14 15 16 and decided to liquidate their partnership Prior to the final distribution of cash to the partners. As has a capital Ihas a capital balance of $108,000 Also, cash balance is $150.000. All is NOT able to pay the amount he owes the 11 12 131 10 Al Basel and Ziad are sharing income and loss balance of $30,0001 Basel has a capital balance partnership 14.3.2 ratio respec of $72.000 and 2 Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 12.000 Zad Capital 18,000 30,000 Basel capital 54,000 16.000 Ziad capital Cash 150.000 OB Basel Capital 18,000 Ziad Capital 12.000 All Capital 30.000 Basel capital $4,000 9.000 Ziad capital Cash 150.000 OC Basel Capital 18.000 Ziad Capital 12,000 All Capital 30,000 96.000 Basel capital Ziad capital Cash $4,000 150,000 OD Basel Capital 15,000 Ziad Capital 15,000 All Capital 30.000 Basel capital 57,000 Ziad capital 93,000 Cash All Capital

14 15 16 and decided to liquidate their partnership Prior to the final distribution of cash to the partners. As has a capital Ihas a capital balance of $108,000 Also, cash balance is $150.000. All is NOT able to pay the amount he owes the 11 12 131 10 Al Basel and Ziad are sharing income and loss balance of $30,0001 Basel has a capital balance partnership 14.3.2 ratio respec of $72.000 and 2 Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 12.000 Zad Capital 18,000 30,000 Basel capital 54,000 16.000 Ziad capital Cash 150.000 OB Basel Capital 18,000 Ziad Capital 12.000 All Capital 30.000 Basel capital $4,000 9.000 Ziad capital Cash 150.000 OC Basel Capital 18.000 Ziad Capital 12,000 All Capital 30,000 96.000 Basel capital Ziad capital Cash $4,000 150,000 OD Basel Capital 15,000 Ziad Capital 15,000 All Capital 30.000 Basel capital 57,000 Ziad capital 93,000 Cash All Capital

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 14-54 (LO 14-2, 14-3) Wade has a beginning basis in a partnership of $23,000. His share of income and expense from the partnership consists of the following amounts: Ordinary income Guaranteed payment Long-term capital gain 5 1231 gain Charitable contributions $ 179 expense Cash distribution Required: a. What is Wade's self-employment income? $ 43,000 12,000 15,500 4,300 2,000 b. Calculate Wade's basis at the end of the year. 18,000 6,000 a. Self-employment income b. Ending basis Amount
13:05 ecorded as goodw 62 21. B. Raffy, B. Danny, and B. Leo are partners with capital balances of P180,000, P120,000, and P160,000 respectively. They share profits and losses in the ratio of 30:40:30. Danny decides to withdraw from the partnership. Danny receives 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Leo immediately after the retirement of Danny? А. 160,000 В. 200,000 С. 140,000 D. 180,000 22. Using the information in No. 22 and assuming that bonus method is used, what is the total partnership capital immediately after the retirement of Danny? A. 240,000 В. 280,000 С. 320,000 D. 200,000 23. A partner retired from the partnership and received an amount which exceeds his capital interest by 40,000. The remaining partners have profit and loss ratio of 3:2. Under the bonus method, the excess of payment will be shared by the remaining partners as follows: A. 36,000 and 24,000 B. 24,000 and 16,000 C. 12,000 and 8,000 D. 48,000 and…
it SiTisay 9. Sito and Tisay formed a partnership and decided to Dermatology Center. If the total assets of the partnership immediately after formation amount to P 450,000 and 1/3 of it represent the liabilities of the partnership, how much is the capital balance of Sito assuming the name partners have a capital ratio of 2:3 for Sito and Tisay, respectively? a. P 180,000 b. P 160,000 c. P 150,000 d. P 120,000 O A B
! Required information Problem 12-5A (Algo) Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $48,000; Benson, $74,000; and Lau, $128,000. Benson decides to withdraw from the partnership. Problem 12-5A (Algo) Part 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $83,333; (b) $60,833; and (c) $109,166. Note: Do not round intermediate calculations. View transaction list Journal entry worksheet ☐ 2 3 Record the admission of Rhode with an investment of $83,333 for a 25% interest in the equity. >
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Save Answer Quèstion 7 he remaining A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald the amount he owes the partnership. Required: Prepare journal entries to record the above liquidation process. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE" BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F1O (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt 三v ... O WORDS POWERED BY TINY
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I need help where the two red x's are. Please and thank you!
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Jacob and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They share profits and losses in a ratio of 2 : 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Joshua's capital balance will be 1. P1,000,000 P 900,000 'P 800,000 P 700,000 Not given 2. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Jacob's capital balance will be P2,400,000 P2,000,000 P1,600,000 P1,000,000 Not given 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fourth interest in the partnership. Joshua's capital balance will be P2,250,000 P2,000,000 P1,500,000 P1,250,000 Not given