Exercise 16-3 The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have...
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally.
| Cash | $23,000 | Liabilities | $32,000 | ||||
| Noncash Assets | 102,000 | Doug, Capital | 53,000 | ||||
| Dave, Capital | 46,000 | ||||||
| Dan, Capital | (6,000 | ) | |||||
| $125,000 | $125,000 |
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from the sale of the
noncash assets.
Prepare a schedule to estimate the amount of cash each brother will
receive. (Enter credit balance of an account and credit
posting to an account with negative sign preceding the number, e.g.
-45 or parentheses, e.g. (45).)
| (1/3) Doug |
(1/3) Dave |
(1/3) Dan |
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$
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$
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$
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$
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$
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$
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Allocate Debit BalanceCapital BalancesEstimated Cash
PaymentEstimated Loss on Sale of Assets|
LINK TO TEXT |
Homework Answers
| (1/3) Doug |
(1/3) Dave |
(1/3) Dan |
|
| Capital balances | 53000 | 46000 | (6000) |
| Loss on sale of asset | -16000 | -16000 | -16000 |
| 37000 | 30000 | -22000 | |
| Allocate debit balance | -11000 | -11000 | 22000 |
| Estimated cash payment | 26000 | 19000 | 0 |
#
Loss on sale = sale value -book value
= 54000 -102000
=48000 to be shared equally or 48000*1/3 = 16000
#
Debit balance of Dan to be shared equally among remaining solvent partners
Add Answer to:
Exercise 16-3
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have...
Exercise 16-3 Your answer is partially correct. Try again. The unsuccessful partnership of the Jones Brothers...
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $39,100, $6,900, and $30,300, respectively. Cash and noncash assets total $10,000 and $76,700, respectively. Amounts owed to creditors total $10,400. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
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 $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, 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....
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, 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....
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 $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, 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....
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 $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, 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....
Exercise 16-3
Your answer is partially correct. Try again.
The unsuccessful partnership of the Jones Brothers is about to
undergo liquidation. They have asked you to estimate the amount of
cash that each brother will receive. They share profits and losses
equally.
Cash
$23,000
Liabilities
$32,000
Noncash Assets
102,000
Doug, Capital
53,000
Dave, Capital
46,000
Dan, Capital
(6,000
)
$125,000
$125,000
Both Doug and Dave are personally solvent, but Dan is not. They
estimate that they will receive $54,000 from...
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
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....
Statement of Partnership Liquidation After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $38,200, $6,900, and $31,200, respectively. Cash and noncash assets total $9,600 and $76,700, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $40,700, the partner with the capital deficiency pays...
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, 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....
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 $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, 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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