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please simple to explain The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: $ 15,000 Liabilities 82,000 Rodgers, loan $ 74,000 35,000 120,000 88,000 74,000 60, 000 Cash Accounts receivable Inventory Land Building and equipment (net) Wingler, capital (30%) Norris, capital (10%) 168,000 Rodgers, capital (20%) Guthrie, capital (40%) 101,000 85,000 Total assets $451,000 Total liabilities and capital $451,000 When the liquidation commenced, liquidation expenses of $16,000 were anticipated as being necessary to dispose of all property. Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 1.…

Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:               Cash $ 15,000 Liabilities $ 74,000 Accounts receivable   82,000 Rodgers, loan   35,000 Inventory   101,000 Wingler, capital (30%)   120,000 Land   85,000 Norris, capital (10%)   88,000 Building and equipment (net)   168,000 Rodgers, capital (20%)   74,000       Guthrie, capital (40%)   60,000 Total assets $ 451,000 Total liabilities and capital $ 451,000      When the liquidation commenced, liquidation expenses of $16,000 were anticipated as being necessary to dispose of all property.   Prepare a predistribution plan for this partnership.

The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $47,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 43,000 73,000 63,000 175,000 165,000 $ 519,000 Liabilities $ 183,000 Butler, loan 43,000 Butler, capital (25%) 115,000 Osman, capital (25%) 43,000 Ward, capital (50%) 135,000 Total liabilities and capital $ 519,000 The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $26,500, the building for $130,000, and the land for $172,000. 3. Distributed safe payments of cash. 4. Paid all…

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Part A (used for reference for Part B) The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:               Cash $ 15,000 Liabilities $ 74,000 Accounts receivable   82,000 Rodgers, loan   35,000 Inventory   101,000 Wingler, capital (30%)   120,000 Land   85,000 Norris, capital (10%)   88,000 Building and equipment (net)   168,000 Rodgers, capital (20%)   74,000       Guthrie, capital (40%)   60,000 Total assets $ 451,000 Total liabilities and capital $ 451,000      When the liquidation commenced, liquidation expenses of $16,000 were anticipated as being necessary to dispose of all property.   Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and…

Part A (used for reference for Part B) The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:               Cash $ 15,000 Liabilities $ 74,000 Accounts receivable   82,000 Rodgers, loan   35,000 Inventory   101,000 Wingler, capital (30%)   120,000 Land   85,000 Norris, capital (10%)   88,000 Building and equipment (net)   168,000 Rodgers, capital (20%)   74,000       Guthrie, capital (40%)   60,000 Total assets $ 451,000 Total liabilities and capital $ 451,000      When the liquidation commenced, liquidation expenses of $16,000 were anticipated as being necessary to dispose of all property.   Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and…

The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $51,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 47,000 77,000 67,000 195,000 185,000 $ 571,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $28,500, the building for $146,000, and the land for $188,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses…

The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $50,000 are expected. The partnership balance sheet at the start of liquidation is as follows:                   Cash $ 46,000   Liabilities $ 186,000   Accounts receivable   76,000   Butler, loan   46,000   Office equipment (net)   66,000   Butler, capital (25%)   130,000   Building (net)   190,000   Osman, capital (25%)   46,000   Land   180,000   Ward, capital (50%)   150,000   Total assets $ 558,000   Total liabilities and capital $ 558,000       Prepare a predistribution plan for this partnership.

