Homework Answers
In this problem up to distribution of cash is enough. But for
the understanding purpose I was provided loss distribution also.
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CALCULATOR PRINTER VERSION BACK NEXT Exercise 16-5 Following is the balance sheet of the BDO Partnership:...
Exercise 16-5 Following is the balance sheet of the BDO Partnership: Cash $12,000 Liabilities $12,000 Accounts...
Exercise 16-5
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper distribution of cash, using the safe payment...
Exercise 16-5 Your answer is partially correct. Try again. Following is the balance sheet of the...
Exercise 16-5
Your answer is partially correct. Try again.
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper...
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...
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)
Your answer is partially correct. Try again.
Prepare a schedule of partnership liquidation. (Enter
credit balance of an account and...
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the...
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. Complete the schedule assuming the noncash assets were...
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.)...
CALCULATOR PRINTER VERSION <BACK NEXT The trial balance of Sunland Fashion Center contained the following accounts...
CALCULATOR PRINTER VERSION <BACK NEXT The trial balance of Sunland Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SUNLAND FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,240 Accounts Receivable 37,060 Inventory 48,360 Supplies 8,860 Equipment 139,720 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,520 Advertising Expense 27,580 Utilities Expenses...
Exercise 16-3 The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have...
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from the sale of the
noncash assets.
Prepare...
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its...
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...
Exercise 16-5
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper distribution of cash, using the safe payment...
Exercise 16-5
Your answer is partially correct. Try again.
Following is the balance sheet of the BDO Partnership:
Cash
$12,000
Liabilities
$12,000
Accounts Receivable
41,000
Brink, Capital
47,000
Inventory
28,000
Davis, Capital
25,000
Equipment
58,000
Olsen, Capital
55,000
$139,000
$139,000
The partners share income 40:40:20, respectively. Assume that 70%
of the receivables are collected and that inventory with a book
value of $14,000 is sold for $10,000. All cash available at this
time is to be distributed.
Determine the proper...
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...
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)
Your answer is partially correct. Try again.
Prepare a schedule of partnership liquidation. (Enter
credit balance of an account and...
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. Complete the schedule assuming the noncash assets were...
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.)...
CALCULATOR PRINTER VERSION <BACK NEXT The trial balance of Sunland Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit SUNLAND FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,240 Accounts Receivable 37,060 Inventory 48,360 Supplies 8,860 Equipment 139,720 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,520 Advertising Expense 27,580 Utilities Expenses...
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from the sale of the
noncash assets.
Prepare...
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...
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