Homework Answers
1. Net income or net loss will be divided in the ratio of 1:1 as their is no written partnership agreement between the partners.
2. Liquidation of partnership: right option is B. Sell assets,pay off liabilities, distribute gain or losses based on profit sharing ratio,distribute cash bases on profit sharing ratio.
3. All are the characteristics of LLC
4. double taxation of dividend paid to shareholders
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Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement...
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order....
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order. The proper steps to follow when liquidating a partnership are o sell assets, distribute gains or losses to partners based on income sharing ratio, pay the liabilities with the cash from sale of assets, distribute remaining cash based on capital account balances. sell assets, pay liabilities off, distribute gains or losses based on income sharing ratio, distribute cash based on income sharing ratio. O...
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...
what is the the Sale of Assets & Repaid to Partnership? Saved Help S: Homework Problems...
what is the the Sale of Assets & Repaid to
Partnership?
Saved Help S: Homework Problems i ! Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $154,800 total...
this is the full amount Statement of LLC Liquidation Lester, Torres, and Hearst are members of...
this is the full amount
Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres $34,400 79,600 49,500 Hearst Total $163,500 In winding up operations during the month of August, noncash assets with a book value of $215,000 are sold...
Answer all HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnersh...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
After the accounts are closed in February 3, prior to liquidating the partnership, the Capital account's...
After the accounts are closed in February 3, prior to liquidating the partnership, the Capital account's oof William Gerloff, Joshua Chu, and Courney Jewett are $19,180, $4,020, and $22,140, respectively. cash and noncash assests total $5,600 and $54,240, repectively. amounts owed to creditors total $14,500. the partners shares income and losses in the ratio of 2:1:1. between February 3 and February 28, the noncash assets are sold for $34,560, the partner with the Capital deficiency pays the deficiency to the...
Pr 12-5a statement of liquidations OBJ.4 PR 12-5A Statement of partnership liquidation 1d Gerloff $8,500 After...
Pr
12-5a statement of liquidations
OBJ.4 PR 12-5A Statement of partnership liquidation 1d Gerloff $8,500 After the accounts are closed on February 3, prior to liquidating the partnershi capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300, $4,500 and $22.300, respectively. Cash and noncash assets total $5,200 and $55,900, respectively Amounts owed to creditors total $15,000. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are...
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in...
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500. Cash received from selling the assets was sufficient to repay all but $28,000 to the creditors. Required: a. Calculate the loss from selling the assets....
9) 9) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of...
9) 9) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters agrees to pay $4,000 in cash to settle his deficiency. Prepare the journal entries required to end the partnership. 10) 10) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100.000 are paid, the capital account balances are: Wong. $80,000; Winslow, $70,000; and...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, 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....
Question 3 4 pts Liquidation of an existing partnership must be done in a precise order. The proper steps to follow when liquidating a partnership are o sell assets, distribute gains or losses to partners based on income sharing ratio, pay the liabilities with the cash from sale of assets, distribute remaining cash based on capital account balances. sell assets, pay liabilities off, distribute gains or losses based on income sharing ratio, distribute cash based on income sharing ratio. O...
what is the the Sale of Assets & Repaid to
Partnership?
Saved Help S: Homework Problems i ! Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $154,800 total...
this is the full amount
Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres $34,400 79,600 49,500 Hearst Total $163,500 In winding up operations during the month of August, noncash assets with a book value of $215,000 are sold...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
Pr
12-5a statement of liquidations
OBJ.4 PR 12-5A Statement of partnership liquidation 1d Gerloff $8,500 After the accounts are closed on February 3, prior to liquidating the partnershi capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300, $4,500 and $22.300, respectively. Cash and noncash assets total $5,200 and $55,900, respectively Amounts owed to creditors total $15,000. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are...
9) 9) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters agrees to pay $4,000 in cash to settle his deficiency. Prepare the journal entries required to end the partnership. 10) 10) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100.000 are paid, the capital account balances are: Wong. $80,000; Winslow, $70,000; and...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, 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....
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