41. A and B share the profits of 60% and 40%, respectively. The party assigned the task of liquidating the firm partnership wants to distribute the cash available to the partners. How should this cash be distributed, if the estimate below shows the following balance: Cash $5,000 SalariesA $500 Other Assets 32,500 Capital A 12,800 5,000 accrued toLoans accrued to B Capital B 19,200 Total 37,500 Total 37,500
Q: A partnership has gone through liquidation and now reports the following account balances: Cash . .…
A: Answer: Option c.
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A: Loss on sale of other assets = $160,000 - $139,000 = $21,000 Marilyn = $21,000 x 2/3 = $14,000…
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A: then, made towards the partner that bring excess capital Existing capital and PSR are:- A=50%=76000…
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A: when two or more persons are associated to conduct a business, a partnership exists.
Q: Cash P 180,000 Accounts, payable P 420,000…
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Q: On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following…
A: Answer:- Partnership meaning:- A partnership can be defined as the agreement between two or more…
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A: Partnership liquidation: A procedure of paying off all the liabilities of the partnership firm,…
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A: Liquidation can be simply interpreted as a process of bringing the business to an end and…
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A: Capital balance of A after admission of the new partner = Existing capital - 10% of existing capital…
Q: Prepare a predistribution plan to determine the amount for which the partnership must sell the other…
A: SOLUTION
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A: Partnership liquidation is the way toward shutting the association and circulating its resources.…
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A: Introduction: A partnership is a type of business in which two or more people enter into a legal…
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A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells…
A: (a)
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A:
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A: During the termination of a partnership, a liquidation is the act of paying off liabilities, selling…
Q: The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash . . . . .…
A: Liquidation of partnership: Liquidation of partnership is the process of selling all the…
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A: Partnership: It is that form of organization which is owned and managed by two or more persons who…
Q: The following condensed balance sheet is for the partnership of Hardwick, Saunders, Ferris, who…
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Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…
A: Working Note: 1. Particular Cash Other assets Liabilities Miller Capital Tyson, capital Watson,…
Q: Capital X, Y, and Z are $10,000 and $8,000 and $10,000, respectively: Profits are divided in the…
A: Partnership is a business in which two or more than two persons agree to carry common business and…
Q: Partner A, B, C, and D, who share profits 5:3:1:1 respectively, decided to liquidate their…
A: Realization A/c Particulars…
Q: The condensed balance sheet and profit and loss ratios of the partnership of Bean, Dean, and Jean…
A: Partnership refers to the formal agreement between two or more person who agreed to carry out the…
Q: The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation…
A: Partnership is a type of business in which two or more than two partners agree to share profits and…
Q: Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits a…
A: The sacrifice is the ratio when existing partners give their shares to new partner in a specified…
Q: A, B, are liquidated and the partnership books show the following balance heet: Cash $ 50,000…
A: Solution : Calculation of cash available after liquidation Cash 50000 Inventory 70000…
Q: The Felton and Burchell Partnership has partner capital account balances as follows Felton. Capital…
A: Total partnership capital after admission of new partner = $550,000 +$200,000 + $240,000 = $990,000…
Q: The condensed balance sheet and profit and loss ratios of the partnership of Bean, Dean, and Jean…
A: Book value of non-cash assets = P10,250,000 Sale proceeds from the sale of non-cash assets =…
Q: Dave purchases a 1⁄4 interest in the firm. One-fourth of the capital of Aron and Ben is to be…
A: Admission of a new Partner When a new partner is admitted in a firm by the consent of all other…
Q: The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: The O'Hara, Peters, and Lillis partnership balance sheet reports capital of $60,000 for O'Hara,…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Prior to the distribution of cash to the partners, the accounts in the Blossom Company are Cash…
A: This is an event that usually occurs when a company goes bankrupt, meaning it cannot pay its…
Q: ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000.…
A: Partnership is a form of business where formal business arrangements are made to manage, run and…
Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…
A:
Q: Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits…
A: Solution: Share of capital of B given to D = B capital *10% = 120,000*10% = P12,000
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- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandies capital balance in the partnership be? A. $60,000 B. $50,000 C. $45,000 D. $30,000
- 9. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid tobanks, P2,000; interest allowances on average capital balances, P2,500 and partners’drawings, P8,000. How much is the partnership profit?57 On December 31, 20x20, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 6:1:3 of partners A, B and C respectively, revealed the following data: Cash P1,000,000 Other liabilities P2,000,000 Receivable from A 500,000 Payable to B 1,000,000 Other noncash assets 2,000,000 Payable to C 100,000 A, Capital 700,000 B, Capital (650,000) C, Capital 350,000 On January 1, 20x21, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The other noncash assets are sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred. How much cash was received by C at the end of partnership liquidation?Red, White, and Blue are partners who share profits and losses 20%; 30%; and 50% respectively. The partners have decided to liquidate the partnership. Their capital accounts show the following balances: Red – P 60,000 credit; White – P 90,000 credit; Blue – P 30,000 debit. What is the amount of cash available for distribution?
- 12. Presented below is the condensed balance sheet of the partnership of A, B, and C who share profits and losses in the ratio of 2:3:5. respectively: Cash 100,000 Liabilities 50,000 Other assets 350,000 A, Capital 110,000 B, Capital 120,000 C, Capital 170,000 Total 450,000 Total 450,000 The partners agree to sell to D 10% of their respective capital and profit and loss interests for a total payment of P50,000. The payment by D is to be made directly to the individual partners using the book value approach. Determine the capital balance of B after admission of the new partner.A partnership had the following condensed balance sheet: Cash P15,000 Liabilities P45,000Non-cash assets 195,000 Aron, capital(50%) 90,000Charlie, loan 15,000 Ben, capital(30%) 30,000Charlie,capital(20%) 60,000 The percentages in parenthesis after the partners’ capital balances represent their respective interests inprofits and losses. The partners agree to admit Dale as a member of the firm under the followingindependent situations.From the following, prepare the journal entries needed to record the admission of Dave and the capitalbalances of the partners in the new partnership. Dave purchases a 1⁄4 interest in the firm. One-fourth of the capital of Aron and Ben is to betransferred to the new partner. Dave pays Aron and Ben P45,000. The assets of the partnership are to beadjusted.The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?