ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Complete the liquidation chart below. Statement of Partnership Liquidation Cash Noncash Assets Liabilities Capital Adrian Batch Crenshaw Balances before realization Sale of assets and division of loss or gain Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances

ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Complete the liquidation chart below. Statement of Partnership Liquidation Cash Noncash Assets Liabilities Capital Adrian Batch Crenshaw Balances before realization Sale of assets and division of loss or gain Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5CE

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ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Complete the liquidation chart below.
ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively. The partners share a profit and loss ratio of 3:2:1. The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below.
ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Any capital deficiencies are resolved by a cash contribution by the deficient partner. Complete the liquidation chart below. Statement of Partnership Liquidation Cash Noncash Assets Liabilities Capital Adrian Batch Crenshaw Balances before realization Sale of assets and division of loss or gain Balances after realization Payment of liabilities Balances after payment of liabilities Receipt of deficiency Balances Cash distributed to partners…
The balance sheet of Maroon and White was as follows immediately prior to the partnership's being liquidated: cash, P20,000; other assets, P160,000; liabilities, P40,000; Maroon capital, P60,000; White capital, P80,000. The other assets were sold for P139,000. Maroon and White share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Maroon receive? Prepare a statement of liquidation.
Slick, Tony and Sam partnership began the process of liquidation with the following account balances: Cash 16,000 Non-cash assets 434,000 Liabilities 150,000 Slick, Capital (30%) 80,000 Tony, Capital (20%) 90,000 Sam, Capital (50%) 130,000 Liquidation expenses are expected to be P12,000. After the liquidation expenses of P12,000 had been paid and the non-cash assets sold, Sam had a deficit of P8,000. Assuming all partners are personally insolvent, how much is the final settlement to Tony? P24,000 P34,800 P36,000 P37,200
A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.
The balance sheet accounts of partners Pacman, Marquez and Mayweather before liquidation are the following: Cash, P360,000; Non-Cash Assets, P1,785,000; Liabilities, P1,000,000; Pacman, Capital (50%), P460,000; Marquez, Capital (30%), P365,000 and Mayweather, Capital (20%), P320,000. On the first month of liquidation, certain assets with a book value of P1,200,000 are sold for P960,000. Liquidation expenses of P30,000 are paid and additional expenses are anticipated. Liabilities are paid amounting to P362,000, and sufficient cash is retained to insure the payment to creditors before making payment to partners. In the first payment of cash to partners, Marquez received P107,000.
Apple, Banana, and Pear partnership began the liquidation process with the following balance sheet (profit and loss sharing percentages are in parenthesis): Cash $30,000 Liabilities $150,000 Noncash Assets $400,000 Apple Capital $100,000 (30%) Banana Capital $ 60,000 (20%) Pear Capital $120,000 (50%) A. If the noncash assets are sold for $250,000 what amount of the loss will be allocated to Apple? B. If the noncash assets are sold for only $100,000 which partner(s) capital accounts will be in a deficit balance and require a contribution of assets to the partnership? Answer a and b both, please.
ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively. The partners share a profit and loss ratio of 3:2:1. The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below. Statement of Partnership Liquidation Cash Noncash Assets Liabilities Capital Adrian Batch Crenshaw Balances before realization Sale of assets and division of loss or gain Balances after realization Payment of liabilities Balances after payment of liabilities Receipt of deficiency Balances Cash distributed to partners…
The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:Cash $ 100,000 Noncash assets 210,000 Total $ 310,000 Liabilities 40,000 Keaton, capital 90,000 lewis, capital 60,000 Meador, capital 120,000 total 310,000 Keaton, Lewis, and Meador share profits and losses in a ratio of2:4:4. Assuming noncash assets were sold for $60,000 and liquidation expenses inthe amount of $10,000 were incurred, how much will each partner receive in the liquidation? Keaton Lewis MeadorA) $40,000 $26,667 $ 53,333B) $24,000 $48,000 $ 48,000C) $56,667 $ 0 $ 53,333D) $ 0 $ 0 $120,000E) $36,000 $12,000 $ 72,000
Partners Nina, Ricci, and Guess, who share profit and losses in the ratio of 2:2:1, respectively, decided to liquidate. The condensed statement of financial position account balances just prior to the liquidation are: Cash-P 100,000; Other assets-P 400,000; Liabilities - P 140.000: Nina, Loan-P 10,000; Nina, Capital-P45,000: Ricci, Capital -P 105.000; Guess, Capital - P200,000. After paying the llabilities to partnership creditors, cash of P207,500 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent. how much would Nina receive in the final settlement of his interest? how much would Guess receive in the final settlement of his interest?
Partners Nina, Ricci, and Guess, who share profit and losses in the ratio of 2:2:1, respectively, decided to liquidate. The condensed statement of financial position account balances just prior to the liquidation are: Cash-P 100,000; Other assets-P 400,000; Liabilities - P 140.000: Nina, Loan-P 10,000; Nina, Capital-P45,000: Ricci, Capital -P 105.000; Guess, Capital - P200,000. After paying the llabilities to partnership creditors, cash of P207,500 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent. How much was the loss on realization? how much would Nina receive in the final settlement of his interest? how much would Ricci receive in the final settlement of his interest?

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Statement of Partnership Liquidation
	Cash	Noncash Assets	Liabilities	Capital
				Adrian	Batch	Crenshaw
Balances before realization
Sale of assets and division of loss or gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances