Alma, Tina and Carla are partners. They divide profits and losses 30%, 40% and30%, respectively. On June 30, 2019, they decided to liquidate their partnershipbecause of continuous losses in operation. The following balances of selectedaccounts were taken from the books of the partnership on this date:Accounts Receivable - TinaLoans Payable - CarlaLoans Payable - AlmaAlma, CapitalTina, CapitalCarla, CapitalP24,0009,60028,800118,80088,80078,000On this date, the partnership's assets were P534,400 excluding the receivables frompartners and cash of P28,000. The non-cash assets assets were sold at 70% of bookvalue. After the realization, the partnership paid all outside creditors andliquidation expenses of P12,000 and distributed the remaining cash to the partners.23. How much was cash was distributed to the partners?a.C.b.d.P98,400P132,000P178,400P78,000000,049000 214

In liquidation first we have to pay liquidation expenses. Then we…

Answered: Alma, Tina and Carla are partners

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Solve through IRAC (ISSUE, Rules, Analysis, Conclusion) method. Samuel Finley has two children, a daughter Lee and a son Keaton. Samuel has a lovely beach house in Palm Beach. Sam is terminally ill and has been told by his doctors that he has less than a year to live. Lee knows that Keaton is their father’s favourite child and that he had been named in the latter’s will to inherit the beach house. Lee knew that since their father did not have long to live and that he was 90 years old and starting to become mentally-weak, she could pressure him to transfer the Palm Beach beach house over to her even though Samuel may not totally understand what he was signing over. So, for four months, using pressure and threats, but more often with gentle but devious tactics, Lee succeeds in convincing Samuel to sign a transfer of property transferring the Palm Beach beach house over to her. As his last act, before he dies, Samuel wants to set aside the transfer of the beach house to Lee. Advise…
Kiara (31) is married. However, she and her two children, Xavier (3) and Shandra (5), moved back in with her parents in 2019, after she separated from her husband. She will not be filing a joint return with her husband. They are all U.S. citizens and have valid social security numbers. Kiara's divorce had not been finalized by the end of 2020, but her husband did not live with her during the year. The children stayed with him 150 nights and the rest of the nights with Kiara. He did not pay any of her household expenses. Since the separation, Kiara and her children have lived in the finished basement apartment that her parents used to rent to local college students. Kiara pays more than half the cost of maintaining the apartment, and neither of the children provided any of their own support. Kiara’s wages and AGI were $43,250; Xavier’s gross income was $0; Shandra’s was $0. Kiara had no other income including foreign income. Kiara will not be releasing any dependent exemptions she may…
Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are "members of the household." Cousin Qualified dependent Niece Qualified dependent Son Qualified dependent Qualifying child Qualifying child Qualifying relative b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Qualified dependent Stepmother Not a dependent Qualifying relative Qualifying relative c. Raul, a U.S. citizen, lives in Costa Rica. Raul's household…
François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…
Richard McCarthy (born 2/14/1966; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1968; Social security number 101-21-3434) have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. The McCarthys also have a 12-year-old daughter Justine, (Social Security number 444-23-1212), who lives with them. The McCarthys can claim a $2,000 child tax credit for Justine and a $500 other dependent credit for Jack. The McCarthys did not receive an EIP in 2020. Richard is the CEO at a paper company. His 2020 Form W-2 is provided. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales $270,500 Returns 9,000 Inventory:…
1
Ted, Will, Mike, and Tom own a 20-room home as tenants in common. Mike and Tom, two of the owners, decide to sell to two new owners, Larry and Joe. Can this be legally done? No, because there is only one title to a property. Yes, because in a tenancy in common, each owner has the right to sell their interest in the property. Yes, because Mike and Tom are only silent partners. O No, because a co-owner's interest in the property goes to the other owners at death.
• Aiden and Sophia are married and they have always filed Married Filing Jointly.• Aiden died May 5, 2020 at the age of 58. Sophia, age 56, has not remarried.• Aiden earned $5,000 in wages and Sophia earned $51,000 in wages.• Sophia paid all the cost of keeping up a home and provided all the support for theirtwo children, Mia and Oliver, who lived with them all year.• Mia is 11 years old and Oliver is 15 years old.• Sophia does not have enough deductions to itemize, but she did make a $500 cashcharitable contribution to a qualified charitable organization in tax year 2020.• Aiden, Sophia, Mia, and Oliver are all U.S. citizens with valid Social Securitynumbers. 5. What is most advantageous filing status allowable that Sophia can claim on the taxreturn for tax year 2020?a. Singleb. Head of Householdc. Qualifying Widow(er)d. Married Filing Jointly6. What amount can Sophia deduct as a charitable contribution adjustment?a. $0b. $250c. $300d. $500
Tim and Allison are married and have two children, ages 8 and 13. Allison is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Tim and Allison should carry to cover Allison. Life insurance need
Child care expenses are generally deductible by the spouse with higher income in a two parents household. Question 5 options: True False
Shaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. Insurance need
Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS