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• Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum....
please help Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment...
please help
Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum. depr.-equipment $ 5.000 15.000 18,000 35,000 (8.000) $65,000 Linbilities and Owners' Equity Notes payable $15,000 Accounts payable 16.000 R. Arnet, Capital 15,000 17,800 P. Carey, Capital 1,200 W. Eaton, Capital $65,000 The partners have agreed to liquidate on the following terms: 1.) The noncash assets of the partnership will be sold to Jackson Enterprises for $75,000 cash. 2.) The partnership will pay its...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabiliti...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabilities 24000 10,000Partners' Equity uniture 15,000Ryan Capital 9000 quipment 7000Peter, Capita Other assets 10 James, Capital Total liabilties and partners $60.00Dequity Total assets Ryan, Peter, and James share profits 3 2.1 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss The accounts receivable were collected in full and the...
Assets Cash Accounts receivable Inventory Prepaid expensers Total current assets Equipment Accum. depreciation-Equipment Total assets 67,900...
Assets Cash Accounts receivable Inventory Prepaid expensers Total current assets Equipment Accum. depreciation-Equipment Total assets 67,900 85,500 62, 625 293,656 263,800 2,135 446,776414, 060 120,000 83,890 1,330 145,500 (42,625) (52,000) $549,651 $482,060 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 65,141 $132, 675 8,400 141,075 59,000 60,750 13, 600 78,741 7.741 201,...
Renata is the sole proprietor of a company with the following balance sheet: Assets Liabilities Cash...
Renata is the sole proprietor of a company with the following balance sheet: Assets Liabilities Cash $ 100,000 Accounts payable $ 50,000 Inventory 300,000 Loan payable 100,000 Plant and equipment, net 600,000 Total liabilities 150,000 ________ Capital 850,000 Total assets $1,000,000 Total liabilities and capital $1,000,000 The cash and inventory are carried at fair value, and plant and equipment has a fair value of $650,000. Renata enters into a partnership with Santiago. Renata contributes her company, and the partnership...
Cash P20,000; Accounts Receivable P60,000; Inventory P120,000; Equipment P300,000; Accounts Payable P30,000; Payable to B P20,000;...
Cash P20,000; Accounts Receivable P60,000; Inventory P120,000; Equipment P300,000; Accounts Payable P30,000; Payable to B P20,000; A Capital (20%) P100,000; B Capital (30%) P150,000; C Capital (50%) P200,000 Installment liquidation Use the fact pattern above but assume that the partnership will be liquidated over a prolonged period of time. Distribution to the partners will be made as cash becomes available. Information on the conversion of non-cash assets is as follows: a. 75% of the accounts receivable was collected for only...
The balance sheet of Ryan and Peter's partnership as of December 31, 2018. Is glven below....
The balance sheet of Ryan and Peter's partnership as of December 31, 2018. Is glven below. Assets Liabilities Cash $17,000 Accounts Payable $15.000 Accounts Receivable 9000Other liabilities 25.000 Furniture 28,000Partners' Equity Equipment 40,000Ryan Capital Other assets 8.000 Peter Capital Total assets $102.000 Totallisbilities and partners' equity Ryan and Peter Share profits in the ratio 3:2. They louidate the partnership The furniture and equipment were sold for $10,000. The accounts receivable were collected in fullan written off as worthless. The cash...
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?
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum....
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum. Depreciation $179800 CRANE'S FURNITURE OUTLET LTD. Statement of Financial Position December 31, 2022 $7700 Accounts payable 20600 Salaries payable 1100 Mortgage payable 174000 Total liabilities 98000 Shareholders' equity Common shares 86200 Retained earnings Total shareholders' equity 29200 $416800 Total liabilities and shareholders' equity $107000 20800 $137000 100000 237000 $39300 10100 Total assets $416800 The dollar amount of share capital is O $416800. $237000. O...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
please help
Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum. depr.-equipment $ 5.000 15.000 18,000 35,000 (8.000) $65,000 Linbilities and Owners' Equity Notes payable $15,000 Accounts payable 16.000 R. Arnet, Capital 15,000 17,800 P. Carey, Capital 1,200 W. Eaton, Capital $65,000 The partners have agreed to liquidate on the following terms: 1.) The noncash assets of the partnership will be sold to Jackson Enterprises for $75,000 cash. 2.) The partnership will pay its...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabilities 24000 10,000Partners' Equity uniture 15,000Ryan Capital 9000 quipment 7000Peter, Capita Other assets 10 James, Capital Total liabilties and partners $60.00Dequity Total assets Ryan, Peter, and James share profits 3 2.1 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss The accounts receivable were collected in full and the...
Assets Cash Accounts receivable Inventory Prepaid expensers Total current assets Equipment Accum. depreciation-Equipment Total assets 67,900 85,500 62, 625 293,656 263,800 2,135 446,776414, 060 120,000 83,890 1,330 145,500 (42,625) (52,000) $549,651 $482,060 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 65,141 $132, 675 8,400 141,075 59,000 60,750 13, 600 78,741 7.741 201,...
The balance sheet of Ryan and Peter's partnership as of December 31, 2018. Is glven below. Assets Liabilities Cash $17,000 Accounts Payable $15.000 Accounts Receivable 9000Other liabilities 25.000 Furniture 28,000Partners' Equity Equipment 40,000Ryan Capital Other assets 8.000 Peter Capital Total assets $102.000 Totallisbilities and partners' equity Ryan and Peter Share profits in the ratio 3:2. They louidate the partnership The furniture and equipment were sold for $10,000. The accounts receivable were collected in fullan written off as worthless. The cash...
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?
Cash $29200 Accounts receivable 10600 140000 Supplies Inventory Land Building Less: Accum. Depreciation Trademark Less: Accum. Depreciation $179800 CRANE'S FURNITURE OUTLET LTD. Statement of Financial Position December 31, 2022 $7700 Accounts payable 20600 Salaries payable 1100 Mortgage payable 174000 Total liabilities 98000 Shareholders' equity Common shares 86200 Retained earnings Total shareholders' equity 29200 $416800 Total liabilities and shareholders' equity $107000 20800 $137000 100000 237000 $39300 10100 Total assets $416800 The dollar amount of share capital is O $416800. $237000. O...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
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