Homework Answers
a) Cash available =58000
First outside liabilities of 41000 has to be set off
The balance available = 17000,which has to be distributed in capital ratio
Miller =7555
Tyson =7555
Watson =1890
b)The other assets sold at any value, partners will avail the cash in the capital ratio, since all the outside liabilities are set off . To settle the whole balance, the other assets has to be sold at its book value itself ,that is 118000
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The Abrams, Bartle, and Creighton partnership began the process
of liquidation with the following balance sheet:
Abrams, Bartle, and Creighton share profits and losses in a
ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The
noncash assets were sold for $200,000.
Which partner(s) would be required to contribute assets
to the partnership to cover a deficit in his or her capital
account? Calculate the safe payments for the remaining partner (s)
i.e. those with non-deficit balances.
Cash Noncash...
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please answer The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris,...
please answer
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please answer all parts
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The Abrams, Bartle, and Creighton partnership began the process
of liquidation with the following balance sheet:
Abrams, Bartle, and Creighton share profits and losses in a
ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The
noncash assets were sold for $200,000.
Which partner(s) would be required to contribute assets
to the partnership to cover a deficit in his or her capital
account? Calculate the safe payments for the remaining partner (s)
i.e. those with non-deficit balances.
Cash Noncash...
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 56,000 304,000 Liabilities Drysdale, loan Drysdale, capital (503) Koufax, capital (30%) Marichal, capital (203) $ 57,500 32,500 100,000 90,000 80,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $16,000. Prepare...
please answer
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively $ Cash Other assets Hardwick, loan 88,000 815,880 54,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 84,000 53,eee 330,000 250,000 240,000 $ 957,000 Total assets $ 957,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $135,000. Prepare...
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