ADVANCED ACCOUNTING-LL
13th Edition
ISBN: 9781260232486
Author: Hoyle
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Chapter 15, Problem 17P
To determine
Determine the amount of sales revenue that other assets will be sold at so that each partner receives some amount of cash in liquidation.
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Students have asked these similar questions
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:
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?
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
sold
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?
Chapter 15 Solutions
ADVANCED ACCOUNTING-LL
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. 6QCh. 15 - Prob. 7QCh. 15 - Prob. 8QCh. 15 - What is the purpose of a proposed schedule of...Ch. 15 - Prob. 10Q
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. 19PCh. 15 - The following balance sheet is for a local...Ch. 15 - Prob. 21PCh. 15 - Prob. 22PCh. 15 - Prob. 23PCh. 15 - Prob. 24PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33P
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