$ 36,000204,000The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation:CashNoncash assetsLiabilitiesDrysdale, loan$ 50,00010,000Total assets$ 240,000Drysdale, capital (50%)Koufax, capital (30%)Marichal, capital (20%)Total liabilities and capital70,00060,00050,000$ 240,000Required:a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine thenext maximum loss that can be absorbed in Step 2.a-2. Liquidation expenses are estimated to be $15,000. Prepare a predistribution schedule to guide the distribution of cash.b. Assume that assets costing $74,000 are sold for $60,000. How is the available cash to be divided?Complete this question by entering your answers in the tabs below.

Step 1: Maximum Loss That Can Be Absorbed in Step 1The total capital of the partnership is:Drysdale:…

Answered: $ 36,000 204,000 The Drysdale, Koufax,…

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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SCA Partnership has the following account balances before liquidation: Cash P350,000 Liabilities P1,125,000 Noncash assets 7,375,000 Loan from A 50,000 S, Capital (40%) C, Capital (40%) A, Capital (20%) Loan to C 150,000 1,250,000 Receivable from s 20,000 1,900,000 Expenses 2,230,000 1,000,000 Revenues 4,800,000 During June, some noncash assets were sold that resulted to a loss of P46,125. Liquidation expenses of P175,000 were paid and additional expenses armounting to P90,000 were expected to be incurred through the following months of liquidation of the partnership. Liabilities to outsiders amounting to P875,000 were paid. What is the book value of the noncash assets which were sold for C to receive P555,550?
es $ 61,000 329,000 The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets Liabilities Drysdale, loan $ 55,000 42,500 Total assets $ 390,000 Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%)) Total liabilities and capital 107,500 97,500 87,500 $ 390,000 Required: a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $21,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can…
H1.
A, B and C partnership had the following balances just before entering liquidation: Cash P10,000 Liabilities P190,000 Non-cash assets 300,000 A, Capital 30,000 B, Capital 40,000 C, Capital 50,000 Total P310,000 Total P310,000 A, B and C share profits and losses in the ratio of 3:4:3. Non cash assets were sold for P200,000. Liquidation expenses were P12,000. Assume that partner A is solvent up to P3,000 while B and C are both solvent and able to cover deficit in their capital accounts, if any. What amount of cash should be paid to partner C
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ 52,000 284,000 $ 59,000 Cash Liabilities Noncash assets Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 25,000 94,000 84,000 74,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $90,000 are sold for $68,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2.…
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1. The balance sheet of the RJ, SJ and TJ partnership, just before liquidation, is as follows: Assets P120,000 Liabilities 50,000 10,000 RJ, loan RJ, capital SJ, capital TJ, capital Total 22,000 30,000 8,000 P120,000 RJ, SJ and TJ share profits 5:3:2 respectively. Certain assets are sold for P80,000. Creditors are paid in full, partners are paid P20,000, and cash withheld for future expenses P10,000. How much cash is to be distributed to the partners? RJ SJ TJ P13,000 P14,250 a. P7,000 b. P5,750 с. Р5,250 d. P7,550 PO PO P14,750 P12,450 PO PO е. None of the above
i need JOURNAL ENTRIES, a, b, and schedule of liquidation.
SCA partnership has the following account balances before liquidation: Cash 70,000 Liabilities 225,000 NCA 1,475,000 Loan to C 30,000 Loan from A 10,000 Receivable from S 4,000 Expenses 446,000 S, Capital (4) 250,000 C, Capital (4) 380,000 A, Capital (2) 200,000 Revenues 960,000 During May, some noncash assets were sold that resulted to a loss of 9,225. Liquidation expenses of 35,000 were paid and additional expenses amounting to 18,000 were expected to be incurred through the following months of liquidating the partnership. Liabilities to outsiders amounting to 175,000 were paid. What is the book value of the noncash assets sold for C to received 111,110?
Follow the instructions carefully.
The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)
RST partnership begins the liquidation process with the following balance sheet and profit and loss percentages Cash 280,000 Liabilities 200,000 Noncash Assets 300,000 R Capital (40%) 100,000 S Capital (30%) 150,000 T Capital (30%) 130,000 Liquidation expenses are estimated at $50,000. Assume any deficit balance in a partner’s capital account will not be repaid. What is the safe payment that can be made to partner T. answer please

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