If P850,000 of cash was distributed by the partnership, compute for the following: 1. Problem 3 - How much cash will go to the first rank creditors? 2. Problem 3 - How much cash will be given to Folger upon liquidation? 3. Problem 3 - How much cash will be given to Glover upon liquidation? 4. Problem 3 - How much cash will be given to Hale upon liquidation?

If P850,000 of cash was distributed by the partnership, compute for the following: 1. Problem 3 - How much cash will go to the first rank creditors? 2. Problem 3 - How much cash will be given to Folger upon liquidation? 3. Problem 3 - How much cash will be given to Glover upon liquidation? 4. Problem 3 - How much cash will be given to Hale upon liquidation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Installment Liquidation: Cash Priority ProgramThe capital and loan balances for partners Bernardino, Lee and Ong are shown below They share profits or losses in the ratio of 4:4:2, respectively. Loans Payable-Bernardino P100,000 Loans Payable-Lee 100,000 Loans Payable- Ong 150,000 Bernardino Capita 150,000Lee, Capital 350,000Ong, Capital 200,000 Total P 1,050,000 Required:1. Prepare a cash priority program.2. Assume that P250,000 cash is available for initial distribution, prepare the entriesto record the distribution to the partners.
3. How much is the cash available for distribution to the partners?a P20,000b. P80.000c. P60,000d. P43,000
ABC Partnership Balance Sheet December 31, 2022 Assets Cash P 2,000.00 Other Non cash Assets 28,000.00 Total P30,000.00 Liabilities & Net Worth Liabilities P 5,000.00 A, Loan 2,500.00 A, Capital 12,500.00 B, Capital 7,000.00 C, Capital 3,000.00 Total P30, 000.00 Profit and loss ratio is 3:2:1 for A, B, and C, respectively. The other non-cash assets were realized as follows: Date Cash Received Book Value Jan., 2023 P6,000.00 P 9,000.00…
10. The following balance sheet was prepared for the X, Y and Z partnership on March 31, 2021: Cash –P25,000; Other Assets – P180,000; Liabilities – P52,000; X, Capital (40%) – P40,000; Y, Capital (40%) –P65,000; Z, Capital (20%) – P48,000. The partnership is being liquidated by the sale of assets ininstallments. The first sale of non-cash assets having book value of P90,000 realizes P50,000. Assumethateach partner properly received some cash after the second sale of assets. The cash to be distributedamountto P14,000 from the third sale of assets, and unsold assets with a P6,000 book value remain. How shouldthe P14,000 be distributed to X, Y and Z respectively? a. P5,600; P6,500; P2,800b. P5,000; P5,000; P4,000c. P0; P11,200; P2,800d. P5,600; P5,600; 2,800
1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively.They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution?
CH 12 Q1 1. D. Xavier contributed $15,000 in cash plus office furniture valued at $9,000 to the FX Partnership. The journal entry to record the transaction for this newly formed partnership is _____. debit Cash, $15,000; debit Office Furniture, $9,000; credit D. Xavier, Capital, $24,000 debit Cash, $15,000; debit Office Furniture, $9,000; credit FX Partnership, Capital, $24,000 debit FX Partnership, $24,000; credit D. Xavier, Capital, $24,000 debit D. Xavier, Capital, $24,000; credit FX Partnership, Capital, $24,000
Problem 3. The A,B,C partnership agreement specifies that partnership net income be allocated as follows: A B C Salary allowance P30,000 P10,000 P40,000Interest on ave. capital balance 10% 10% 10% Remainder 40% 40% 20% The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. Assuming a current year net income of P150,000, what amount should be allocated to each partner? Assuming a current year net income of P50,000, what amount should be allocated to each partner?
16. The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH P50,000 LIABILITIES P80,000 OTHER ASSETS 300,000 A, LOAN 20,000 RECEIVABLE FROM B 10,000 A, CAPITAL 120,000 B, CAPITAL 90,000 C, CAPITAL 50,000 TOTAL P360,000 TOTAL P360,000 Profits and loss ratio is 30%, 50% and 20% for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 90,000 P120,000 FEB. 2020 100,000 P80,000 MAR. 2020 125,000 P100,000 Liquidation expenses paid are as follows: January – P3,000February – P5,000 Cash is distributed as assets are realized; how much is the total cash received by partner A at the end of the liquidation?
Hal.3 Velma and Keota (V&K) is a partnership that is considering two alternative investment opportunities. The first investment opportunity will have a four-year useful life, will cost $13,548.84, and will generate expected cash inflows of $4,000 per year. The second investment is expected to have a useful life of five years, will cost $9,495.45, and will generate expected cash inflows of $2,900 per year. Assume that V&K has the funds available to accept only one of the opportunities. (PV of $1 and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required a. Calculate the internal rate of return of each investment opportunity. Note: Do not round intermediate calculations. b. Based on the internal rates of return, which opportunity
E 17-3 Liquidation—Cash distribution computation, safe payments schedule Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2016, are as follows: Cash $160,000 Accounts payable $60,000 Other assets 180,000 Fed capital (30%) 110,000 $340,000 Ela capital (30%) 50,000 Luc capital (40%) 120,000 $340,000 The partners agree to keep a $30,000 contingency fund and to distribute available cash immediately. Required Determine the amount of cash that should be paid to each partner.
1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively. They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution? Justify your answer by showing your solution.2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively:Other Assets P500,000Emman, loan 20,000Total P520,000Accounts Payable P120,000Joseph, Capital 220,000Emman, Capital 180,000Total P520,000The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.
"Partners Valerie; Vanessa, Vera and Veronica share profits 50%, 30%, 10% and]O Partners' accounts prior to liquidation follow: Advances Loans Capitals (Dr balances) (Cr balances) (Cr balances) Valerie P15O,000 P1,200,000 Vanessa 300,000 900,000 Vera P135,000 450,000 Veronica P 75,000 750.000 At the moment, P540,000 is available for distribution to the partners. 3 How much cash is to be distributed to Veronica? P198,750 6. P _ 0 P341,250 d_ P371,250 None of the above."