Homework Answers
1.
| Book Value of Partner's Equity at liquidation | ||||
| Warle | Xin | Yates | Total | |
| Capital Balance | 14000 | 10000 | 6000 | 30000 |
| Loan from Partners | 5000 | 5000 | ||
| Loan to Partners | -6000 | -6000 | ||
| 8000 | 15000 | 6000 | 29000 |
2. The cash available to partners for distrubtion is the amount that is seperated for contingent expenses i.e. $2000.
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Part I. (12 points). Use the following information for questions 1 and 2. On June 30,...
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Use the following information for questions 1 and 2. On June 30, 2020, the Warls, Xin, and Yates partnership had the following fiscal year-end balance sheet: Cash $ 4,000 Accounts payable $ 7,000 Accounts receivable 6,000 Loan from Xin 5,000 Inventory 14,000 Warle, capital(20%) 14,000 Plant assets-net 12,000 Xin, capital(30%) 10,000 Loan to Warls 6.000 Yates, capital(50%) 6,000 Total assets 42,000 Total liab,/equity $ 42,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the...
SELECT THE BEST ANSWERS (Shows computations and references are required) Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: $ Cash Other assets...
Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash Other assets $400,000 200,000 Accounts payable Abe, capital (40%) Barr, capital (30%) Cane, capital (30%) Total liab./equity $200,000 135,000 216,000 49,000 $600,000...
MUST SHOW WORK! Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Credits Debits $ 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Cash Accounts receivable Inventory Loan to Ray Furniture Equipment Goodwill Accounts payable Note payable Loan from Sen Quan, capital (30%) Ray, capital (20%) Sen, capital...
MUST SHOW WORKI Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Debits Credits Cash $3,000 Accounts receivable 10,000 Inventory 25,000 Loan to Ray 4.000 Furniture 15,000 Equipment 18,000 Goodwill 10,000 Accounts payable $12,000 Note payable 30,000 Loan from Sen 6,000 Quan, capital (30%) I 12,000 Ray,...
On June 1, 2018, the partners of Julia, Katherine, and Nicky (who shared profits and losses in the ratio of 4:4:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Credit Debit $35,100 128,700 101,400 368,550 58,500 Cash Accounts Receivable inventory Machinery and equipment, net Katherine, Loan Accounts payable Julia, loarn Julia, capital Katherine, capital Nicky, capital $103,350 39,000 175,500 230,100 144,300 692,250 $692,250 Total The partners planned a program of piecemeal conversion of...
READING: PARTNERSHIP LIQUIDATION To-Do Date: Feb 18 at 11:59pm PARTNERSHIP LIQUIDATION BY LUMP-SUM METHOD Steps: 1. To record proceeds of sales of assets any loss on sales is debited to "loss on realization or credited "gain on realization 2. Any gain or loss on realization is is distributed to capital accounts 3. To record payment of liabilities 4. To record payment of partners loan 5. Cash distribution to partners. However, at the time of liquidation, partners loan need not be...
3. Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash Other assets $400,000 200.000 Accounts payable Abe, capital (40%) Barr, capital (30%) Cane, capital (30%) Total liablequity $200,000 135,000 216,000 49,000...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows: Debit Credit $ 41,000 Cash Accounts receivable 112,000 98,000 235,000 76,000 Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital $ 97,000 66,000 189,000 113,000 97,000 $ 562,000 $ 562,000 Totals The partners plan a program of piecemeal conversion...
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