ADVANCED ACCOUNTING
14th Edition
ISBN: 9781307664089
Author: Hoyle
Publisher: MCG/CREATE
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Question
Chapter 15, Problem 4P
To determine
Identify the correct option for the amount of money that each of the partners should receive.
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Students have asked these similar questions
A local partnership is liquidating and is currently reporting the following capital balances:
Desai has indicated that a forthcoming contribution will cover the $24,000 deficit. However, the two remaining partners have asked to receive the $52,000 in cash that is currently available. How much of this money should each of the partners receive?
Barley, $22,000; Carter, $30,000.
Barley, $32,000; Carter, $20,000.
Barley, $29,000; Carter, $23,000.
Barley, $32,500; Carter, $19,500.
A local partnership is liquidating and is currently reporting the following capital balances:
Barley, capital (50% share of all profits and losses)
$44,000
Carter, capital (30%)
32,000
Desai, capital (20%)
(24,000)
Desai has indicated that a forthcoming contribution will cover the $24,000 deficit. However, the two remaining partners have asked to receive the $52,000 in cash that is currently available. How much of this money should each of the partners receive?a. Barley, $32,000; Carter, $20,000.b. Barley, $32,500; Carter, $19,500.c. Barley, $22,000; Carter, $30,000.d. Barley, $29,000; Carter, $23,000.
Hanson, James, and Smith, a partnership, is in the process of liquidating. The partners have the following capital account balances; $48,000, $48,000, and ($18,000) respectively. The partners share all profits and losses 16%, 48%, and 36%, respectively. Smith has indicated that the ($18,000) deficit will be covered with a forthcoming contribution. The remaining partners have requested an immediate distribution of $40,000 in cash that is available. How should this cash be distributed?
A. Hanson $10,000; James $30,000.
B. Hanson $34,000; James $6,000.
C. Hanson $22,308; James $17,692.
D. Hanson $28,594; James $11,406.
E. Hanson $25,000; James $15,000.
Chapter 15 Solutions
ADVANCED ACCOUNTING
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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