ADVANCED ACCOUNTING-EBOOK ACCESS
14th Edition
ISBN: 9781264157068
Author: Hoyle
Publisher: MCG
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Chapter 15, Problem 10P
To determine
Identify the correct option for the true statement.
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Carney, 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.
Carney, 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. . . . . . . . . .. . . $60,000Pierce, capital. . . . . . . . . . . . . . 27,000Menton, capital. . . . . . . . . . . . 43,000Hoehn, capital. . . . . . . . . . . . . 20,000
Which of the following statements is true? Choose the correct.a. The first available $2,000 will go to Hoehn.b. Carney will be the last partner to receive any available cash.c. The first available $3,000 will go to Menton.d. Carney will collect a portion of any available cash before Hoehn receives money.
Item No. 24 is based on the following information:
A, B, C are partners. On December 31, 200C, their capital balances and
profit sharing ratios are: A, P 75,000 (60%) , B, P 150,000 (25%), and C, P 180,000
(15%). C withdrew P 30,000 during the year 200D. Net loss for the year ended
December 31, 200D was P 60,000. The partners decided to liquidate. There
were unpaid liabilities of P 15,000 and cash on hand of P 2,100.
24. The amount to be realized by the partnership on the sale of its noncash
assets so that A will receive a total of P 57,000 in the final settlement of his
interest should be:
a. P 357,900.
C. P 27,900.
b. P 309,900.
d.
P 18,000.
Item No. 25 is based on the following information:
Christian and Dior are partners, who share profits equally, were
incapacitated due to a car accident. A liquidator was appointed to wind up their
partnership. The balance sheet accounts are shown below:
Cash
P 35,000
Liabilities
P 19,000
Other Assets
110,000
72,000
Christian Capital ----
Dior…
Chapter 15 Solutions
ADVANCED ACCOUNTING-EBOOK ACCESS
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...
Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29P
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