Homework Answers
In the even of liquidation, any gain or loss realised on the sale of a non cash asset will be distributed to the partners on the basis of their income ratios.
The ans will be
C. On the basis of their income ratios
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a. 6. In the liquidation of a partnership, any wain or loss realized on the sale...
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated...
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated to the partners on the basis of their current capital accounts. Ob. the partners' accounts are settled on the basis of their stated ratios. O c. creditors should be paid before partners. Od. the last journal entry credits the partners' capital accounts for the remaining cash.
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2.1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,000, $51,000, and $22,800, respectively. Cash, noncash assets, and liabilities total $57,300, $94,500, and $42,000, respectively. Between July 1 and July 29, the noncash assets are sold for $75,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,900, $39,600, and $17,700, respectively. Cash, noncash assets, and liabilitles total $43,500, $73,500, and $31,800, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,800, $36,900, and $16,200, respectively. Cash, noncash assets, and liabilities total $42,000, $68,100, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $54,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated to the partners on the basis of their current capital accounts. Ob. the partners' accounts are settled on the basis of their stated ratios. O c. creditors should be paid before partners. Od. the last journal entry credits the partners' capital accounts for the remaining cash.
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2.1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,900, $39,600, and $17,700, respectively. Cash, noncash assets, and liabilitles total $43,500, $73,500, and $31,800, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,800, $36,900, and $16,200, respectively. Cash, noncash assets, and liabilities total $42,000, $68,100, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $54,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
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