After working for In the Kitchen remodeling business for several years, Terryand Phyllis decided to go into business for themselves and formed the KitchensJust for You partnership. Three years ago, they admitted Connie as a partnerand recognized goodwill at that time because of her good client list for plannedkitchen makeovers. However, they were not able to gain a sufficient market fornew customers and on September 1, 20X9, they agreed to dissolve andliquidate the business. They decided on an installment liquidation to completethe projects already initiated. The balance sheet, with profit and loss-sharingpercentages at the beginning of liquidation, is as follows:KITCHENS JUSTFOR YOUBalance SheetSeptember 1,20X9AssetsLiabilities andEquitiesCash$6,000$ 39,000AccountsPayableReceivables68,000Connie, Loan14,000Terry, Loan8,000Terry, Capital11,500(30%)Inventory48,00037,000Phyllis, Capital(60%)Goodwill22,00050,500Connie, Capital(10%)Total Assets$152,000Total Liabilities $ 152,000& EquitiesConnie's loan was for working capital; the loan to Terry was for his unexpectedpersonal medical bills.During September 20X9, the first month of liquidation, the partnershipcollected $43,000 in receivables and decided to write off $14,000 of theremaining receivables. Sales of one-half of the book value of the inventoryrealized a loss of $6,000. The partners estimate that the costs of liquidating thebusiness (newspaper ads, signs, etc.), are expected to be $6,000 for theremainder of the liquidation process.Required:Prepare a schedule of safe payments to partners as of September 30, 20X9, toshow how the available cash should be distributed to the partners. Pleasefollow the practical guidelines when completing this worksheet.

Answered: Image /qna-images/answer/c02a79cf-5a19-4d0f-a728-da9a281b505c.jpg

KITCHENS JUST FOR YOU Balance Sheet September 1, 20X9 Assets Cash 6,000 $ 39,000 Accounts Payable Receivables 68,000 Connie, Loan 14,000 Terry, Loan 8,000 Terry, Capital 11,500 (30%) Inventory 48,000 Phyllis, Capital 37,000 (60%) Goodwill 22,000 50,500 Connie, Capital (10%) Total Assets $ 152,000 $152,000 Total Liabilities & Equities Connie's loan was for working capital; the loan to Terry was for his unexpected personal medical bills. During September 20X9, the first month of liquidation, the partnership collected $43,000 in receivables and decided to write off $14,000 of the remaining receivables. Sales of one-half of the book value of the inventory realized a loss of $6,000. The partners estimate that the costs of liquidating the business (newspaper ads, signs, etc.), are expected to be $6,000 for the remainder of the liquidation process. Required: Prepare a schedule of safe payments to partners as of September 30, 20X9, to show how the available cash should be distributed to the partners. Please follow the practical guidelines when completing this worksheet. Liabilities and Equities $

KITCHENS JUST FOR YOU Balance Sheet September 1, 20X9 Assets Cash 6,000 $ 39,000 Accounts Payable Receivables 68,000 Connie, Loan 14,000 Terry, Loan 8,000 Terry, Capital 11,500 (30%) Inventory 48,000 Phyllis, Capital 37,000 (60%) Goodwill 22,000 50,500 Connie, Capital (10%) Total Assets $ 152,000 $152,000 Total Liabilities & Equities Connie's loan was for working capital; the loan to Terry was for his unexpected personal medical bills. During September 20X9, the first month of liquidation, the partnership collected $43,000 in receivables and decided to write off $14,000 of the remaining receivables. Sales of one-half of the book value of the inventory realized a loss of $6,000. The partners estimate that the costs of liquidating the business (newspaper ads, signs, etc.), are expected to be $6,000 for the remainder of the liquidation process. Required: Prepare a schedule of safe payments to partners as of September 30, 20X9, to show how the available cash should be distributed to the partners. Please follow the practical guidelines when completing this worksheet. Liabilities and Equities $

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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what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
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MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 ASSETS Cash $ 50,000 Accounts receivable 70,000 Inventory 110,000 Net plant and equipment 220,000 Total assets $ 450,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 70,000 Accrued expenses 50,000 Long-term debt 130,000 Common stock 70,000 Paid-in capital 40,000 Retained earnings 90,000 Total liabilities and stockholders’ equity $ 450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 Sales (all on credit) $ 875,000 Cost of goods sold 600,000 Gross profit $ 275,000 Sales and administrative expenses 30,000 Depreciation 55,000 Operating profit $ 190,000 Interest expense 25,000 Profit before taxes $ 165,000 Taxes (30%) 49,500 Net income $ 115,500 Refer to the tables above. What is Megaframe Computer's total asset turnover?
A/C DR CR Cash 560,000 Accounts Receivbales 3,710,000 Allowance for Bad Debt 290,000 Merchandise Inventory 2,580,000 Store Supplies 1,300,000 Prepaid Insurance 2,775,000 Prepaid Rent 1,000,000 Furniture 2,650,000 Accu Depc'n Furniture 2,080,000 Machinery 1,800,000 Accu Depc'n Machinery 1,328,141 Accounts Payable 630,000 Salary Payable Interest Payable Unearned Sales Revenue 800,000 Note Payable Long Term 2,500,000 Patty Patterson Capital 5,200,000 Patty Person Withdrawals 280,000 Sales Revenue 22,726,859 Sales Count 1,200,000 Sales Returns and Allowances 800,000 Cost of Goods Sold 8,100,000 Salaries Expense 7,270,000 Insurance Expense Utilities Expense 580,000 Rent Expense 950,000 Depc'n Expense - Furniture Depc'n Expense Machinery Store Supplies Expense Gain on Disposal Machinery Bad-Dept Expense Interest Expense 35.555,000…
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