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Kendra, Cogley, and Mel share Income and loss in a 3:21 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. Assets Cash Balance Sheet Liabilities $ 85,900 Accounts payable $255, 500 Inventory 549, 600 Equity Kendra, Capital Cogley, Capital Mei, Capital $635, 500 Total liabilities and equity 76,000 171,00e 133,000 Total assets $635,500 Required: For each of the following scenarlos, 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 $612,600. 2 Inventory Is sold for $458,400. 3. Inventory is sold for $317,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $265,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $612,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 012,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances 24 76,000 $ 171,000 133,000 $ 380,000 Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ >

Kendra, Cogley, and Mel share Income and loss in a 3:21 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. Assets Cash Balance Sheet Liabilities $ 85,900 Accounts payable $255, 500 Inventory 549, 600 Equity Kendra, Capital Cogley, Capital Mei, Capital $635, 500 Total liabilities and equity 76,000 171,00e 133,000 Total assets $635,500 Required: For each of the following scenarlos, 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 $612,600. 2 Inventory Is sold for $458,400. 3. Inventory is sold for $317,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $265,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $612,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 012,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances 24 76,000 $ 171,000 133,000 $ 380,000 Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ >

FINANCIAL ACCOUNTING
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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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 liquldation, their balance sheet appears as follows. Balance Sheet Assets Liabilities $ 85,980 549,600 Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $255,500 Inventory 76,008 171,000 133,000 Total assets $635,5ee Total liabilities and equity $635,500 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 $612,600. 2 Inventory Is sold for $458,400. 3. Inventory Is sold for $317,400 and partners with deficits pay their deficits In cash. 4. Inventory Is sold for $265,800 and partners with deficits do not pay thelr deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Required 1 G) Required 2 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $612,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 612,600 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances 78,000 171,000 133,000 $ 380,000 Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ >
Transcribed Image Text: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 liquldation, their balance sheet appears as follows. Balance Sheet Assets Liabilities $ 85,980 549,600 Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $255,500 Inventory 76,008 171,000 133,000 Total assets $635,5ee Total liabilities and equity $635,500 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 $612,600. 2 Inventory Is sold for $458,400. 3. Inventory Is sold for $317,400 and partners with deficits pay their deficits In cash. 4. Inventory Is sold for $265,800 and partners with deficits do not pay thelr deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Required 1 G) Required 2 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $612,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 612,600 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances 78,000 171,000 133,000 $ 380,000 Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ >
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