John Smith and Mary Jones are in a partnership which provides consulting services in the bio - tech industry John and Mary share profits and losses on a 2:3 ratio. On December 31, 2023, they decide to liquidate the partnership. On the date of liquidation, their balance sheet showed the following: Cash $20,000; equipment $250,000; accumulated depreciation - equipment $82,000; Smith's Capital $88, 000; and Jone's Capital $ 100,000. The partners sold the equipment for $150,000. Required:Prepare the journal entry (explanation not required) on December 31, 2023, to record the final distribution of the cash to the partners. (Show Calculations)Debit

John Smith and Mary Jones are in a partnership which provides consulting services in the bio - tech industry John and Mary share profits and losses on a 2:3 ratio. On December 31, 2023, they decide to liquidate the partnership. On the date of liquidation, their balance sheet showed the following: Cash $20,000; equipment $250,000; accumulated depreciation - equipment $82,000; Smith's Capital $88, 000; and Jone's Capital $ 100,000. The partners sold the equipment for $150,000. Required:Prepare the journal entry (explanation not required) on December 31, 2023, to record the final distribution of the cash to the partners. (Show Calculations)Debit

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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