Homework Answers
| $('000) | Cash | Other Assets | Liabilities | Partner A | Partner B |
| Begin Bal | 0 | 400 | 228 | 48 | 124 |
| Liquid Exp & loss sharing | -8 | -4 | -4 | ||
| Sale of Assets & loss sharing | 206 | -400 | -97 | -97 | |
| Balance | 198 | 0 | 228 | -53 | 23 |
| Liabilities paid | -198 | -198 | |||
| Balance | 0 | 0 | 30 | -53 | 23 |
| A's Contribution(104-94) | 10 | 10 | |||
| Liabilities paid | -10 | -10 | |||
| ABs deficit | 0 | 0 | 0 | 23 | -23 |
| End Balance | 0 | 0 | 20 | -20 | 0 |
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The balance sheet for the AB Partnership is a s follows, Assets $34,000 Property& Plant $366,000...
The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash Noncash assets 71,520 Liabilities...
The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash Noncash assets 71,520 Liabilities 48,000 132,000 60,960 56,000 38,560 203,520 Delphine, capital Xavier, capital Olivier, capital Total liabilities and capital Total assets 203,520 Delphine, Xavier, and Olivier share profits and losses in the ratio of 3:4:3, respectively. The partners have agreed to terminate the business and estimate that $15,200 in liquidation expenses will be incurred. Which partner should receive the cash distribution?
(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...
The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250
QS 12-9 Liquidation of partnershipThe Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On May 31, after all assets were converted to cash and all creditors were paid, only $45,000 in partnership cash remained. 1. Compute the capital account balance of each partner after the liquidation of assets and...
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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...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.]...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $130,500; Brown, $167,300; and Snow, $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48,300 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner...
The trial balance for the MAD Partnership is as follows just before declaring bankruptcy. Partners share...
The trial balance for the MAD Partnership is as follows just
before declaring bankruptcy. Partners share profits in the ratio
45:30:25.
Required: A. Prepare a schedule to show how available cash would
be distributed to the partners after creditors are paid in full.
State which partner would receive the first cash available and at
what point and to what degree each of the remaining partners would
participate in cash distributions. B. Cash of $30,000 is available
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The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6....
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(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...
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...
The trial balance for the MAD Partnership is as follows just
before declaring bankruptcy. Partners share profits in the ratio
45:30:25.
Required: A. Prepare a schedule to show how available cash would
be distributed to the partners after creditors are paid in full.
State which partner would receive the first cash available and at
what point and to what degree each of the remaining partners would
participate in cash distributions. B. Cash of $30,000 is available
to partners after the...
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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