Homework Answers
| Total Loss = Total of Partners' initial Investments - Cash to be distributed | |||||||
| = | $450000-$45000 | ||||||
| $ 405,000 | |||||||
| Field | Brown | Snow | Total | ||||
| Initial Investments | $ 131,250 | $ 165,000 | $ 153,750 | $ 450,000 | |||
| Allocation of gains (losses) (equally) | $ (135,000) | $ (135,000) | $ (135,000) | $ (405,000) | |||
| Capital balances | $ (3,750) | $ 30,000 | $ 18,750 | $ 45,000 | |||
| Implication: Field will have to bring in $3750 in cash, wgile Brown and Snow shall get $30000 & $18750 respectively | |||||||
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Required information The following information applies to the questions displayed below) The Field, Brown & Snow...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.]...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $130,500; Brown, $167,300; and Snow, $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48,300 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner...
The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250
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QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.]...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after...
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Required information [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $49,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 45,000 75,000 65,000...
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QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after...
Required information [The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share income and loss in a 14:5 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, $130,800, total liabilities, $82,000. Turner, Capital, $2,900Roth, Capital, 14,200, and Lowe, Capital, $31.700. Cash received from selling the assets was sufficient to repay all but $30,000 to the...
Required information [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $49,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 45,000 75,000 65,000...
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