Current Attempt in Progress After liquidating noncash assets and paying creditors, account balances in the Oriole Co. are Cash $18,900; A, Capital (Cr.) $7,800; B, Capital (Cr.) $6,800; and C, Capital (Cr.) $4,300. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Current Attempt in Progress After liquidating noncash assets and paying creditors, account balances in the Oriole Co. are Cash $18,900; A, Capital (Cr.) $7,800; B, Capital (Cr.) $6,800; and C, Capital (Cr.) $4,300. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.3: Dissolving A Partnership

Problem 1WT

See similar textbooks

Similar questions

After liquidating noncash assets and paying creditors, account balance in the Pharoah Co. are cash $17,000; A, Capital (Cr.) $8,000; B, Capital (Cr.) $5,300; and C, Capital (Cr.) $3,700. The partners share income equally. Journalize the final distribution of cash to the partners.
The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $12,000 in liquidation expenses will be incurred. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? How should the safe amount of cash determined in (a) be distributed to the partners?
After all noncash assets have been converted to cash in the liquidation of MM Partnership, the ledger contains the following account balances: Debit balances: Cash: P 34, 000; Mae, Capital: P 8, 000; Credit balances: A/P: P 25, 000; Mae, Loan: P 9, 000; Mila, Capital: P 8, 000. After paying the A/P of P25, 000, available cash should be distributed to
The following are ledger balances of Red White and Blue partnership Cash 60,000 Non Cash Assets 500,000 Accounts Payable (280,000) Red, Capital (150,000) White, Capital (70,000) Blue, Capital (60,000) The partners profit and loss is 40,35 and 25% respectively. The partners agreed to liquidate in installment. If the 1st non cash asset with book value of P300,000 was sold for 250,000 what amount of cash should be distributed to the partners?
Partners Hapon, Chino and Koring decided to liquidate. Cash available, after Realizing of assets amounting to P250,000 and payment of liabilities of P85,000, amounted to P 194,550 while Capital balances of the partners amounted to P80,000, P118,300 and (P3,750) to Hapon, Chino and Koring respectively. Assuming all partners are insolvent with profit and loss ratio of 40%, 35% 25% respectively, the Hapon's share in the available cash balance would be?Chino's share in the available cash balance would be?Koring's share in the available cash balance would be?how much was the Cash balance before liquidation?
The condensed financial position of Abdon, Berto and Cardo as of March 31, 20x1 showed the following: Cash P 28,000 Other assets 265,000 Liabilities 48,000 Abdon, Capital 95,000 Berto, Capital 80,000 Cardo, Capital 70,000 The income and loss ratio is 2:1:1 respectively. The partners decided to dissolve their partnership and liquidate by selling other assets in installment. All the partners are personally solvent. The first cash sale of assets with book value of P 150,000 was for P 70,000. After settlement with creditors, P35, 000 cash was distributed to the partners. How much cash was received by Cardo? P 12,500 P 21,250 P 20,000 P 17,500
The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000