In liquidation, balances prior to the distribution of cash to the partners are: Cash $239000; Mark, Capital $112400; Stengel, Capital $103400, and King, Capital $23200. The income ratio is 6:2:2, respectively. How much cash should be distributed to Mark? $100400 $103400 $112400 $119500
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- 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.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 toIn liquidation, balances prior to the distribution of cash to the partners are: Cash P255,000; Moore, Capital P140,000; Simon, Capital P130,000, and Kelly, Capital P30,000. The income ratio is 6:2:2, respectively. How much cash should be distributed to Simon if Kelly does not pay his deficiency? -P122,500 -P130,000 -P126,250 -P118,750 the Following are classified under PPE Except? -Building -Land -Machinery -All are PPE Which of the following is considered as a Cash Equivalent? -Check -Postal money Order -Treasury Bill Issued 5 Months Ago , Acquired and Maturing 4 months from now -Treasury Bill Issued 1 year ago Acquired and Maturing 3 months from now
- Prior to the distribution of cash to the partners, the accounts in the Blossom Company are Cash $32,400; Vogel, Capital (Cr.) $19,200; Utech, Capital (Cr.) $17,200; and Pena, Capital (Dr.) $4,000. The income ratios are 5:3:2, respectively. Blossom Company decides to liquidate the company.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 P37,200Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 Non-cash Assets 1,600,000 Liabilities 560,000 E, Loan 40,000 E, Capital 180,000 F, Capital 420,000 G, Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any…
- After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash-P141,000: Accounts Payable - P 96,000; Sun, Loan - P 45,000: Sun, Capital -(P21.000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable?After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P 45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable? how much is the final settlement to Star?The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash . . . . . . . . . . . . . . . . . . . $ 36,000 Liabilities . . . . . . . . . . . . . .. . $50,000Noncash assets . . . . . . . . . 204,000 Drysdale, loan . . . . . . . . . . . 10,000Drysdale, capital (50%) . .. . 70,000Koufax, capital (30%) . . . . . 60,000Marichal, capital (20%) . . . 50,000 a. Liquidation expenses are estimated to be $15,000. Prepare a predistribution schedule to guide the distribution of cash.b. Assume that assets costing $74,000 are sold for $60,000. How is the available cash to be divided?
- Before liquidation, the following is the financial position of the partnership W, X, Y and Z: W, capital 275,000 W, loan 50,000 X, capital 225,000 Y, capital 257,500 Z, capital 342,500 P&L ratio is 4:3:2:1, respectively. 300,000 was received from certain assets are sold and are distributed to partners. What cash amount should Z receive? a. 300,000 b. 0 c. 135,834 d. 166,166The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $20,500; other assets, $141,300; liabilities, $26,800; Morgan, capital, $64,000; Rockwell, capital, $71,000. The other assets were sold for $120,900. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totalingCarney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are Carney, capital $ 67,000 Pierce, capital 29,100 Menton, capital 50,000 Hoehn, capital 22,100 Which of the following statements is true? Multiple Choice Carney will collect a portion of any available cash before Hoehn receives money. Carney will be the last partner to receive any available cash. The first available $4,100 will go to Hoehn. The first available $5,800 will go to Menton.
