agagenow.com/ilm/takeAssignmer Calculator Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000. What amount of loss on realization should be allocated to Alpha? Oa. $50,000 Ob. $30,000 Oc. $60,000 Od. $20,000

agagenow.com/ilm/takeAssignmer Calculator Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000. What amount of loss on realization should be allocated to Alpha? Oa. $50,000 Ob. $30,000 Oc. $60,000 Od. $20,000

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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David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "0". Oliver and AnsariDistribution of Cash Oliver Ansari Total Capital balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Division of gain on realization fill in the blank 4 fill in the blank 5 Capital balances after realization $fill in the blank 6 $fill in the blank 7 Cash distributed to partners fill in the blank 8 fill in the blank 9 Final balances $fill in the blank 10 $fill in the blank 11
nment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress3false Regarding a partnership, which of the following statements is/are always correct? If a partnership is an active trade or business and it has a $65,000 loss from its business operations that is passed-through as an active loss to its partners, each active partner can deduct his full share of loss for the year to the extent they have basis that is at-risk. I. II. Salaries and bonuses paid to partner-employees (other than guaranteed payments) are a deductible business expense. Oa, Only statement II is correct. Ob. Only statement I is correct. Oc. Both statements are correct. Od. None of these statements are correct. Previous Next
Annie, Emy and Mary are in the process of liquidating their partnership and their account balance as of August 1, 2015 are as follows: Debit Credit Cash P 15 000 Non – cash assets 35 000 P 7 000 5 000 Emy, Loan Annie, Capital Emy, Capital Mary, Capital 17 500 20 500 The profit and loss sharing ratio has been 4:3:3 between Annie, Emy and Mary respectively. 1. Assuming that the partners hip realized P 15 000 from the sale of non – cash assets and that any deficiency is uncollectible, Emy must receive: а. Р 17000 b. Р 18500 с. Р9 500 d. Not given 2. If Annie had personal assets of P 25 000 and personal liabilities of P 22 500 and that the partnership realized P 12 500 from the sale of its non – cash assets, Mary must receive. а. Р 20 500 b. Р 12 500 с. Р 13 000 d. Not given
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The partnership of kapos, kulang and kasia was affected by the pandemic do the partners have decided to liquidate on December 31, 2019 and gave you the following balances: Cash Outside Creditors 100,000 1,400,000 890,000 Non-Cash Asset Loan due to kapos 10,000 Каpos, capital Kulang, capital Kasia, capital 90,000 190,000 320,000 The partners share profit and loss in the ratio 5:3:2, respectively. Non cash asset was sold for 1,000,000. All partners are solvent Answer the following: Gain/Loss on Realization Gain/Loss absorbed by Kapos Gain/Loss absorbed by Kulang Gain/Loss absorbed by Kasia Capital balance of Kapos after sale of Non – Cash Asset Capital balance of Kulang after sale of Non – Cash Asset Additional Investment by Kapos Final Settlement to Kapos Final Settlement to Kulang Final Settlement to Kasia