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The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement...
The balance sheet for the AB Partnership is a s follows, Assets $34,000 Property& Plant $366,000...
The balance sheet for the AB Partnership is a s follows, Assets $34,000 Property& Plant $366,000 Wages Payable $64,000 Loan due to A $24,000 Liabilities $140,000 A Capital $48,000 B Capital $124,000 The partners have set worth as follows A Assets $104000 $152,000 Labilites 594,000 $204,000 The net worth of each partner' does not include any amounts due to or from the partnership. Instructions: Assume assets are sold for $206,000 after incurring liquidation expense of $8,000. After liquidation of the...
please answer The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris,...
please answer
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively $ Cash Other assets Hardwick, loan 88,000 815,880 54,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 84,000 53,eee 330,000 250,000 240,000 $ 957,000 Total assets $ 957,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $135,000. Prepare...
liquidate their partnership. Just prior to the liquidation, their balance sheet appeared as follows: Problem 11-3B...
liquidate their partnership. Just prior to the liquidation, their balance sheet appeared as follows: Problem 11-3B Liquidation of a partnership LOS excel CHECK FIGURES: Cash to Ove: 34,706 Carto Olive 5.20 Cast Owe Poppy Sweethean, and Olive have always shared profit and losses in ratioThey recently decided to CHAPTER d. Cash to live Assets Sweethean and Olive October 15, 2020 Llaws $9.450 Accoyable 166.320 $175.770 Em Pappa Lynn Sweetbean, capital Ned Ove capital Total equity Totalities and equity 163,840 42,000...
Sunshine, Ivory, and Ebony are partners in an Aviation Flight Training Schools. They have decided t...
Sunshine, Ivory, and Ebony are partners in an Aviation Flight Training Schools. They have decided t will continue for approximately three months. They share profits and losses liquidation begins on September 8, 2019. o liquidate their partnership. The liquidation begins on September 8, 2019 and 50:30:20 iespectively. The following trial balance was supplied by the partmers just before the Cash Receivables Inventory Notes Receivable (Sunshine) Plant Assets (net) Current Liabilities Sunshine, capital (50%) Notes Payable (Ivory) Ivory, capital (30%) Notes...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
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...
answer please Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities...
answer please
Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities $ 120,000 Assets Accounts Payable $ $ 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 $ 400,000 Total Liabilities & Partner's Equity The stated ratio for B, M, Care 3:3:and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for...
e partnership of Adams, Betty, and Charles has the following trial balance on October 30, 2019...
e partnership of Adams, Betty, and Charles has the following trial balance on October 30, 2019 Credit Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Adams, Capital Betty, Capital Charles, Capital Total Debit 30,000 30,000 35,000 215,000 $ 50.000 120,000 90,000 50,000 S 310,000 $ 310,000 The partners share profits and losses as follows: Adams, 50 percent; Betty, 30 percent; and Charles, 20 percent. The partners are considering a total sum offer of S180,000 for the accounts...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivab...
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...
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share...
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 91,000 Accounts payable $ 96,000 Other assets 805,000 Ferris, loan 52,000 Hardwick, loan 42,000 Hardwick, capital 360,000 Saunders, capital 220,000 Ferris, capital 210,000 Total assets $ 938,000 Total liabilities and capital $ 938,000 The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $165,000. Prepare a proposed...
The balance sheet for the AB Partnership is a s follows, Assets $34,000 Property& Plant $366,000 Wages Payable $64,000 Loan due to A $24,000 Liabilities $140,000 A Capital $48,000 B Capital $124,000 The partners have set worth as follows A Assets $104000 $152,000 Labilites 594,000 $204,000 The net worth of each partner' does not include any amounts due to or from the partnership. Instructions: Assume assets are sold for $206,000 after incurring liquidation expense of $8,000. After liquidation of the...
please answer
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively $ Cash Other assets Hardwick, loan 88,000 815,880 54,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 84,000 53,eee 330,000 250,000 240,000 $ 957,000 Total assets $ 957,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $135,000. Prepare...
liquidate their partnership. Just prior to the liquidation, their balance sheet appeared as follows: Problem 11-3B Liquidation of a partnership LOS excel CHECK FIGURES: Cash to Ove: 34,706 Carto Olive 5.20 Cast Owe Poppy Sweethean, and Olive have always shared profit and losses in ratioThey recently decided to CHAPTER d. Cash to live Assets Sweethean and Olive October 15, 2020 Llaws $9.450 Accoyable 166.320 $175.770 Em Pappa Lynn Sweetbean, capital Ned Ove capital Total equity Totalities and equity 163,840 42,000...
Sunshine, Ivory, and Ebony are partners in an Aviation Flight Training Schools. They have decided t will continue for approximately three months. They share profits and losses liquidation begins on September 8, 2019. o liquidate their partnership. The liquidation begins on September 8, 2019 and 50:30:20 iespectively. The following trial balance was supplied by the partmers just before the Cash Receivables Inventory Notes Receivable (Sunshine) Plant Assets (net) Current Liabilities Sunshine, capital (50%) Notes Payable (Ivory) Ivory, capital (30%) Notes...
Question 1 [25 marks] a) Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total $14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: $ 25,000 40,000 30,000 60,000 70,000 12,000 50,000 50,000 65,000 40,000 18,000 (10,000) Cash Inventory Accounts receivable Equipment Land and Buildings Note payable to Flowers Accounts payable...
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...
answer please
Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities $ 120,000 Assets Accounts Payable $ $ 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 $ 400,000 Total Liabilities & Partner's Equity The stated ratio for B, M, Care 3:3:and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for...
e partnership of Adams, Betty, and Charles has the following trial balance on October 30, 2019 Credit Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Adams, Capital Betty, Capital Charles, Capital Total Debit 30,000 30,000 35,000 215,000 $ 50.000 120,000 90,000 50,000 S 310,000 $ 310,000 The partners share profits and losses as follows: Adams, 50 percent; Betty, 30 percent; and Charles, 20 percent. The partners are considering a total sum offer of S180,000 for the accounts...
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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