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c. 1, 3, 2,4 d. 1, 4, 3, 2 8. Arlene, Brad, and Chick are partners,...
Multiple Choice Question 114 Alex, Bob, and Ciera are partners, sharing income 2:1:2. After selling all...
Multiple Choice Question 114
Alex, Bob, and Ciera are partners, sharing income 2:1:2. After
selling all of the assets for cash, dividing gains and losses on
realization, and paying liabilities, the balances in the capital
accounts are as follows: Alex, $10100 Cr; Bob, $10100 Cr; and
Ciera, $30000 Cr. How much cash should be distributed to
Alex?
$16867
$20200
$6100
$10100
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Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $30,000 Dr.; King, $113,000 Cr.; and Tanaka, $79,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $30,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is...
Nettles, King, and Tanaka are partners sharing income 3:2:1.
After the firm's loss from liquidation is distributed, the capital
account balances were: Nettles, $24,000 Dr.; King, $92,000 Cr.; and
Tanaka, $61,000 Cr. If Nettles is personally bankrupt and unable to
pay any of the $24,000, what will be the amount of cash received by
King and Tanaka upon liquidation? If an amount is zero, enter in 0.
Use the minus sign to indicate any deficiencies.
Amount of Cash Received Nettles...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $24,000 Dr.; King, $87,000 Cr.; and Tanaka, $65,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $42,000 Dr.; King, $158,000 Cr.; and Tanaka, $114,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $42,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $54,000 Dr.; King, $197,000 Cr.; and Tanaka, $144,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $54,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $54,000 Dr; King, $200,000 C and Tanaka, $141,000 If Nettles is personally bankrupt and unable to pay any of the $54,000, what will be the amount of cash received by Kong and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies Amount of Cash...
Immediately prior to the process of liquidation on December 31, 2014 partners Micco, Niccum, and Orwell...
Immediately prior to the process of liquidation on December 31, 2014 partners Micco, Niccum, and Orwell of MNO Partnership have capital balances of $70,000, $20,000, and $40,000, respectively. There is a cash balance of $20,000, noncash assets total $170,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 3:2:1. (Different than lecture.) If there is a defeciency assume the partner pays it. Sold non-cash assets for $80,000. 1. Prepare the Statement of Partnership Liquidation...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss...
Liquidating Partnerships—Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $24,000 Dr.; King, $88,000 Cr.; and Tanaka, $64,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Multiple Choice Question 114
Alex, Bob, and Ciera are partners, sharing income 2:1:2. After
selling all of the assets for cash, dividing gains and losses on
realization, and paying liabilities, the balances in the capital
accounts are as follows: Alex, $10100 Cr; Bob, $10100 Cr; and
Ciera, $30000 Cr. How much cash should be distributed to
Alex?
$16867
$20200
$6100
$10100
Click if you would like to
Show Work for this question:
Open Show Work
Question Attempts: 0 of 1...
Nettles, King, and Tanaka are partners sharing income 3:2:1.
After the firm's loss from liquidation is distributed, the capital
account balances were: Nettles, $24,000 Dr.; King, $92,000 Cr.; and
Tanaka, $61,000 Cr. If Nettles is personally bankrupt and unable to
pay any of the $24,000, what will be the amount of cash received by
King and Tanaka upon liquidation? If an amount is zero, enter in 0.
Use the minus sign to indicate any deficiencies.
Amount of Cash Received Nettles...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $54,000 Dr.; King, $197,000 Cr.; and Tanaka, $144,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $54,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of...
Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $54,000 Dr; King, $200,000 C and Tanaka, $141,000 If Nettles is personally bankrupt and unable to pay any of the $54,000, what will be the amount of cash received by Kong and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies Amount of Cash...
Immediately prior to the process of liquidation on December 31, 2014 partners Micco, Niccum, and Orwell of MNO Partnership have capital balances of $70,000, $20,000, and $40,000, respectively. There is a cash balance of $20,000, noncash assets total $170,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 3:2:1. (Different than lecture.) If there is a defeciency assume the partner pays it. Sold non-cash assets for $80,000. 1. Prepare the Statement of Partnership Liquidation...
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