Homework Answers
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Total loss = 60,500 - (51,000+75,000) = 60,500 - 126,000 = 65,500 Loss allocated to Soledad = 65,500 * 1/4 = 16,375 Option D is the answer |
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Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $51,000 and $75,000,...
Soledad and Winston are partners who share income in the ratio of 1:3 and have capital...
Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $51,300 and $72,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $65,500. What amount of loss on realization should be allocated to Winston? a.$14,450 b.$28,900 c.$57,800 d.$43,350
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?
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...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,500, $36,000, and $16,200, respectively. Cash, noncash assets, and liabilities total $38,400, $66,900, and $27,600, respectively. Between July 1 and July 29, the noncash assets are sold for $53,700, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the
partnership, the capital account balances of Gold, Porter, and Sims
are $45,600, $65,100, and $28,800, respectively. Cash, noncash
assets, and liabilities total $74,700, $120,300, and $55,500,
respectively. Between July 1 and July 29, the noncash assets are
sold for $96,300, the liabilities are paid, and the remaining cash
is distributed to the partners. The partners share net income and
loss in the ratio of 3:2:1.
Prepare a statement of...
Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership....
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? c. How should the cash be divided between Hewitt and...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,000, $42,900, and $18,900, respectively. Cash, noncash assets, and liabilities total $49,200, $79,200, and $36,600, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of...
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances...
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts? Oa. $112,500 b. $102,500 Oc. $127,500 Od. $120,000
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances...
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $93,900 and $39,100, respectively, The partnership generated net income of $45,500. What is Tomas's capital balance after dosing the revenue and expense accounts to the capital accounts? O a. $122,861 b. $133,567 ОС. $142,921 Od. $128,025
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...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership...
After closing the accounts on July 1, prior to liquidating the
partnership, the capital account balances of Gold, Porter, and Sims
are $45,600, $65,100, and $28,800, respectively. Cash, noncash
assets, and liabilities total $74,700, $120,300, and $55,500,
respectively. Between July 1 and July 29, the noncash assets are
sold for $96,300, the liabilities are paid, and the remaining cash
is distributed to the partners. The partners share net income and
loss in the ratio of 3:2:1.
Prepare a statement of...
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts? Oa. $112,500 b. $102,500 Oc. $127,500 Od. $120,000
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $93,900 and $39,100, respectively, The partnership generated net income of $45,500. What is Tomas's capital balance after dosing the revenue and expense accounts to the capital accounts? O a. $122,861 b. $133,567 ОС. $142,921 Od. $128,025
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