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Exercise 16-1
The CPA Partnership operated by Cook, Parks, and Argo is being
liquidated. A balance sheet prepared at this stage in their
liquidation process is presented below.
Cash
$44,000
Liabilities
$34,000
Other Assets
51,000
Parks, Loan
10,000
Cook, Capital
28,000
Parks, Capital
9,000
Argo, Capital
14,000
Total
$95,000
Total
$95,000
The partners share profits and losses 30% (Cook), 50% (Parks), and
20% (Argo). The partners are all personally insolvent.
(a)
The partners wish to distribute the $44,000 in cash....
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Please do part A above and Part B: journal entries to form the
completion of the liquidation process.
Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash Other Assets $36,000 50,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $22,000 10,000 28,000 10,000 16,000 $86,000 Total $86,000 The partners share profits and losses 30% (Cook), 50% (Parks), and...
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Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
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Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
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pls show all calculation
tx
On November 15 of the current year, the account balances in Orlole Partnership were Cash $8.650 Land $19.000D Dupuis Capital $12.800; V. Dueck. Capital $10,400 and B Veltch. Capital $4.450. The three partners share profit and losses equally. The land was sold for $22.600 cash Your answer is correct Prepare the journal entry to record the sale of the land. (Credit account titles are automatically Indented when the amount is entered Do norindent manually Debit...
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Question 6 The Zhuzer Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000, and the following capital balances: Zhu $112,000 and Zerkel $50,000. The firm is liquidated, and $265,000 in cash is received for the noncash assets. Zhu and Zerkel income ratios are 60% and 40%, respectively. 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. (b) The allocation of the...
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Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
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Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $4,500,000. In December 2020, Niley-Cook declared its first dividend of $800,000. Your answer is partially correct. Try again. Prepare Niley-Cook's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 4500000 Preferred Stock 4000000 Paid-in Capital in Excess of Par-Preferred Stock...
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Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb, prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Exercise 16-1
The CPA Partnership operated by Cook, Parks, and Argo is being
liquidated. A balance sheet prepared at this stage in their
liquidation process is presented below.
Cash
$44,000
Liabilities
$34,000
Other Assets
51,000
Parks, Loan
10,000
Cook, Capital
28,000
Parks, Capital
9,000
Argo, Capital
14,000
Total
$95,000
Total
$95,000
The partners share profits and losses 30% (Cook), 50% (Parks), and
20% (Argo). The partners are all personally insolvent.
(a)
The partners wish to distribute the $44,000 in cash....
Please do part A above and Part B: journal entries to form the
completion of the liquidation process.
Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash Other Assets $36,000 50,000 Liabilities Parks, Loan Cook, Capital Parks, Capital Argo, Capital Total $22,000 10,000 28,000 10,000 16,000 $86,000 Total $86,000 The partners share profits and losses 30% (Cook), 50% (Parks), and...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
pls show all calculation
tx
On November 15 of the current year, the account balances in Orlole Partnership were Cash $8.650 Land $19.000D Dupuis Capital $12.800; V. Dueck. Capital $10,400 and B Veltch. Capital $4.450. The three partners share profit and losses equally. The land was sold for $22.600 cash Your answer is correct Prepare the journal entry to record the sale of the land. (Credit account titles are automatically Indented when the amount is entered Do norindent manually Debit...
Question 6 The Zhuzer Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000, and the following capital balances: Zhu $112,000 and Zerkel $50,000. The firm is liquidated, and $265,000 in cash is received for the noncash assets. Zhu and Zerkel income ratios are 60% and 40%, respectively. 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. (b) The allocation of the...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Niley-Cook Corporation issued 200,000 shares of $20 par value, 6% preferred stock on January 1, 2018, for $4,500,000. In December 2020, Niley-Cook declared its first dividend of $800,000. Your answer is partially correct. Try again. Prepare Niley-Cook's journal entry to record the issuance of the preferred stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 4500000 Preferred Stock 4000000 Paid-in Capital in Excess of Par-Preferred Stock...
Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb, prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...