$ 60,000 $ 48,000 $ 63,000 A partnership held three assets: Cash Land Building and liabilities were $ 33,000 The partners decided to dissolve the business and anticipated that expenses required to liquidate their partnership would amount to $ 5,000 Capital balances were as follows: $ 36,000 King, capital Murphy, capital Madison, capital Pond, capital 48,000 30,000 24,000 The partners shared profits and losses 40:30:20:10 respectively. The cash on hand was used to pay the liabilities. Any remaining cash in excess of the amount needed for anticipated liquidation expenses was immediately distributed to the partners. a. What is the total amount of cash that was immediately available to be distributed to the partners? b. The cash (in item a.) was distributed to each partner in a single payment. Show the total payment amount to each partner. (Show the amount of the single check that was written to each partners.) Support your answer with a predistribution plan (or schedule).

$ 60,000 $ 48,000 $ 63,000 A partnership held three assets: Cash Land Building and liabilities were $ 33,000 The partners decided to dissolve the business and anticipated that expenses required to liquidate their partnership would amount to $ 5,000 Capital balances were as follows: $ 36,000 King, capital Murphy, capital Madison, capital Pond, capital 48,000 30,000 24,000 The partners shared profits and losses 40:30:20:10 respectively. The cash on hand was used to pay the liabilities. Any remaining cash in excess of the amount needed for anticipated liquidation expenses was immediately distributed to the partners. a. What is the total amount of cash that was immediately available to be distributed to the partners? b. The cash (in item a.) was distributed to each partner in a single payment. Show the total payment amount to each partner. (Show the amount of the single check that was written to each partners.) Support your answer with a predistribution plan (or schedule).

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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The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 40,000 257,000 Liabilities Winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (10%) Zed, capital (10%) Beginning capital Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balances Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation. Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $25,000. (Do not round intermediate calculations.) $ $ $ Winn 0 $ 0 $ 0…
Partners Shuka, Towyo&Fatis, who share profit and loss in the ratio of 3:5:2, respectively have decided to liquidate their partnership. The statement of financial position of the partnership at the time of Cash 86,300 Accoutns Payable 58,000 other assets 303,700 loans from Towyo 15,500 Shuka, Capital 93,000 Towyo, Capital 95,000 Fatis. Capital 128,500. The partnership is to prepare an instalment distribution schedule showing how cash would be distributed to partners as assets are realized. assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Shuka would be? assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Towyo would be? assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Fatis would be
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Problem 5A partnership held three assets: Cash $ 59,000Land $ 48,000Building $ 64,000and liabilities were $ 33,000 The partners decided to dissolve the business and anticipated that expenses required toliquidate their partnership would amount to $ 5,000Capital balances were as follows: King, capital $ 24,000Murphy, capital 30,000Madison, capital 48,000Pond, capital 36,000The partners shared profits and losses 10:20:30:40 respectively.The cash on hand was used to pay the liabilities. Any remaining cash in excess ofthe amount needed for anticipated liquidation expenses was immediatelydistributed to the partners.a. What is the total amount of cash that was immediately available to be distributed to the partners? b. The cash (in item a.) was distributed to each partner in a single payment.Show the total payment amount to each partner. (Show the amount of thesingle check that was written to each partner.) Support your answer with apredistribution plan (or schedule).
Please do not give solution in image format ?
A-7
A. 572,000 B. 548,400 C. 582,400 D. 594,200