Answered: Liabilities.. Miller, capital Tyson,…

Liabilities.. Miller, capital Tyson, capital. Watson, capital Total liabilities and capital... Cash Other assets. $ 42,000 69,000 69,000 20,000 150,000 Total assets $200,000 $200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The partners of the M & N Partnership started liquidating their business on July 1, 20x5, at which…

A: The question is related to the Partnership Accounting. In the given question all cash realised from…

Q: The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being…

A: Loss on sale of other assets = $160,000 - $139,000 = $21,000 Marilyn = $21,000 x 2/3 = $14,000…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Part a: We have $62,000 in cash and $41,000 in Liabilities. Creditors have the first claim on the…

Q: The condensed balance sheet and profit and loss ratios of the partnership of Bean, Dean,and Jean are…

A: LIABILITY AMOUNT ASSETS AMOUNT Liabilities 2,625,000 Cash 1,125,000 Payable to…

Q: Ritz , Von, and Lara are partners with capital balances of P20,000, P30,000, and P50,000…

A: Solution: Share of loss for Ritz = P30,000 * 1/6 = P5,000

Q: A balance sheet for the partnership of Sanjoe, Bea, and Piolo, who share profits and losses in the…

A: Cash From sale of Assets = 1,92,000 Less: Liquidation Expenses = ( 6000) Less:…

Q: The following debit (credit) balances on the account of SAM Partnership are as follows: Sucrose,…

A: Partnership agreement: It is an agreement between two persons to share profits of the business.

Q: ABC partnership has the following account balancesbefore liquidation: Cash, P15,000; Non-cash…

A: Answer: In case of partnership liquidation, loss and profit are distributed in profit sharing ratio…

Q: LO A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21,…

A: Liquidation: Liquidation is the scenario where a company wants to dissolve its operations. It sells…

Q: The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash…

A: Amount of cash that safely can be paid to partners prior to liquidation of noncash assets =…

Q: After the realization of non-cash assets, the following account balances appeared in the genera…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Cash P 180,000 Accounts, payable P 420,000…

A: Given: Jo capital = P620,000 Li capital = P400,000 Bi capital = P380,000 Net worth === Nick capital…

Q: Basem, Tamer and Sameer are partners in a partnership firm sharing profits and losses on the basis…

A: Capital withdrawn by partner more than capital hold by the partner then remaining partner have to…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: The question is based on the concept of Partnership Accounting.

Q: The following condensed balance sheet is prepared for Sammy and Joker, who share profits and losses…

A: At the time of liquidation of the partnership, all the assets are sold off and liabilities are…

Q: A condensed balance sheet for a partnership to be liquidated is as follows:(attached)The profit and…

A: Partnership liquidation: A procedure of paying off all the liabilities of the partnership firm,…

Q: Required Prepare journal entries for (a) the sale of equipment, (b) the allocation of its gain or…

A: Liquidation of partnership: When the partners had been decided to the winding up of our business…

Q: 1. The following condensed balance sheet is presented for the partnership of Smith and Jones, who…

A: Loss on sale of other assets = 450,000- 385000 = P65000

Q: Prepare a predistribution plan to determine the amount for which the partnership must sell the other…

A: SOLUTION

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: 2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who…

A: Amount received after selling other assets = $345,000 Loan to Emman will get transferred to his…

Q: ancis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners…

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)

Q: The following condensed statement of financial position is presented for the partnership of Morales,…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: What is the amount of cash available for distribution?

A: Partnership It is a form of business under it two or more persons made a formal agreement with the…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Loss to eliminate the capital: For Miller = 69,000 / 0.6 = 115,000 For Tyson = 69,000 / 0.2 =…

Q: Prepare journal entries regarding the partnership dissolution.

Q: The following is the condensed balance sheet of the partnership Jo, Li and Bi who share profits and…

A: Cash or other assets contributed to the firm by new partner: New admitting partner has to contribute…

Q: Prepare a proposed schedule of liquidation at this point in time.

A: Liquidation of a partnership firm is a process where partners mutually dissolved their partnership…

Q: The following condensed balance sheet is for the partnership of Hardwick, Saunders, Ferris, who…

A: A partnership is an organization formed by an agreement, usually a partnership deed between 2 or…

Q: Show the solution in good accounting form John and Paul are partners who share profits and losses in…

A: Partnership is a form of business organization under which two or parties come into a legal…

Q: The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's…

A: Given that: Cash = $24800 Other Assets = $142800 Liabilities = $42200 Morgan's Capital = $56600…

Q: Under the installment method of liquidation, the partner with least cash priority is

A: Liquidation is the process through which the company or the partnership business liquidates the…

Q: Lebron and Wade, partners who share profits and losses equally decided to liquidate their…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash…

A: In case of liquidation of the partnership, the assets of the partnership are sold, liabilities are…

Q: A balance sheet for the partnership of Mavi, Cong and Viy, who share profits in the ratio of…

A: SOLUTION LIQUIDATION MEANS WHEN A BUSINESS CLOSES AND SELL OF ALL ITS MERCHANDISE BECAUSE IT IS…

Q: Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells…

A: Capital Balances after Realization Mathews : $28000 Cr Williams : $62,500 Cr Shen : $18000 Dr it…