The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $50,000 are expected. The partnership balance sheet at the start of liquidation is as follows:                   Cash $ 46,000   Liabilities $ 186,000   Accounts receivable   76,000   Butler, loan   46,000   Office equipment (net)   66,000   Butler, capital (25%)   130,000   Building (net)   190,000   Osman, capital (25%)   46,000   Land   180,000   Ward, capital (50%)   150,000   Total assets $ 558,000   Total liabilities and capital $ 558,000       The following transactions transpire in chronological order during the liquidation of the partnership:   Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Sold the office equipment for $28,000, the building for…

! Required information [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $47,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 43,000 73,000 63,000 175,000 165,000 $ 519,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $26,500, the building for $130,000, and the land for $172,000. 3. Distributed…

! Required information [The following information applies to the questions displayed below.] The partnership of Garcia, Iglesias, and Kassabian was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $44,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets Liabilities Garcia, loan $ 180,000 40,000 100,000 40,000 120,000 $ 40,000 70,000 60,000 Garcia, capital (25%) 160,000 150,000 $ 480,000 Total liabilities and capital $ 480,000 Iglesias, capital (25%) Kassabian, capital (50%) Required: Prepare a predistribution plan for this partnership. Garcia, Loan and Capital Iglesias, Capital Kassabian, Capital Beginning balances $ 140,000 $ 40,000 $ 120,000 Assumed loss of Schedule 1 40,000 40,000 (80,000) Step one balances $…

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Dan Nichols has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Nichols and Rathke. Nichols’s investment in the partnership consists of $14,000 in cash, and the following assets of the proprietorship: accounts receivable $20,000 less allowance for doubtful accounts of $3,000, and equipment $25,000 less accumulated depreciation of $5,000. It is agreed that the allowance for doubtful accounts should be $4,000 for the partnership. The fair value of the equipment is $17,500.Instructions:Journalize Nichols’s admission to the firm of Nichols and Rathke.

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Part AThe partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $34,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash . . . . . . . . . . . . . . . . . . . $ 30,000  Liabilities . . . . . . . . .  . . . . . . $170,000Accounts receivable . . . . . 60,000 Butler, loan . . . . . . . . . . . .. . . . 30,000Office equipment (net) . . . . 50,000 Butler, capital (25%) . . . . . . . . . 50,000Building (net) . . . . . . . . . . . . 110,000 Osman, capital (25%) . . . . . . .  . 30,000Land . . . . . . . . . . . . . . . . . . . 100,000 Ward, capital (50%) . . . . .. . . . . 70,000 Prepare a predistribution plan for this partnership.Part BThe following transactions transpire in chronological order during the liquidation of the partnership:1. Collected 90 percent of…

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Please create the journals and balance sheet and using correct chart of accounts and labels and amount descriptions. Only answer using what i have provided.  On March 1, 20Y8, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $20,900 in cash and merchandise inventory valued at $55,950. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $60,390. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:       Wallace’s Ledger Agreed-Upon Balance Valuation Accounts Receivable $19,370 $18,480 Allowance for Doubtful Accounts 1,240 1,520 Equipment 83,050 54,330 Accumulated Depreciation 29,920 – Accounts Payable 14,980 14,980 Notes Payable (current) 35,860 35,860 The partnership agreement includes the following provisions regarding the division of net income: interest on original…

Beth, Steph, and Linda have been operating a small gift shop for several years. After an extensive review of their past operating performance, the partners concluded that the business needed to expand in order to provide an adequate return to the partners. The following balance sheet is for the partnership prior to the admission of a new partner, Mary. Cash   $154,000 Other Assets   624,000     $778,000 Liabilities   $196,000 Beth, Capital (40%)   270,000 Steph, Capital (40%)   198,000 Linda, Capital (20%)   114,000     $778,000 Figures shown parenthetically reflect agreed profit-and-loss sharing percentages.Prepare the necessary journal entries to record the admission of Mary in each of the following independent situations. Some situations may be recorded in more than one way.             (a)     Your answer is correct.     Mary is to invest sufficient cash to receive a one-sixth capital interest. The parties agree…

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Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers Appropriation General of profits Journal Allocate $249,000 net income in the ratio of their begin (Do not round intermediate calculations.) Supporting Percentage of Total Computations Equity Ries Bax Thomas X X X Income Summary Allocated Income to Capital < Appropriation of profits General Journa