David Oliver and
Umar Ansari, with capital balances of $35,000 and $47,000,
respectively, decide to liquidate their partnership. After selling
the noncash assets and paying the liabilities, there is $103,000 of
cash remaining. If the partners share income and losses equally,
how should the cash be distributed?Homework Answers
| Oliver | Ansari | Total | |
| Capital Balance Before realization | 35000 | 47000 | 82000 |
| Division of gain on realization (103000-82000)=21000 | 10500 | 10500 | 21000 |
| Capital Balance after realization | 45500 | 57500 | 103000 |
| Cash distributed to partner | 45500 | 57500 | 103000 |
| Final Balance | 0 | 1 | 2 |
Add Answer to:
David Oliver and
Umar Ansari, with capital balances of $35,000 and $47,000,
respectively, decide to liquidate...
David Oliver and Umar Ansari, with capital balances of $58,000 and $78,000, respectively, decide to liquidate...
David Oliver and Umar Ansari, with capital balances of $58,000 and $78,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $170,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
On November 1, 2019, the firm of Sails, Welch and Greenberg decided to liquidate their partnership....
On November 1, 2019, the firm of Sails, Welch and Greenberg decided to liquidate their partnership. The partners have capital balances of $58,000, $72,000 and $10,000 respectively. The cash balance is $32,000, the book values of the noncash assets total $128,000, and liabilities total $20,000. The partners share income and losses in the ratio of 2:2:1. Instructions: 1. Prepare a statement of partnership liquidation, covering the period November 1-30, 2019, for each of the following assumptions: a) All of the...
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 $ 71,000 Liabilities $ 39,000 Noncash assets 291,000 Frick, capital (60%) 177,000 Wilson, capital (20%) 47,000 Clarke, capital (20%) 99,000 Total assets $ 362,000 Total liabilities and capital $ 362,000 Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this...
Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership....
Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? c. How should the cash be divided between Hewitt and...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,000, $42,900, and $18,900, respectively. Cash, noncash assets, and liabilities total $49,200, $79,200, and $36,600, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,500, $36,000, and $16,200, respectively. Cash, noncash assets, and liabilities total $38,400, $66,900, and $27,600, respectively. Between July 1 and July 29, the noncash assets are sold for $53,700, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the
partnership, the capital account balances of Gold, Porter, and Sims
are $45,600, $65,100, and $28,800, respectively. Cash, noncash
assets, and liabilities total $74,700, $120,300, and $55,500,
respectively. Between July 1 and July 29, the noncash assets are
sold for $96,300, the liabilities are paid, and the remaining cash
is distributed to the partners. The partners share net income and
loss in the ratio of 3:2:1.
Prepare a statement of...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on Jul...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are丰44,700, $63,600, and $28,200 respectively. Cash noncash assets, and liabilities total $65,700 $117,600 and $46,800, respectively. Between July 1 and July 29, the noncash assets are sold for $94,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss...
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 $ 69,000 Liabilities $ 40,000 Noncash assets 285,000 Frick, capital (60%) 171,000 Wilson, capital (20%) 46,000 Clarke, capital (20%) 97,000 Total assets $ 354,000 Total liabilities and capital $ 354,000 Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this...
On November 1, 2019, the firm of Sails, Welch and Greenberg decided to liquidate their partnership. The partners have capital balances of $58,000, $72,000 and $10,000 respectively. The cash balance is $32,000, the book values of the noncash assets total $128,000, and liabilities total $20,000. The partners share income and losses in the ratio of 2:2:1. Instructions: 1. Prepare a statement of partnership liquidation, covering the period November 1-30, 2019, for each of the following assumptions: a) All of the...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership...
After closing the accounts on July 1, prior to liquidating the
partnership, the capital account balances of Gold, Porter, and Sims
are $45,600, $65,100, and $28,800, respectively. Cash, noncash
assets, and liabilities total $74,700, $120,300, and $55,500,
respectively. Between July 1 and July 29, the noncash assets are
sold for $96,300, the liabilities are paid, and the remaining cash
is distributed to the partners. The partners share net income and
loss in the ratio of 3:2:1.
Prepare a statement of...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are丰44,700, $63,600, and $28,200 respectively. Cash noncash assets, and liabilities total $65,700 $117,600 and $46,800, respectively. Between July 1 and July 29, the noncash assets are sold for $94,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss...
Most questions answered within 3 hours.
-
D. A student completed 20 courses in the School of Arts and
Sciences. Her grades in...
asked 1 hour ago -
teo
pucks moving on a frictionless air table are about to collide. the
1.5 kg puck...
asked 1 hour ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 3 hours ago -
1. What is the meaning of the term communication style?
2. What are the benefits to...
asked 2 hours ago -
9.) You are buying a car that cost $26,500. You make payments of
$412 each month...
asked 3 hours ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 4 hours ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 4 hours ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 4 hours ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 6 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 7 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 8 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 9 hours ago