[The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $130,700; Brown, $165,000; and Snow, $153,300. On May 31, the liquidation resulted in a loss of $406,500. 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Initial investments Loss allocation Capital balances Field Brown Snow $ $ Total 0 0 0
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- STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain Open. The noncash assets are sold for 165,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period April 115, 20--, showing the following: (a) The sale of noncash assets on April 1 (b) The allocation of any gain or loss to the partners on April 1 (c) The payment of the liabilities on April 12 (d) The distribution of cash to the partners on April 15 2. Journalize these four transactions in a general journal.ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of November 1, 20--, inventory with a book value of 180,000 is sold for 230,000. Given that Hui and Cline share profits and losses equally, prepare the entries for the sale and the allocation of gain.STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: REQUIRED 1. Prepare a statement of partnership liquidation for the period July 120, 20--, showing the following: (a) The sale of noncash assets on July 1 (b) The allocation of any gain or loss to the partners on July 1 (c) The payment of the liabilities on July 15 (d) The distribution of cash to the partners on July 20 2. Journalize these four transactions in a general journal.
- The following are independent events: a. A partnership is preparing to become a corporation and sell stock to the public. At this time, it decides to switch from accelerated to straight-line depreciation. b. A company has been debiting half its advertising costs to an intangible asset account and amortizing these costs over 3 years. c. A company has been using accelerated depreciation. It now estimates that the pattern of benefits to be received in the future will be equal each period, so it decides to change to the straight-line depreciation method. d. A company has been using straight-line depreciation for its property, plant, and equipment. It is now buying a new type of machine and elects to use accelerated depreciation on the new machine. e. A company switches from capitalizing certain expenditures to expensing them due to the issuance of an Accounting Standards Update that makes capitalization of these expenditures no longer generally accepted. Required: Identify the correct accounting treatment for the changes (if any) related to the preceding events.Partners 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…The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $37,000 Liabilities $24,000 Other Assets 52,000 Parks, Loan 9,000 Cook, Capital 31,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $89,000 Total $89,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) The partners wish to distribute the $37,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit…
- The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 59,000 Liabilities $ 54,500 Noncash assets 319,000 Drysdale, loan 40,000 Drysdale, capital (50%) 104,500 Koufax, capital (30%) 94,500 Marichal, capital (20%) 84,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $19,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $97,000 are sold for $71,500. How is the available cash to be divided?The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $40,000 Liabilities $25,000 Other Assets 50,000 Parks, Loan 10,000 Cook, Capital 30,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $90,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash. B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000.The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $40,000 Liabilities $25,000 Other Assets 50,000 Parks, Loan 10,000 Cook, Capital 30,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $90,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash. B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000. Please dont provide solution with image thank you
- The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 70,000 Liabilities $ 38,000 Noncash assets 297,000 Frick, capital (60%) 180,000 Wilson, capital (20%) 48,000 Clarke, capital (20%) 101,000 Total assets $ 367,000 Total liabilities and capital $ 367,000 Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: Distributed safe payments of cash immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $120,000 for $70,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $64,000. Paid actual liquidation expenses of $8,000 only. Distributed remaining cash to the…The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 69,000 Liabilities $ 40,000 Noncash assets 279,000 Frick, capital (60%) 168,000 Wilson, capital (20%) 45,000 Clarke, capital (20%) 95,000 Total assets $ 348,000 Total liabilities and capital $ 348,000 Part A Prepare a predistribution plan for this partnership. Prepare a predistribution plan for this partnership. Frick, Capital Wilson, Capital Clarke, Capital Beginning balances $168,000 $45,000 $95,000 Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balancesOn December 31 , 2016 , the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash Assets 271,360 Accounts Payable 51,200 Loan Payable to Dorie 20,480 Cherry , Capital 49,152 Dorie Capital 73,728 Oscar , Capital 92.160 Profit and losses were shared as follows Cherry, 30 % Dorie, P30 % and Oscar, 40 % It was decided to liquidate the business The following is a summary of the realization and liquidation Expense activities. Assumptions : Required : Make a statement of Liquidation. A. The company will undergo Instalment liquidation. The assets are realized as follows: Period - BV OF ASSETS. 1st 133120 2nd 76800 3rd 61440 CASH PROCEEDS 81920 51200 35840 Required: Make a statement of liquidation and schedule of payments for the 1st and 2nd Period.