| Mei, Capital | 13800 | |||
| 3 | ( C) | Accounts payable | 252000 | |
| Cash | 252000 | |||
| 4 | (d) | Kendra, Capital | 115600 | |
| Cogley, Capital | 194550 | |||
| Mei, Capital | 143650 | |||
| Cash | 453800 |
Workings:
| Sale price | 621000 |
| Less: Cost of inventory | 538200 |
| Gain on sale | 82800 |
| Kendra | Cogley | Mei | |
| Opening balance | 74200 | 166950 | 129850 |
| Allocation of gain in the ratio 3:2:1 | 41400 | 27600 | 13800 |
| Closing balance | 115600 | 194550 | 143650 |
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helpppp LILLAH WULA PIOVIENI IZUA LiquidLII VI a partTED Lur Kendra, Cogley, and Mei share income...
helpppp
LILLAH WULA PIOVIENI IZUA LiquidLII VI a partTED Lur Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $252,000 74,200 166,950 129,850 $623,000 Total assets Required: For...
JIS (U) $200,000 $145,000, and (c) $262,000. (2c) Cr. Benson, Capital, $9,300 Kendra, Cogley, and Mei...
JIS (U) $200,000 $145,000, and (c) $262,000. (2c) Cr. Benson, Capital, $9,300 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, %: Cogley, and Mei..). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Problem 12-6A Liquidation of a partnership P5 Balance Sheet Assets Cash ... $180,800 537,200 $245,500 Inventory ............ Liabilities Accounts payable Equity Kendra, Capital .......... Cogley, Capital .......... Mei, Capital...............
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio in ratio form: Kendra,...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $ 84,300 538,200 $ 252,000 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,100 166,725 129,675 $622,500 Total assets $622,500 Required: For each of the following scenarios, complete...
Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss...
Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash $ 103,600 Accounts payable $ 252,500 Inventory 536,400 Equity Kendra, Capital 77,500 Cogley, Capital 174,375 Mei, Capital 135,625 Total assets $ 640,000 Total liabilities and equity...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra,...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $ 84,600 545,400 $255,500 Inventory 74,900 168,525 131,075 Total assets $630,000 Total liabilities and equity $630,000 Required: For each of the following scenarios, complete the...
No need to explain, please I beg just solve everything, would be greatly appreciated (huge thumbs...
No need to explain, please I beg just solve
everything, would be greatly appreciated (huge thumbs up)!
:)
Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 376; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $252,000 $ 83,900 546,600 Balance Sheet Liabilities Accounts payable Equity...
I think I'm doing these wrong. Please help with liquidation 3 and 4. How would I...
I think I'm doing these wrong. Please help with
liquidation 3 and 4. How would I do journal entries for liquidation
4?
P12-6A 50. 339 1770 Liquidation 3, inventory sold for $320,000; capital deficiencies paid into partnership Kendra Cogley Mei Gain on Cash Inventory I A/P Capital Capital Capital Liquidation Beginning $ 180,800 $ 537,200 $ 245,500 $ 93,000 $ 212,500 $ 167,000 balances Sale of 600,000 (537,200) 62,800 equipment 780,800 245,500 93,000 212,500 167,000 62,800 Gain/LOSS 31,400 20,724 10,676...
Saved Quiz Partll i Help Save & Exit Subm Check my work Required information The following...
Saved Quiz Partll i Help Save & Exit Subm Check my work Required information The following information applies to the questions displayed below. Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership Immediately before liquidation, the partnership balance sheet shows total assets, $142,800; total liabilities, $92,000: Turner, Capital, $3,900; Roth, Capital, $14.700; and Lowe, Capital, $32,200. The...
what is the the Sale of Assets & Repaid to Partnership? Saved Help S: Homework Problems...
what is the the Sale of Assets & Repaid to
Partnership?
Saved Help S: Homework Problems i ! Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $154,800 total...
Help Save & Exit Submit HW3 CH12 Check my work 4 The following information applies to...
Help Save & Exit Submit HW3 CH12 Check my work 4 The following information applies to the questions displayed below! Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively, Part 3 of 3 Exercise 12-5 Part 3 Income allocation in a partnership LO P2 178 points 3. The partners agreed to share income by giving a $50,000 per year salary allowance to Ramet, a $40,000 per year salary allowance to Knox, 10% interest on their initial capital...
helpppp
LILLAH WULA PIOVIENI IZUA LiquidLII VI a partTED Lur Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $252,000 74,200 166,950 129,850 $623,000 Total assets Required: For...
JIS (U) $200,000 $145,000, and (c) $262,000. (2c) Cr. Benson, Capital, $9,300 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, %: Cogley, and Mei..). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Problem 12-6A Liquidation of a partnership P5 Balance Sheet Assets Cash ... $180,800 537,200 $245,500 Inventory ............ Liabilities Accounts payable Equity Kendra, Capital .......... Cogley, Capital .......... Mei, Capital...............
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $ 84,300 538,200 $ 252,000 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,100 166,725 129,675 $622,500 Total assets $622,500 Required: For each of the following scenarios, complete...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $ 84,600 545,400 $255,500 Inventory 74,900 168,525 131,075 Total assets $630,000 Total liabilities and equity $630,000 Required: For each of the following scenarios, complete the...
No need to explain, please I beg just solve
everything, would be greatly appreciated (huge thumbs up)!
:)
Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 376; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $252,000 $ 83,900 546,600 Balance Sheet Liabilities Accounts payable Equity...
I think I'm doing these wrong. Please help with
liquidation 3 and 4. How would I do journal entries for liquidation
4?
P12-6A 50. 339 1770 Liquidation 3, inventory sold for $320,000; capital deficiencies paid into partnership Kendra Cogley Mei Gain on Cash Inventory I A/P Capital Capital Capital Liquidation Beginning $ 180,800 $ 537,200 $ 245,500 $ 93,000 $ 212,500 $ 167,000 balances Sale of 600,000 (537,200) 62,800 equipment 780,800 245,500 93,000 212,500 167,000 62,800 Gain/LOSS 31,400 20,724 10,676...
Saved Quiz Partll i Help Save & Exit Subm Check my work Required information The following information applies to the questions displayed below. Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership Immediately before liquidation, the partnership balance sheet shows total assets, $142,800; total liabilities, $92,000: Turner, Capital, $3,900; Roth, Capital, $14.700; and Lowe, Capital, $32,200. The...
what is the the Sale of Assets & Repaid to
Partnership?
Saved Help S: Homework Problems i ! Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $154,800 total...
Help Save & Exit Submit HW3 CH12 Check my work 4 The following information applies to the questions displayed below! Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively, Part 3 of 3 Exercise 12-5 Part 3 Income allocation in a partnership LO P2 178 points 3. The partners agreed to share income by giving a $50,000 per year salary allowance to Ramet, a $40,000 per year salary allowance to Knox, 10% interest on their initial capital...
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