home excer. The partnership of King, Queen and Page has experienced operating losses for three consecutive...
home excer.
The partnership of King, Queen and Page has experienced operating losses for three consecutive years. The partners, who shares profits and losses in the ratios of King of 15%; Queen of 60%; and Page of 25%, are liquidating the business. The following is the condensed balance at December 31, 2018.
Cash $ 7,000 Accounts Payable $63,000
Noncash Assets 163,000 King, Capital 24,000
Queen, Capital 66,000
Page, Capital 17,000
Total Assets 170,000 Total Liabilities and Capital 170,000
Requirements:
Prepare a liquidation (cash payments) schedule assuming the noncash assets are sold for $103,000.
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home excer.
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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
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Part A
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, 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....
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...
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, 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....
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