Q: The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an…

A: A partnership is a kind of business structure in which two or more people agree to carry out…

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: Lewis, Clark, and Sacagewea have income ratios of 5:3:2 and capital balances of $36,040, $32,860,…

A: Answer: Any cash remaining after distribution is divided to partners in the ratio of capital…

Q: The statement of financial position for the partnership of Marlin, Martin and Marvin as of June 30,…

A: The total capital of the partnership firm after the retirement of a partner is calculated by…

Q: The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share…

A: Introduction:- The following formula used to calculate as follows:- Loss required to eliminate…

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: If P850,000 of cash was distributed by the partnership, compute for the following: 1. Problem 3 -…

A: Partnership means a group of persons who come together with a purpose to control and manage the…

Q: A, B, C, and D are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21,…

A: Liquidation of Partnership Firm: The process by which a connection between partners in a business is…

Q: Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner,…

A: Given information is: Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio…

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

Q: After the realization of non-cash assets, the following account balances appeared in the genera…

A: Partnership refers to the contractual agreement among the persons who are ready to invest and carry…

Question

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:

For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?

Liabilities..
Miller, capital
Tyson, capital.
Watson, capital
Total liabilities and capital...
Cash
Other assets.
$ 42,000
69,000
69,000
20,000
150,000
Total assets
$200,000
$200,000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

3. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and givereasons for each element whether these elements belongs to financing activities or not. b. Calculate the relationship between the debt and equity for the year 2019 and 2020, andcomment
You have the following information: total assets = $200 million; risk-adjusted assets = $90 million; owners' equity = $3.5 million; Trust-preferred securities = $0.7 million; loan loss reserve = $1.5 million; & subordinated debt = $2 million Calculate: 1. Equity Capital Ratio 2. Tier 1 Ratio 3. Total Capital Ratio
Angela Corporation has the following selected assets and liabilities: Given the said data, determine the company’s net working capital. (check the photo) Choose the letter of correct answer a. P35,000.00b. P39,000.00c. P33,000.00d. P72,000.00e. P52,000.00
Which of the following situations describes a person who could be insolvent? Multiple Choice Assets $56,200; annual expenses $60,800 Assets $78,200; net worth $22,800 Liabilities $45,200; net worth $6,800 Assets $40,200; liabilities $45,800 Annual cash inflows $45,200; liabilities $50,800
3. Following information is available in respect of A LtdParticulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in Financial Assets - 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15a. Prepare the cash flow from financing activities from the above information and give reasons for each element whether these elements belongs to financing activities or not
Computational (Show your computations. Round off as follows: e.g. ₩10.64=> ₩11, 0.123456 => 12.35%, 2.4321 => 2.43) . KG Co. had total assets of ₩1,200,000, total liabilities of ₩500,000, and retainedearnings of ₩300,000 at the beginning of 20x1. For the year, the corporationdeclared cash dividends of ₩50,000. At the end of the year, the company hadtotal assets of ₩1,400,000 and showed the debt ratio of 0.4. The company hadno accumulated other comprehensive income.1) Compute the total stockholders’ equity at the end of 20x1. 2) Compute KG’s net profit for 20x1, assuming no change in contributed capitalduring the year
The following information relates to Basic Lid. for the year ended 31" December 2021: Net working capital RO. 1.200.000 Fixed assets to proprietor's fund ratio 0.75 Working capital turnover ratio 5 timeg Return on Equity 15% Current liabilities RO. 400.000 Long term Debts 0 You are required to calculate: Proprietor's funds Fixed Assets Current assets Net profit ratio Current ratio
Sheffield Company has the following information available: Net income, $22000; Cash provided by operations, $33000; Cash Sales, $82500; Capital expenditures, $13200; and Cash dividends, $6600. What is Sheffield’s free cash flow? a. $52800. b. $13200. c. $2200. d. $29700.
determine the working capital rom the following information Debtors $ 148000, cash balance $ 69000 bank balance $ 129000 stock of Finished goods $ 188000 & current liabilities amount to $ 645000 ans options are : -12000 -111000 121000 18000
Using the data given below, compute for the total amount of items that meet the definition of financial asset Cash P 100,000 Fair value through profit or loss securities 500,000 Investment in associate 2,000,000 Trade receivable 1,000,000 Inventories 800,000 Prepaid insurance 50,000 Interest rate swap receivable 200,000 Investment in debt securities – FVTOCI 400,000 Investment in debt securities – AC 350,000 Land 2,000,000 Buildings 3,000,000 Machinery and equipment 1,500,000 Patents 250,000
Using the data given below, compute for the total amount of items that meet the definition of financial asset Cash P 100,000 Investment in shares – FVTPL 500,000 Investment in associate 2,000,000 Accounts receivable 1,000,000 Inventories 800,000 Prepaid rent 50,000 Interest rate swap receivable 200,000 Investment in debt securities – FVTOCI 400,000 Investment in debt securities – AC 300,000 Land 2,000,000 Buildings 3,000,000 Machinery and equipment 1,500,000 Patents 250,000
compute the owner's equity for norman gonzales on dec. 31,20X1 based on the fallowing data; norman gonzales ,capital january 1 ,20X1 P450 000 norman gonzales, cash drawings for 20X1 120 000 norman gonzales. additional investment 20X1 80 000 net income 20X1 90 000