242243 Homework 12-3244 The HIJ Partnership245 Cash46 Other Assets247has decided to liquidate their business:$20,000$170,000$190,00048249250251 The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete52 a liquidation schedule.2535455 Opening Balance56 Sale of NonCash57 New Totals58 Pay Liabilities59 New Totals60 Distribution to Part.61 Final Balances62Cash$25,000Accounts PayableHughes, CapitalIgloo, CapitalJones, CapitalNon Cash$165,000Liabilities$60,000$55,000$35,000$40,000$190,00$60,000Hughes, C$55,000Igloo, C$35,000Jones, C$40,000

The liquidation schedule is prepared to sale of all non-cash assets, pay the liabilities and…

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 22E

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Pls h3lp Use the following information for the next five questions: The partners Athena, Aphrodite, and Hera who shared profit and losses in the ratio of 4:2:2 has decided to dissolve and liquidate their partnership. In the process of liquidation, their non-cash assets of P490,000 was realized at a loss of P340,000. However, they were able to pay their obligations to outside creditors of P105,000. The partner’s equity balance before the start of the liquidation has totaled to P450,000 to P450,000, broken down as follows: (Tip: Prepare a liquidation statement to answer the proceeding questions. Make sure that A=L+PE) Athena -P180,000 Aphrodite - 150,000 Hera - 120,000 10. At what amount were the non-cash assets realized? a. 150,000 c. 200,000 b. 175,000 d. 225,000 11. How much was the cash balance at the beginning of the liquidation process? a. 60,000 c. 70,000 b. 65,000 d. 75,000 12. How much is the cash balance of the company after paying its obligation? a. 320,000 c. 110,000…
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