After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following: Cash $7,500 Noncash Assets 105,000 Liabilities $27,500 Anna, Capital 45,000 Brian, Capital 15,000 Cole, Capital 25,000 $112,500 $112,500 The partners share net income and losses in the ratio of 3:2:1. Between May 7 and May 30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners. a. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0". Anna, Brian, and Cole Statement of Partnership Liquidation For Period May 7-30 Cash + Noncash Assets = Liabilities + Capital Anna (3/6) + Capital Brian (2/6) + Capital Cole (1/6) Balances before realization $fill in the blank 4ec0a4027fc8ffb_1 $fill in the blank 4ec0a4027fc8ffb_2 $fill in the blank 4ec0a4027fc8ffb_3 $fill in the blank 4ec0a4027fc8ffb_4 $fill in the blank 4ec0a4027fc8ffb_5 $fill in the blank 4ec0a4027fc8ffb_6 Sale of assets and division of gain fill in the blank 4ec0a4027fc8ffb_7 fill in the blank 4ec0a4027fc8ffb_8 fill in the blank 4ec0a4027fc8ffb_9 fill in the blank 4ec0a4027fc8ffb_10 fill in the blank 4ec0a4027fc8ffb_11 Balances after realization $fill in the blank 4ec0a4027fc8ffb_12 fill in the blank 4ec0a4027fc8ffb_13 $fill in the blank 4ec0a4027fc8ffb_14 $fill in the blank 4ec0a4027fc8ffb_15 $fill in the blank 4ec0a4027fc8ffb_16 $fill in the blank 4ec0a4027fc8ffb_17 Payment of liabilities fill in the blank 4ec0a4027fc8ffb_18 fill in the blank 4ec0a4027fc8ffb_19 Balances after payment of liabilities $fill in the blank 4ec0a4027fc8ffb_20 fill in the blank 4ec0a4027fc8ffb_21 fill in the blank 4ec0a4027fc8ffb_22 $fill in the blank 4ec0a4027fc8ffb_23 $fill in the blank 4ec0a4027fc8ffb_24 $fill in the blank 4ec0a4027fc8ffb_25 Distribution of cash to partners fill in the blank 4ec0a4027fc8ffb_26 fill in the blank 4ec0a4027fc8ffb_27 fill in the blank 4ec0a4027fc8ffb_28 fill in the blank 4ec0a4027fc8ffb_29 Final balances fill in the blank 4ec0a4027fc8ffb_30 fill in the blank 4ec0a4027fc8ffb_31 fill in the blank 4ec0a4027fc8ffb_32 fill in the blank 4ec0a4027fc8ffb_33 fill in the blank 4ec0a4027fc8ffb_34 fill in the blank 4ec0a4027fc8ffb_35 b. Assume the same facts as in (a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0". Anna, Brian, and Cole Statement of Partnership Liquidation For Period May 7-30 Cash + Noncash Assets = Liabilities + Capital Anna (3/6) + Capital Brian (2/6) + Capital Cole (1/6) Balances before realization $fill in the blank 3b9469053065019_1 $fill in the blank 3b9469053065019_2 $fill in the blank 3b9469053065019_3 $fill in the blank 3b9469053065019_4 $fill in the blank 3b9469053065019_5 $fill in the blank 3b9469053065019_6 Sale of assets and division of loss fill in the blank 3b9469053065019_7 fill in the blank 3b9469053065019_8 fill in the blank 3b9469053065019_9 fill in the blank 3b9469053065019_10 fill in the blank 3b9469053065019_11 Balances after realization $fill in the blank 3b9469053065019_12 fill in the blank 3b9469053065019_13 $fill in the blank 3b9469053065019_14 $fill in the blank 3b9469053065019_15 $fill in the blank 3b9469053065019_16 $fill in the blank 3b9469053065019_17 Payment of liabilities fill in the blank 3b9469053065019_18 fill in the blank 3b9469053065019_19 Balances after payment of liabilities $fill in the blank 3b9469053065019_20 fill in the blank 3b9469053065019_21 fill in the blank 3b9469053065019_22 $fill in the blank 3b9469053065019_23 $fill in the blank 3b9469053065019_24 $fill in the blank 3b9469053065019_25 Receipt of deficiency fill in the blank 3b9469053065019_26 fill in the blank 3b9469053065019_27 Balances $fill in the blank 3b9469053065019_28 fill in the blank 3b9469053065019_29 fill in the blank 3b9469053065019_30 $fill in the blank 3b9469053065019_31 fill in the blank 3b9469053065019_32 $fill in the blank 3b9469053065019_33 Distribution of cash to partners fill in the blank 3b9469053065019_34 fill in the blank 3b9469053065019_35 fill in the blank 3b9469053065019_36 Final balances

