Homework Answers
| No. | Account Titles and Explanations | Debit | Credit |
| 1. | Cash | 51450 | |
| Allowance for Doubtful debts | 1400 | ||
| Accumultaed dep | 5900 | ||
| Loss on Realisation | 19550 | ||
| Accounts receivable | 24000 | ||
| Inventory | 34100 | ||
| Equipment | 20200 | ||
| 2. | A Jamison (19550*5/10) | 9775 | |
| S Moyer (19550*3/10) | 5865 | ||
| P Roper (19550*2/10) | 3910 | ||
| Loss on Realisation | 19550 | ||
| 3. | Notes payable | 13500 | |
| Accounts payable | 27500 | ||
| Salaries payable | 3900 | ||
| Cash | 44900 | ||
| 4. | Cash (3910-2550) | 1360 | |
| P Roper | 1360 | ||
| 5. | A Jamison (32500-9775) | 22725 | |
| S Moyer (20950-5865) | 15085 | ||
| Cash | 37810 |
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Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet...
The partners in Crane Company decide to liquidate the firm when the balance sheet shows the...
The partners in Crane 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 Crane Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,000 24,500 Accounts payable 26,800 (1,400) Salaries and wages payable 4,300 34,800 A. Jamison, capital 33,800 21,600 S. Mayer, capital 23,100 (5,700) P. Roper, capital 2,700 $103,700 $103,700 The partners share income and loss 5:3:2. During...
roblem 12-03A a-c (Part Level Submission) (Video) the partners in Wildhorse Company decide to liquidate the...
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...
entries to record the transactions The partners in Crane Company decide to liquidate the firm when...
entries to record the transactions
The partners in Crane Company decide to liquidate the firm when the balance sheet shows the following Crane Company Balance Sheet May 31, 2020 Assets Cash Accounts receivable Allowance for doubtful accounts Liabilities and Owners' Equity $30.000 Notes payable $13.700 24.200 Accounts payable 27.200 (1.200) Salaries and wages payable 4,000 34,600 A Jamison, capital 32,600 21,200 S. Mayer, capital 23,100 (5.2001 P. Roper, capital 3.000 $103,600 $103,600 Inventory Equipment Accumulated depreciation-equipment The partners share income...
Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advances to Employees Allowance for Doubtful...
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital...
• Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum....
• Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum. depr.-equipment 16,000 $ 5.000 15.000 18.000 35.000 (8.000) $65,000 Liabilities and Owners' Equity Notes payable 315.000 Accounts payable R. Arnet, Capital 15,000 P. Carey, Capital 17,800 W. Eaton, Capital 1.200 $65.000 the partners have agreed to liquidate on the following terins. 1.) The noncash assets of the partnership oncash assets of the partnership will be sold to Jackson Enterprises for $75,000 cash. 2.) The...
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...
Coburn (beginning capital, $59,000) and Webb (beginning capital $95,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000.
Coburn (beginning capital, $59,000) and Webb (beginning capital $95,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000.Assume the partnership income-sharing agreement calls for income to be divided 40% to Coburn and 60% 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 ExplanationDebitCreditselect an account title ...
1. River Song sells the noncash assets 1. A total of $55,000 was received from converting...
1. River Song sells the noncash assets
1. A total of $55,000 was received from
converting nonCash assets into Cash.
(accounts receivable, inventory, and equipment)
for $55,000. The book value of these assets is $74,000
($25,000 - $1,000 + $34,500 + $21,000 - $5,500).
Thus, River Song realizes a Loss of $19,000 on the sale.
The entry is above:
NonCash Assets (net).................... $74,000
Sale Proceeds ................................. 55,000
Loss on Sale of nonCash Assets...... $19,000
2. Gain or Loss on realization...
Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive...
Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Advances to Employees Advertising Expense Allowance for Doubtful Accounts Bond Sinking Fund Bonds Payable Buildings Cash (in bank) Cash (on hand) Cash Surrender Value of Life Insurance Commission Expense Common Stock Copyrights Debt Investments (trading) Dividends Payable Equipment Freight-In Gain on Disposal of Equipment Interest Receivable Inventory-Beginning Loss from Flood Noncontrolling Interest Notes Payable (due next year) Paid-in Capital in Excess of Par-Preferred...
