ADVANCED ACCT CUSTOM W/CONNECT
14th Edition
ISBN: 9781307697711
Author: Hoyle
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 16P
To determine
Prepare a proposed schedule of liquidation at this point in time.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
Cash
$
92,000
Accounts payable
$
72,000
Other assets
810,000
Ferris, loan
53,000
Hardwick, loan
43,000
Hardwick, capital
370,000
Saunders, capital
230,000
Ferris, capital
220,000
Total assets
$
945,000
Total liabilities and capital
$
945,000
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $155,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
Cash
$
91,000
Accounts payable
$
96,000
Other assets
805,000
Ferris, loan
52,000
Hardwick, loan
42,000
Hardwick, capital
360,000
Saunders, capital
220,000
Ferris, capital
210,000
Total assets
$
938,000
Total liabilities and capital
$
938,000
The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $165,000. Prepare a proposed schedule of liquidation at this point in time.
The following condensed balance sheet is for the partnership of Hardwick, Saunders, Ferris, who share profits and losses in the ratio of 4:3:3 respectively:
Cash $ 96,000
Account payable $56,000
other assets 830,000
ferris, loan 57,000
Hardwick, loan 47,000
hardwick, capital 410,00
saunders, capital 230,000
ferris, capital 220,000
total assets 973,000
total liabilities and capital 973,000
The partners decide o liquidate the partnership. forty percent of the other assets are sold for $100,000. Prepare a proposed schedule of liquidation at this point in time.
Chapter 15 Solutions
ADVANCED ACCT CUSTOM W/CONNECT
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
Knowledge Booster
Similar questions
- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.arrow_forwardThe following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 89,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital $144,000 Other assets 50,000 340,000 200,000 190,000 795,000 40,000 Hardwick, loan Total assets $924,000 Total liabilities and capital $924,000 The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $225,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick, Loan and Capital Other Saunders, Ferris, Loan Capital Accounts Cash Assets Payable & Capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets $ 89,000 225,000 $ 314,000 Paid liabilities Safe payments $ 314,000arrow_forwardThe following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 95,000 Accounts payable $ 80,000 Other assets 825,000 Ferris, loan 56,000 Hardwick, loan 46,000 Hardwick, capital 400,000 Saunders, capital 220,000 Ferris, capital 210,000 Total assets $ 966,000 Total liabilities and capital $ 966,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) Cash \ Other Assets \ Accounts Payable \ Hardwick, Loan and Capital \ Saunders Capital \ Ferris, Loan & Capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid…arrow_forward
- The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: $ 84,000 770,000 35,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $184,000 45,000 290,000 190,000 180,000 Cash Other assets Hardwick, loan Total assets $889,000 $889,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Accounts Payable Hardwick, Loan and Other Saunders, Ferris, Loan Capital Cash Assets & Capital Capital Beginning balances Sold assets Adjusted balances 0 $ 0 $ Max loss on remaining noncash assets Paid liabilities Safe payments 0 $arrow_forwardThe following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capitalarrow_forwardThe 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: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?arrow_forward
- The following condensed balance sheet is presented for the partnership of Nick, Pick, and Nick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Assume that the assets and liabilities are fairly valued on the balance sheet and that the partnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonus is to be recorded. How much should Tick contribute in cash or other assets? Assume that instead of admitting a new partner, the partners decide to liquidate the partnership. If the other assets are sold for P350,000, how much cash should be distributed to Nick?arrow_forwardThe following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 85,000 Accounts payable $ 160,000 Other assets 775,000 Zahiri, loan 46,000 Gulian, loan 36,000 Gulian, capital 300,000 Singh, capital 200,000 Zahiri, capital 190,000 Total assets $ 896,000 Total liabilities and capital $ 896,000 Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign.arrow_forwardThe following condensed balance sheet is presented for the partnership of Nick, Pick, andNick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Questions: 1. Assume that the assets and liabilities are fairly valued on the balance sheet and that thepartnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonusis to be recorded. How much should…arrow_forward
- 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: 50, e00 150,000 Cash Liabilities 42, еее 69,000 $ Miller, capital Tyson, capital Watson, capital Other assets 69, 000 20,000 Total assets $ 200, e00 Total liabilities and capital $ 200,000 For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? X Answer is not complete. Other assets must be for an amount over soldarrow_forwardThe following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 89,000 820,000 55,000 $ 964,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. X Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash $ 89,000 115.000 $ 204,000 0 ›› Other Assets (60,000)✔ $ 144,000 $ $ 820,000 $ 60,000 (328,000) ✔ 0 492,000 $ 60,000 (492,000) Accounts Payable 0 0 $ 0 (60,000) 0 Gulian, Loan $…arrow_forwardThe 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: Cash $ 56,000 Liabilities $ 45,000 Other assets 169,000 Miller, capital 81,000 Tyson, capital 81,000 Watson, capital 18,000 Total assets $ 225,000 Total liabilities and capital $ 225,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College