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following: Cash $7,500 Noncash Assets 105,000 Liabilities $27,500 Anna, Capital 45,000 Brian, Capital 15,000 Cole, Capital 25,000 $112,500 $112,500 The partners share net income and losses in the ratio of 3:2:1. Between May 7 and May 30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners. a. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0". Anna, Brian, and Cole Statement of Partnership Liquidation For Period May 7-30 Cash + Noncash Assets = Liabilities + Capital Anna (3/6) + Capital Brian (2/6) + Capital Cole (1/6) Balances before realization $fill in the blank 4ec0a4027fc8ffb_1 $fill in the blank 4ec0a4027fc8ffb_2 $fill in the blank 4ec0a4027fc8ffb_3 $fill in the blank 4ec0a4027fc8ffb_4 $fill in the blank 4ec0a4027fc8ffb_5 $fill in the blank 4ec0a4027fc8ffb_6 Sale of assets and division of gain fill in the blank 4ec0a4027fc8ffb_7 fill in the blank 4ec0a4027fc8ffb_8 fill in the blank 4ec0a4027fc8ffb_9 fill in the blank 4ec0a4027fc8ffb_10 fill in the blank 4ec0a4027fc8ffb_11 Balances after realization $fill in the blank 4ec0a4027fc8ffb_12 fill in the blank 4ec0a4027fc8ffb_13 $fill in the blank 4ec0a4027fc8ffb_14 $fill in the blank 4ec0a4027fc8ffb_15 $fill in the blank 4ec0a4027fc8ffb_16 $fill in the blank 4ec0a4027fc8ffb_17 Payment of liabilities fill in the blank 4ec0a4027fc8ffb_18 fill in the blank 4ec0a4027fc8ffb_19 Balances after payment of liabilities $fill in the blank 4ec0a4027fc8ffb_20 fill in the blank 4ec0a4027fc8ffb_21 fill in the blank 4ec0a4027fc8ffb_22 $fill in the blank 4ec0a4027fc8ffb_23 $fill in the blank 4ec0a4027fc8ffb_24 $fill in the blank 4ec0a4027fc8ffb_25 Distribution of cash to partners fill in the blank 4ec0a4027fc8ffb_26 fill in the blank 4ec0a4027fc8ffb_27 fill in the blank 4ec0a4027fc8ffb_28 fill in the blank 4ec0a4027fc8ffb_29 Final balances fill in the blank 4ec0a4027fc8ffb_30 fill in the blank 4ec0a4027fc8ffb_31 fill in the blank 4ec0a4027fc8ffb_32 fill in the blank 4ec0a4027fc8ffb_33 fill in the blank 4ec0a4027fc8ffb_34 fill in the blank 4ec0a4027fc8ffb_35 b. Assume the same facts as in (a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0". Anna, Brian, and Cole Statement of Partnership Liquidation For Period May 7-30 Cash + Noncash Assets = Liabilities + Capital Anna (3/6) + Capital Brian (2/6) + Capital Cole (1/6) Balances before realization $fill in the blank 3b9469053065019_1 $fill in the blank 3b9469053065019_2 $fill in the blank 3b9469053065019_3 $fill in the blank 3b9469053065019_4 $fill in the blank 3b9469053065019_5 $fill in the blank 3b9469053065019_6 Sale of assets and division of loss fill in the blank 3b9469053065019_7 fill in the blank 3b9469053065019_8 fill in the blank 3b9469053065019_9 fill in the blank 3b9469053065019_10 fill in the blank 3b9469053065019_11 Balances after realization $fill in the blank 3b9469053065019_12 fill in the blank 3b9469053065019_13 $fill in the blank 3b9469053065019_14 $fill in the blank 3b9469053065019_15 $fill in the blank 3b9469053065019_16 $fill in the blank 3b9469053065019_17 Payment of liabilities fill in the blank 3b9469053065019_18 fill in the blank 3b9469053065019_19 Balances after payment of liabilities $fill in the blank 3b9469053065019_20 fill in the blank 3b9469053065019_21 fill in the blank 3b9469053065019_22 $fill in the blank 3b9469053065019_23 $fill in the blank 3b9469053065019_24 $fill in the blank 3b9469053065019_25 Receipt of deficiency fill in the blank 3b9469053065019_26 fill in the blank 3b9469053065019_27 Balances $fill in the blank 3b9469053065019_28 fill in the blank 3b9469053065019_29 fill in the blank 3b9469053065019_30 $fill in the blank 3b9469053065019_31 fill in the blank 3b9469053065019_32 $fill in the blank 3b9469053065019_33 Distribution of cash to partners fill in the blank 3b9469053065019_34 fill in the blank 3b9469053065019_35 fill in the blank 3b9469053065019_36 Final balances

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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Question

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:

Cash	$7,500
Noncash Assets	105,000
Liabilities		$27,500
Anna, Capital		45,000
Brian, Capital		15,000
Cole, Capital		25,000
	$112,500	$112,500

The partners share net income and losses in the ratio of 3:2:1. Between May 7 and May 30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners.

a. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0".

