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Question 6 The Zhuzer Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000,...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
Exercise 12-09 Pharoah Company at December 31 has cash $23,400, noncash assets $102,000, liabilities $51,400, and...
Exercise 12-09 Pharoah Company at December 31 has cash $23,400, noncash assets $102,000, liabilities $51,400, and the following capital balances: Floyd $48,000 and DeWitt $26,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Pharoah Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account tities are automatically indented when amount is entered. Do not indent manually.) a. The sale of...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule...
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for...
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for $124,380. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Crane Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).) Cash Liabilities + + Item ince before liquidation + $15,600 Noncash Assets $91,100 Cisneros Capital $19,300 Gunselman Capital $34,200...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance...
Exercise 16-1
The CPA Partnership operated by Cook, Parks, and Argo is being
liquidated. A balance sheet prepared at this stage in their
liquidation process is presented below.
Cash
$44,000
Liabilities
$34,000
Other Assets
51,000
Parks, Loan
10,000
Cook, Capital
28,000
Parks, Capital
9,000
Argo, Capital
14,000
Total
$95,000
Total
$95,000
The partners share profits and losses 30% (Cook), 50% (Parks), and
20% (Argo). The partners are all personally insolvent.
(a)
Your answer is partially correct. Try again.
The partners...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
Exercise 12-09 Pharoah Company at December 31 has cash $23,400, noncash assets $102,000, liabilities $51,400, and the following capital balances: Floyd $48,000 and DeWitt $26,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Pharoah Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account tities are automatically indented when amount is entered. Do not indent manually.) a. The sale of...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-8 Sedgwick Company at December 31 has cash $22,400, noncash assets $104,000, liabilities $51,800, and the following capital balances: Floyd $47,500 and DeWitt $27,100. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Prepare a schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) SEDGWICK COMPANY Schedule...
The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for $124,380. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Crane Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis e.g. (15,000).) Cash Liabilities + + Item ince before liquidation + $15,600 Noncash Assets $91,100 Cisneros Capital $19,300 Gunselman Capital $34,200...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A...
Exercise 16-1
The CPA Partnership operated by Cook, Parks, and Argo is being
liquidated. A balance sheet prepared at this stage in their
liquidation process is presented below.
Cash
$44,000
Liabilities
$34,000
Other Assets
51,000
Parks, Loan
10,000
Cook, Capital
28,000
Parks, Capital
9,000
Argo, Capital
14,000
Total
$95,000
Total
$95,000
The partners share profits and losses 30% (Cook), 50% (Parks), and
20% (Argo). The partners are all personally insolvent.
(a)
Your answer is partially correct. Try again.
The partners...
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