What is the amount of loss or gain in realization?

Q: Ole Low, Arnt Olson, and Stig Lokum decided to liquidate the CRANE partnership on December 31 of the…

A: Assets:- The term asset is referred as the economic value of item that an individual or a firm…

Q: partnership assets are realized for P500,000, how much will Jack and Beans, who share in profits and…

A: Partnership: Partnership is the form of organization in which two or more than two individuals come…

Q: During the liquidation of the partnership of three cousins, they realized a gain of $18,000 from the…

A: Creditors are the stakeholders which the company has taken the loan from.

Q: Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of…

A: Partnership: The form of business entity which is formed by an agreement, owned and managed mutually…

Q: 1. Mactal, Macadang and Pangan are partners with capital balances of P350,000, P250,000 and P350,000…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk…

A: Liquidation of partnership is dissolving an existing partnership firm due to bankruptcy, partner…

Q: Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000,…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: E. Orange and Lemon share profits and losses equally. They decided to liquidate their partnership…

A: The partnership came into existence when two or more persons work together and share profits and…

Q: They share profits and losses in a 1:4:5 ratio and have decided to expand their business territory.…

A: Investment in the partnership is the amount brought by the new partner as their capital…

Q: Roberto Orcajada and Ryan Morales are partners who share profits and losses equally. The credit…

A: Partnership:- When two or more persons join together to form a business and share profit or loss in…

Q: All. Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to…

A: Since Ali is not able to pay the amount he owes to the partnership , his share of deficient amount…

Q: Gerald, Julia and Bea are partners who decided to terminate their partnership due to…

A: A partnership is a legally binding agreement between two or more people to run and operate a firm…

Q: Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The…

A: The profit and loss on realisation is distributeed to parners in PSR ( profit sharing ratio) and…

Q: leaving a balance of P1,100,000 in cash. What is the amount of loss or gain in realization? How much…

A: Partnership:- When two or more persons join together to form a business and share profit or loss in…

Q: 1. How much was the loss on realization? 2. How much should Cara and David receive in final…

A: 1. ) Liabilities of firm owing to partners = 14000 + 16000 = 30000 Firm's liabilities excluding…

Q: Hanson, James, and Smith, a partnership, is in the process of liquidating. The partners have the…

A: Introduction: A partnership is a type of business in which two or more people enter into a legal…

Q: As of December 31, 2012, the books of Vicky, Garci and Cabe Partnership showed capital balances of…

A: Total Capital = 40,000+25,000+5,000 = 70,000 Liabilities = 12,000   Sold Non Cash Assets for 37,000…

Q: Jason Rover, Sara Down, and Cam Pret each have a $240,000 capital balance. They share profits and…

A: A journal entry is being used to record a commercial activity in an organization's accounting…

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: alpha and beta are partners who share income in the ratio 1:2 and have capital balances of $40,000…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: The partnership of Louie and Mickey has non-cash assets of P 100,000. If loss on realization was…

A: Partnership is a business form that is conducted by two or more partners in order to earn profit and…

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: Gerald, Julia and Bea are partners who decided to terminate their partnership due to…

A: This question deals with the concept of dissolution.  Dissolution may happen due to any legal…

Q: A partnership is currently holding $400,000 in assets and $234,000 in liabilities. The partnership…

A:

Q: Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when…

A: it is given that :Profit = 1:1   Amt    Amt  Capital balance   Net asset (cash and non cash )…

Q: Jack and Beans, who share in profits and losses in the ratio of 3:7, decided to liquidate their Talk…

A: A partnership seems to be a type of business in which two or more individuals enter into a legal…

Q: Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of…

A: A partnership is an agreement between two or more parties to manage the operations of the business…

Q: Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000 and P450,000,…

A: Partnership is one of the agreement or contract between two or more than two persons, under which…

Q: A partnership is currently holding $400,000 in assets and $234,000 in liabilities. The partnership…

A: The correct answer is Option (3).

Q: Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their…

A: The amount of loss recognized is calculated by adding the capital balance of hewitt and capital…

Q: Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their…

A: In partnerships, realization is the process by which all existing assets except cash are sold and…

Q: Mina Villanueva and Christine Results are about to liquidate their partnership. They each have…

A: A liquidation occurs when a partnership business goes out of business. At the time of closure of the…

Q: Gerald, Julia and Bea are partners who decided to terminate their partnership due to…

A: Given : Gerald, Julia and Bea are partners decided to terminate their partnership due to…

Q: David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively,decide to…

A: Partnership: It is that form of organization which is owned and managed by two or more persons who…

Q: A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of…

A: 1.

Q: The partnership of Dale, Edgar, and Fred was dissolved, and by July 1, 2016, all assets had been…

A: In the context of the given question, we need to compute the required answers. Here, a partnership…

Q: A local partnership was considering the possibility of liquidation since one of the partners (Ding)…

A: Partnership characteristics incudes: Existence of an agreement Existence of business Sharing of…

Q: urchase the interest by paying 126, 000 and no goodwill is to be recorded C. The partnership will…

A: As per Bartleby policy, only 3 interlinked questions are answered, therefore only till (c) the…

Q: Partners ROSEWELL, CHIM and AVES decided to liquidate their partnership. The partnership’s statement…

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse…

A: Partnership is a form of organisation where two or more individuals starts a business to distribute…

Q: The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been…

A: Liquidating a partnership involves paying off creditors, selling assets, and distributing residual…

Q: Jo, Joy, and Joyce have capital balances of P40,000; P25,000 and P5,000 respectively on December 31,…

A: Joy share is 11,000. Working is as follows: Particular Jo Joy Joyce Total Capital…

Q: Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse…

A: Jesse investment Particulars Debit Credit             Accounts receivable $46,500…

Q: Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their…

A: Partnership:- It is a form of an entity where two or more people join to form a business and…

Q: Allen, Branden & Caylin are in the process of liquidating their partnership. They have the following…

A: Partnership business means where two or more person comes together to do business , earn profits and…