Anna, Brian, and Cole
Statement of Partnership Liquidation
For Period May 7-30
	Cash +	Noncash Assets =	Liabilities +	Capital Anna (3/6) +	Capital Brian (2/6) +	Capital Cole (1/6)
Balances before realization	$fill in the blank 4ec0a4027fc8ffb_1	$fill in the blank 4ec0a4027fc8ffb_2	$fill in the blank 4ec0a4027fc8ffb_3	$fill in the blank 4ec0a4027fc8ffb_4	$fill in the blank 4ec0a4027fc8ffb_5	$fill in the blank 4ec0a4027fc8ffb_6
Sale of assets and division of gain	fill in the blank 4ec0a4027fc8ffb_7	fill in the blank 4ec0a4027fc8ffb_8		fill in the blank 4ec0a4027fc8ffb_9	fill in the blank 4ec0a4027fc8ffb_10	fill in the blank 4ec0a4027fc8ffb_11
Balances after realization	$fill in the blank 4ec0a4027fc8ffb_12	fill in the blank 4ec0a4027fc8ffb_13	$fill in the blank 4ec0a4027fc8ffb_14	$fill in the blank 4ec0a4027fc8ffb_15	$fill in the blank 4ec0a4027fc8ffb_16	$fill in the blank 4ec0a4027fc8ffb_17
Payment of liabilities	fill in the blank 4ec0a4027fc8ffb_18		fill in the blank 4ec0a4027fc8ffb_19
Balances after payment of liabilities	$fill in the blank 4ec0a4027fc8ffb_20	fill in the blank 4ec0a4027fc8ffb_21	fill in the blank 4ec0a4027fc8ffb_22	$fill in the blank 4ec0a4027fc8ffb_23	$fill in the blank 4ec0a4027fc8ffb_24	$fill in the blank 4ec0a4027fc8ffb_25
Distribution of cash to partners	fill in the blank 4ec0a4027fc8ffb_26			fill in the blank 4ec0a4027fc8ffb_27	fill in the blank 4ec0a4027fc8ffb_28	fill in the blank 4ec0a4027fc8ffb_29
Final balances	fill in the blank 4ec0a4027fc8ffb_30	fill in the blank 4ec0a4027fc8ffb_31	fill in the blank 4ec0a4027fc8ffb_32	fill in the blank 4ec0a4027fc8ffb_33	fill in the blank 4ec0a4027fc8ffb_34	fill in the blank 4ec0a4027fc8ffb_35

b. Assume the same facts as in (a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0".

Anna, Brian, and Cole
Statement of Partnership Liquidation
For Period May 7-30
	Cash +	Noncash Assets =	Liabilities +	Capital Anna (3/6) +	Capital Brian (2/6) +	Capital Cole (1/6)
Balances before realization	$fill in the blank 3b9469053065019_1	$fill in the blank 3b9469053065019_2	$fill in the blank 3b9469053065019_3	$fill in the blank 3b9469053065019_4	$fill in the blank 3b9469053065019_5	$fill in the blank 3b9469053065019_6
Sale of assets and division of loss	fill in the blank 3b9469053065019_7	fill in the blank 3b9469053065019_8		fill in the blank 3b9469053065019_9	fill in the blank 3b9469053065019_10	fill in the blank 3b9469053065019_11
Balances after realization	$fill in the blank 3b9469053065019_12	fill in the blank 3b9469053065019_13	$fill in the blank 3b9469053065019_14	$fill in the blank 3b9469053065019_15	$fill in the blank 3b9469053065019_16	$fill in the blank 3b9469053065019_17
Payment of liabilities	fill in the blank 3b9469053065019_18		fill in the blank 3b9469053065019_19
Balances after payment of liabilities	$fill in the blank 3b9469053065019_20	fill in the blank 3b9469053065019_21	fill in the blank 3b9469053065019_22	$fill in the blank 3b9469053065019_23	$fill in the blank 3b9469053065019_24	$fill in the blank 3b9469053065019_25
Receipt of deficiency	fill in the blank 3b9469053065019_26				fill in the blank 3b9469053065019_27
Balances	$fill in the blank 3b9469053065019_28	fill in the blank 3b9469053065019_29	fill in the blank 3b9469053065019_30	$fill in the blank 3b9469053065019_31	fill in the blank 3b9469053065019_32	$fill in the blank 3b9469053065019_33
Distribution of cash to partners	fill in the blank 3b9469053065019_34			fill in the blank 3b9469053065019_35		fill in the blank 3b9469053065019_36
Final balances

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