Anthony, Bob, and Ciera are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts as follows: Anthony, $9600 Cr; Bob, $9600 Cr; and Ciera, $31000 Cr. How much cash should be distributed to Anthony? O $9600 O $5760 O $19200 O $16733

Anthony, Bob, and Ciera are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts as follows: Anthony, $9600 Cr; Bob, $9600 Cr; and Ciera, $31000 Cr. How much cash should be distributed to Anthony? O $9600 O $5760 O $19200 O $16733

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

2. Grouse, Flicker, and Partridge are partners sharing profits and losses 20/40/40 respectively. Their balance sheet is below. Cash $200,000 Payables to Creditors $300,000 Receivable from Grouse 50,000 Loan to Partridge, 10,000 Receivable from Flicker 20,000 Grouse, Capital 240,000 Property & Equipment 480,000 Flicker, Capital 250,000 Goodwill 100,000 Partridge, Capital 50,000 $850,000 $850,000 The business is doing poorly, and they decided to liquidate. As such, the goodwill is non-existent. The goodwill was recorded when Flicker entered the business and was put entirely into Flicker's capital. The non-cash assets were sold for $200,000, and there are $20,000 of liquidation expenses. All partners are personally insolvent. Prepare a liqudation schedule showing any cash available to the partners.
Urbana, Victoria and Warlita are professional makeup artists and hairdressers. They formed a partnership agreeing to invest cash that will satisfy the desired capital ratio of 2:3:3, respectively. How much was invested by Warlita if the net assets of the partnership immediately after formation amount to P 500,000? Group of answer choices P 187,500 P 100,000 P 150,000 P 125,500
D1.
Abram, Macher, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Abram and Bailey. Macher does not receive a salary allowance. с. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $78,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Abram Macher Bailey Total Net income (Iloss) Requirements Capital allocation: Abram 1. Compute each partner's share of the $78,000 net income for the year. Мacher 2. Journalize the closing entry to allocate net income for the year. Bailey Salary allowance: Abram Print Done Macher Bailey Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Abram Macher Bailey…
Wong and White are partners. They have agreed to share profits based on a formula where the first $100 000 is based on service and Wong is to receive $60 000 and White $40 000. The next $100 000 is based on capital contributed where Wong invested $350 000 and White $150 000. Any remaining profits are shared equally. If profits before distributions were $350 000 how much will White receive? O $145 000 O $205 000 None of the other alternatives O $295 000
Bill and Bob share profits of their p
Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900
He and She formed a partnership and to share in the profit or loss equally. She contributed building with a cost of P1,500,000, accumulated depreciation of P50,000 and fair value of P2,000,000. The building has a mortgage payable amounted to P250,000 which was not assumed by the partnership. How much should be credited to She, Capital account?
How much cash should Ivan contribute?
1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively.They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution?
Question: How much cash must be contributed by each of the partners after they contributed their properties? PLEASE PROVIDE THE ANSWERS WITH SOLUTION IN A GOOD ACCOUNTING FORM.
The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? a. 0 b. 50,000 c. 67,917 d. 82,083