Homework Answers
Answer:
Journal entry :
| Date | accounts & explanation | debit ($) | credit ($) |
| a) | Cash a/c | 112000 | |
| Non current assets | 106000 | ||
| Profit on sale | 6000 | ||
| b) | Profit on sale | 6000 | |
| Floyd's capital (6000*70%) | 4200 | ||
| Dewitt's capital (6000*30%) | 1800 | ||
| c) | Liabilities a/c | 51600 | |
| Cash a/c | 51600 | ||
| d) | Floyd's capital (45000+4200) | 49200 | |
| Dewitt's capital (33200+1800) | 35000 | ||
| Cash a/c | 84200 |
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Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and...
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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.)...
Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. 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. Wildhorse
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.)
a.
The sale of noncash
assets....
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Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as...
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...
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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.)...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. 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. Wildhorse
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.)
a.
The sale of noncash
assets....
Exercise 12-09 Pharoah Company at December 31 has cash $23,400, noncash assets $102,000, liabilities $51,400, and the following capital balances: Floyd $48,000 and DeWitt $26,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Pharoah Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account tities are automatically indented when amount is entered. Do not indent manually.) a. The sale of...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule...
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...
PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $31,600; Vogel, Capital (CE) $18.400; Utech, Capital (C:) $16,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively. VUP Company decides to liquidate the company, (a) Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit...
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...
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...
roblem 12-03A a-c (Part Level Submission) (Video) the partners in Wildhorse Company decide to liquidate the firm when the balance sheet shows the following. Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment Wildhorse Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $28,200 Notes payable 24,800 Accounts payable (1,100) Salaries and wages payable 34,900 A. Jamison, capital 20,800 S. Moyer, capital (5,900) P. Roper, capital $13,300 27,400 4,300 34,000 20,300 2,400 $101,700 $101,700 The...
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