dont provide handwritten or image based answer thank you Kendra, Cogley, and Mel share Income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners havedecided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows.Balance SheetAccounts payableKendra, CapitalCogley, CapitalMei, Capital$631,000 Total liabilities and equityCashInventoryAssetsTotal assets$ 89,200541,800Required 1InventoryRequired:For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entriesto record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negativeamounts.)121. Inventory is sold for $604,200.2. Inventory is sold for $424,200.3. Inventory is sold for $307,800 and partners with deficits pay their deficits in cash.4. Inventory is sold for $262,200 and partners with deficits do not pay their deficits.Required 2InventoryRequired 3InventoryPrepare journal entries to record the inventory is sold for $604,200.View transaction listLiabilitiesComplete this question by entering your answers in the tabs below.Note:Required 1 GJEquityRecord the sale of inventory.Allocate the gain (loss) on the sale of inventory to thepartners.3 Record the payment of the liabilities.4 Record the disbursement of the remaining cash to thepartners.Required 2 GJ= journal entry has been entered$ 246,00077,000173,250134,750$631,000XRequired 3 GJCreditRequired 4Inventory>Required 4 GJ

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Assets Cash Inventory Total assets Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital $631,000 Total liabilities and equity $ 89,200 541,800 Liabilities Equity $ 246,000 77,000 173,250 134,750 $ 631,000 equired: or each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventor record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficit mounts.)

Assets Cash Inventory Total assets Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital $631,000 Total liabilities and equity $ 89,200 541,800 Liabilities Equity $ 246,000 77,000 173,250 134,750 $ 631,000 equired: or each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventor record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficit mounts.)

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 27P

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Kendra, Cogley, and Mel share Income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital $631,000 Total liabilities and equity Cash Inventory Assets Total assets $ 89,200 541,800 Required 1 Inventory Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1 2 1. Inventory is sold for $604,200. 2. Inventory is sold for $424,200. 3. Inventory is sold for $307,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $262,200 and partners with deficits do not pay their deficits. Required 2 Inventory Required…
The ETO Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Credits P 72,000 10,000 15,000 20,000 21,000 Cash Liabilities P 40,000 Aurora, drawing Esteban, drawing Tyro, drawing Operating loss Esteban, loan Tyro, loan Aurora, capital Esteban, capital Tyro, capital 8,000 25,000 49,000 18,000 Loss on realization 12,000 10,000 The partners share profits in the following ratio: Aurora, 1/6; Esteban, 2/6; and Tyro, 3/6. Upon liquidation of the partnership, Aurora should have received:
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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Accounts payable $ 253,500 Cash Inventory $78,700 547,800 Equity Kendra, Capital Cogley, Capital Mei, Capital 74,600 167,850 130, 550 Total assets $ 626,500 Total liabilities and equity $ 626,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $607,800. 2. Inventory is sold for $450,000. 3. Inventory is sold for $319,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $243,000 and partners with deficits do not pay their…
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory Total assets $ 76,400 552,600 $ 629,000 Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity Liabilities Equity $ 247,000 76,400 171,900 133,700 $ 629,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $608,400. 2. Inventory is sold for $426,600. 3. Inventory is sold for $349,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $258,600 and partners with deficits do not pay…
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