1 | Date | Account | Debit | Credit |
December, 31 | Summer's Capital A/c | 30000 | ||
Winter's Capital A/c | 20000 | |||
Fall's Capital A/c | 10000 | |||
To Cash A/c | 60000 | |||
2 | December, 31 | Summer's Capital A/c | 33000 | |
Winter's Capital A/c | 27000 | |||
To Fall's Capital A/c | 4000 | |||
To Cash A/c | 56000 | |||
3 | December, 31 | Summer's Capital A/c | 33000 | |
Winter's Capital A/c | 27000 | |||
To Cash A/c | 56000 | |||
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner...
Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period's ending capital account balances are Henry, $45,000; Luther, $37,000; and Gage, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gage is unable to pay the deficiency. The journal entry to record the distribution should be: Multiple Choice Debit Henry, Capital $25,667; debit Luther, Capital $25,667; debit Gage,...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
9) 9) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters agrees to pay $4,000 in cash to settle his deficiency. Prepare the journal entries required to end the partnership. 10) 10) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100.000 are paid, the capital account balances are: Wong. $80,000; Winslow, $70,000; and...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $39,100, $6,900, and $30,300, respectively. Cash and noncash assets total $10,000 and $76,700, respectively. Amounts owed to creditors total $10,400. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
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 the accounts are closed on February 3, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,140, $4,700, and $21,860, respectively. Cash and noncash assets total $5,660 and $54,780, respectively. Amounts owed to creditors total $14,740. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $33,580, the partner with the capital deficiency pays the deficiency to the...
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...