= Before: 0 ptDR Group0.)Position WrapBringText Forward Backward -e HyphenationRight 0"SendSelectionAfter:0 ptA RotatePaneParagraphArrange1- The partners in Al-Amoaj company decided to liquidate the firm when thebalance sheet shows the following.Al-AMOAJ COMPANYBalance sheetMarch 30,2018AssetsLiabilities and owners' Equity$16,000Cash$28,00019,000(1000)28,00017,000(10,000)$81,000Notes payableAccounts payableWages payableSultan, CapitalAhmed, CapitalEabed, CapitalTotalAccount receivable24,0002,00023,00011,2004,800$81,000Allowance for doubtful accountsMerchandise inventoryEquipmentAccumulated depreciation - equipmentTotalThe partners share income and loss 5:3:2. During the process of liquidation, the transactionsbelow were completed in the following sequence.1- A total of$ 43,000 was received from converting noncash into cash2- Liabilities were paid in full3- Cash was paid to the partners with credit balancesInstruction:a- Prepare a cash distribution schedule.b- Prepare the entries to record the transactions.C- Post to the cash and capital accounts.

When partners decide to end the partnership, all the non-cash assets are converted into cash and…

1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 24,000 2,000 23,000 11,200 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Fahed, Capital Total Account receivable Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment 4,800 $81,000 Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of $ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribulion schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.

1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 24,000 2,000 23,000 11,200 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Fahed, Capital Total Account receivable Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment 4,800 $81,000 Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of $ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribulion schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 17E

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