33 04:07:08 The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 20X9: Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Rachel, Capital Adams, Capital Nixon, Capital Total Debit $ 20,000 30,000 35,000 215,000 Credit $ 40,000 120,000 90,000 50,000 $ 300,000 $ 300,000 The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon, 20 percent. The partners are considering an offer of $180,000 for the accounts receivable, inventory, and plant and equipment as of September 30. The $180,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of September 30, 20X9, showing how much cash each partner will receive if the offer to sell the assets is accepted.

33 04:07:08 The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 20X9: Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Rachel, Capital Adams, Capital Nixon, Capital Total Debit $ 20,000 30,000 35,000 215,000 Credit $ 40,000 120,000 90,000 50,000 $ 300,000 $ 300,000 The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon, 20 percent. The partners are considering an offer of $180,000 for the accounts receivable, inventory, and plant and equipment as of September 30. The $180,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of September 30, 20X9, showing how much cash each partner will receive if the offer to sell the assets is accepted.

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 #4 Admission by Investment of Assets Resulta and Magpantay are partners sharing profits on a 60:40 ratio. A statement of financial position prepared for the partners on April 1, 2019 follows: Cash P 480,000 Accounts Payable P 890,000 1,330,000 Accounts Receivable 920,000 1,650,000 Resulta, Capital Inventories Magpantay, Capital 1,080,000 Equipment P700,000 Less: Accumulated Depreciation 450,000 250,000 P3,300,000 Total Assets Total Liabilities & Capital P3,300,000 On this date, the partners agreed to admit Tria as a partner. The terms of the agreement are summarized below: Assets and liabilities are to be restated as follows: a. An allowance for possible uncollectibles of P45,000 is to be established. b. Inventories are to be restated at their present replacement value of P1,700,000. C. Accrued expenses of P40,000 are to be recognized. Resulta, Magpantay and Tria will divide profits in the ratio of 5:3:2. Capital balances of the partners after the formation of the new…
k The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances/loss percent) Decrease highest LAP to next highest Debit $ 7,808 34,000 24,808 99,908 Decrease LAPs to next highest: $ 164,908 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $110,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $110,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30, 20X1,…
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#511 The balance sheet for Coney, Honey and Money partnership shows the following information as of December 31, 2021: Profit and loss ratio is 3:2:1 for Coney, Honey and Money, respectively. Other assets were realized as follows: Cash is distributed as assets are realized. The total cash received by Honey is P100,000 P30,000 P0 P40,000 The total loss to Coney is P60,000 P0 P40,000 P20,000 Cash received by Money in January 2022 is P10,000 P0 P4,000 P20,00
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pie 6TT UOI: Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively. Assets Liabilities and Owner's Equity Cash $ 56300 Accounts payable $ 126100 Accounts Granger, Capital $138600 receivable 131500 Noble, Capital 48300 Inventory 437400 Finn, Capital 312200 $625200 $625200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $509900. The amount of cash that would ultimately be distributed to Finn would be $288600. $312200. $512600. $203960.
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What is the amount of cash received by partner C on January 31, 2021? P260,000P240,000P300,000P350,000