The entry for the realization of noncash assets? Y T AA AB AC 2 current liabilities...
The entry for the realization of noncash assets?
Y T AA AB AC 2 current liabilities Notes Payable (in 2013) Accounts Payable Salary & Wages Payable Total current liabilities $ 13,500.0 27,000.0 40000 Long Term Liabilities Notes Payable (after 2013) Long Term Debt Total long term liabilities Total Liabilities S 44,500.0 Owner's Equity A Mangold Capital S. Otis Capital P. Tyler Capital Owner's Capital $33.0000 21.0000 3.000.0 $ 57,000.0 Total Liabilities & Owner's Equity $101.500.0 The partners share Income and...
The partners in Crane 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 Crane Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,000 24,500 Accounts payable 26,800 (1,400) Salaries and wages payable 4,300 34,800 A. Jamison, capital 33,800 21,600 S. Mayer, capital 23,100 (5,700) P. Roper, capital 2,700 $103,700 $103,700 The partners share income and loss 5:3:2. During...
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...
entries to record the transactions
The partners in Crane Company decide to liquidate the firm when the balance sheet shows the following Crane Company Balance Sheet May 31, 2020 Assets Cash Accounts receivable Allowance for doubtful accounts Liabilities and Owners' Equity $30.000 Notes payable $13.700 24.200 Accounts payable 27.200 (1.200) Salaries and wages payable 4,000 34,600 A Jamison, capital 32,600 21,200 S. Mayer, capital 23,100 (5.2001 P. Roper, capital 3.000 $103,600 $103,600 Inventory Equipment Accumulated depreciation-equipment The partners share income...
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital...
• Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum. depr.-equipment 16,000 $ 5.000 15.000 18.000 35.000 (8.000) $65,000 Liabilities and Owners' Equity Notes payable 315.000 Accounts payable R. Arnet, Capital 15,000 P. Carey, Capital 17,800 W. Eaton, Capital 1.200 $65.000 the partners have agreed to liquidate on the following terins. 1.) The noncash assets of the partnership oncash assets of the partnership will be sold to Jackson Enterprises for $75,000 cash. 2.) The...
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...
1. River Song sells the noncash assets
1. A total of $55,000 was received from
converting nonCash assets into Cash.
(accounts receivable, inventory, and equipment)
for $55,000. The book value of these assets is $74,000
($25,000 - $1,000 + $34,500 + $21,000 - $5,500).
Thus, River Song realizes a Loss of $19,000 on the sale.
The entry is above:
NonCash Assets (net).................... $74,000
Sale Proceeds ................................. 55,000
Loss on Sale of nonCash Assets...... $19,000
2. Gain or Loss on realization...
Inventory-Ending Land Land for Future Plant Site Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Advances to Employees Advertising Expense Allowance for Doubtful Accounts Bond Sinking Fund Bonds Payable Buildings Cash (in bank) Cash (on hand) Cash Surrender Value of Life Insurance Commission Expense Common Stock Copyrights Debt Investments (trading) Dividends Payable Equipment Freight-In Gain on Disposal of Equipment Interest Receivable Inventory-Beginning Loss from Flood Noncontrolling Interest Notes Payable (due next year) Paid-in Capital in Excess of Par-Preferred...
The entry for the realization of noncash assets?
Y T AA AB AC 2 current liabilities Notes Payable (in 2013) Accounts Payable Salary & Wages Payable Total current liabilities $ 13,500.0 27,000.0 40000 Long Term Liabilities Notes Payable (after 2013) Long Term Debt Total long term liabilities Total Liabilities S 44,500.0 Owner's Equity A Mangold Capital S. Otis Capital P. Tyler Capital Owner's Capital $33.0000 21.0000 3.000.0 $ 57,000.0 Total Liabilities & Owner's Equity $101.500.0 The partners share Income and...
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