On January 1, 20X1, partners Art, Bru, and Chou, who share
profits and losses in the ratio of 6:2:2, respectively, decide to
liquidate their partnership. The partnership trial balance at this
date follows:
Debit | Credit | |||||||
Cash | $ | 20,200 | ||||||
Accounts Receivable | 71,500 | |||||||
Inventory | 57,500 | |||||||
Machinery and Equipment (net) | 194,500 | |||||||
Accounts Payable | $ | 55,200 | ||||||
Art, Capital | 93,500 | |||||||
Bru, Capital | 115,500 | |||||||
Chou, Capital | 79,500 | |||||||
Total | $ | 343,700 | $ | 343,700 | ||||
The partners plan a program of piecemeal conversion of assets to
minimize liquidation losses. All available cash, less an amount
retained to provide for future expenses, is to be distributed to
the partners at the end of each month. A summary of the liquidation
transactions follows:
January 20X1
February 20X1
March 20X1
Required:
Prepare a statement of partnership liquidation for the partnership
with schedules of safe payments to partners. (Round your
answers to nearest whole dollar.)
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 18,000 Accounts Receivable 66,000 Inventory 52,000 Machinery and Equipment (net) 189,000 Accounts Payable $ 53,000 Art, Capital 88,000 Bru, Capital 110,000 Chou, Capital 74,000 Total $ 325,000 $ 325,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 19,000 Accounts Receivable 68,500 Inventory 54,500 Machinery and Equipment (net) 191,500 Accounts Payable $ 54,000 Art, Capital 90,500 Bru, Capital 112,500 Chou, Capital 76,500 Total $ 333,500 $ 333,500 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
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 Cash $ 30,000 Accounts receivable 90,000 Inventory 76,000 Machinery and equipment, net 213,000 Van, loan 54,000 Accounts payable $ 81,000 Bakel, loan 44,000 Van, capital 150,000 Bakel, capital 102,000 Cox, capital 86,000 Totals $ 463,000 $ 463,000 The partners plan a program of piecemeal conversion...
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: Credit Debit $ 41,000 112,000 98,000 235,000 76,000 Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals $ 97,000 66,000 189,000 113,000 97,000 $ 562,000 $ 562,000 The partners plan a program of piecemeal conversion...
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: Credit Debit $ 29,000 88,000 74,000 211,000 52,000 Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital $ 97,000 42,000 129,000 101,000 85,000 Totals $ 454,000 $ 454,000 The partners plan a program of piecemeal conversion...
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 Cash $ 42,000 Accounts receivable 114,000 Inventory 100,000 Machinery and equipment, net 237,000 Van, loan 78,000 Accounts payable $ 96,000 Bakel, loan 68,000 Van, capital 195,000 Bakel, capital 114,000 Cox, capital 98,000 Totals $ 571,000 $ 571,000 The partners plan a program of...
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...
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...
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Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...
please help
Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...