Joint Arrangement and Corporate Liquidation PROBLEM: Bryan, Ryan, and Yan formed a joint venture in 2010 to sell computers. They assigned Ryan as the manager of the joint venture. They agreed to divide profits equally. They terminated the venture on December 21, 2011, with unsold merchandise. On this date, Ryan's trial balance shows the following account balances before profit distribution: DR CR Joint Venture Cash 90,000 Joint Venture 23,500 Bryan, Capital 32,500 Yan, Capital 15,600 Yan received 6,300 as her share in the joint venture profit. Ryan agreed to be charged for the unsold merchandise as of December 31, 2010. QUESTION: 1. What is the amount due to Bryan upon final settlement?
Joint Arrangement and Corporate Liquidation PROBLEM: Bryan, Ryan, and Yan formed a joint venture in 2010 to sell computers. They assigned Ryan as the manager of the joint venture. They agreed to divide profits equally. They terminated the venture on December 21, 2011, with unsold merchandise. On this date, Ryan's trial balance shows the following account balances before profit distribution: DR CR Joint Venture Cash 90,000 Joint Venture 23,500 Bryan, Capital 32,500 Yan, Capital 15,600 Yan received 6,300 as her share in the joint venture profit. Ryan agreed to be charged for the unsold merchandise as of December 31, 2010. QUESTION: 1. What is the amount due to Bryan upon final settlement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Joint Arrangement and Corporate Liquidation
PROBLEM:
Bryan, Ryan, and Yan formed a joint venture in 2010 to sell computers. They assigned Ryan as the manager of the joint venture. They agreed to divide profits equally. They terminated the venture on December 21, 2011, with unsold merchandise. On this date, Ryan's
| DR | CR | |
| Joint Venture Cash | 90,000 | |
| Joint Venture | 23,500 | |
| Bryan, Capital | 32,500 | |
| Yan, Capital | 15,600 |
Yan received 6,300 as her share in the joint venture profit. Ryan agreed to be charged for the unsold merchandise as of December 31, 2010.
QUESTION:
1. What is the amount due to Bryan upon final settlement? (Good Accounting Form)
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