Homework Answers
Solution:
| Item | Cash | + | Non cash assets | = | Liabilities | + | Cisneros Capital | + | Gunselman Capital | + | Forren Capital |
| Balance before liquidation | $14,000.00 | $86,300.00 | $28,200.00 | $22,600.00 | $34,400.00 | $15,100.00 | |||||
| Sale of non cash assets and allocation of gain | $118,700.00 | -$86,300.00 | $12,150.00 | $8,100.00 | $12,150.00 | ||||||
| New balances | $132,700.00 | $0.00 | $28,200.00 | $34,750.00 | $42,500.00 | $27,250.00 | |||||
| Pay liabilities | -$28,200.00 | -$28,200.00 | |||||||||
| New balances | $104,500.00 | $0.00 | $0.00 | $34,750.00 | $42,500.00 | $27,250.00 | |||||
| Cash distribution to partners | -$104,500.00 | -$34,750.00 | -$42,500.00 | -$27,250.00 | |||||||
| Final balances | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for...
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for $124,380. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Crane Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).) Cash Liabilities + + Item ince before liquidation + $15,600 Noncash Assets $91,100 Cisneros Capital $19,300 Gunselman Capital $34,200...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 18,000 Accounts Receivable 66,000 Inventory 52,000 Machinery and Equipment (net) 189,000 Accounts Payable $ 53,000 Art, Capital 88,000 Bru, Capital 110,000 Chou, Capital 74,000 Total $ 325,000 $ 325,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 19,000 Accounts Receivable 68,500 Inventory 54,500 Machinery and Equipment (net) 191,500 Accounts Payable $ 54,000 Art, Capital 90,500 Bru, Capital 112,500 Chou, Capital 76,500 Total $ 333,500 $ 333,500 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 20,200 Accounts Receivable 71,500 Inventory 57,500 Machinery and Equipment (net) 194,500 Accounts Payable $ 55,200 Art, Capital 93,500 Bru, Capital 115,500 Chou, Capital 79,500 Total $ 343,700 $ 343,700 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
Exercise 16-2 John, Jake, and Joe are partners with capital accounts of $85,000, $82,000, and $65,000...
Exercise 16-2
John, Jake, and Joe are partners with capital accounts of
$85,000, $82,000, and $65,000 respectively. They share profits and
losses in the ratio of 30:40:30. When the partners decide to
liquidate, the business has $67,000 in cash, noncash assets
totaling $261,000, and $96,000 in liabilities. The noncash assets
are sold for $270,000, and the creditors are paid.
(a)
Prepare a schedule of partnership liquidation. (Enter
credit balance of an account and credit posting to an account with
negative...
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...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule...
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for $124,380. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Crane Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).) Cash Liabilities + + Item ince before liquidation + $15,600 Noncash Assets $91,100 Cisneros Capital $19,300 Gunselman Capital $34,200...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
Exercise 16-2
John, Jake, and Joe are partners with capital accounts of
$85,000, $82,000, and $65,000 respectively. They share profits and
losses in the ratio of 30:40:30. When the partners decide to
liquidate, the business has $67,000 in cash, noncash assets
totaling $261,000, and $96,000 in liabilities. The noncash assets
are sold for $270,000, and the creditors are paid.
(a)
Prepare a schedule of partnership liquidation. (Enter
credit balance of an account and credit posting to an account with
negative...
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...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule...
Most questions answered within 3 hours.
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Subject:Operations Management
Book: Introduction to Operations & Supply Chain Management
3rd Edition
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