Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 7:2:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Liabilities and Capital Cash Noncash Assets Total Assets Assets Required A The noncash assets are sold for $150,000. $ 15,000 200,000 Required B $ 215,000 Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Complete this question by entering your answers in the tabs below. Accounts Payable Mitchell, Loan Matthews, Capital Mitchell, Capital Michaels, Capital Total Liabilities and Equities View transaction list Event Prepare the required journal entries to account for the liquidation of BG Land Development Company. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $ 34,000 11,000 105,000 44,000 21,000 $ 215,000 View journal entry worksheet lournel Dobit Credit

Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 7:2:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Liabilities and Capital Cash Noncash Assets Total Assets Assets Required A The noncash assets are sold for $150,000. $ 15,000 200,000 Required B $ 215,000 Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Complete this question by entering your answers in the tabs below. Accounts Payable Mitchell, Loan Matthews, Capital Mitchell, Capital Michaels, Capital Total Liabilities and Equities View transaction list Event Prepare the required journal entries to account for the liquidation of BG Land Development Company. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. $ 34,000 11,000 105,000 44,000 21,000 $ 215,000 View journal entry worksheet lournel Dobit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO $75 000 CR Building $75 000 DR Building in JO $945000 CR Building $37 500 CR Gain on sale of building $7 500 DR Investment in joint operation $45 000 CR Building $37 500 CR Gain on sale of building $7 500 DR Cash in JO $45 000 DR Building in JO…
Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A. C. (25,000) B. (25,000) D. Stockholders' Assets = Liabilities + Equity 25,000 25,000 25,000 (25,000) Multiple Choice Balance Sheet O Option D Option A Option B 25,000 (25,000) 15,000 Income Statement Revenue (25,000) 25,000 Net - Expense = income Statement of Cash Flows 25,000 Investing Activity (25,000) Investing Activity 25,000 Financing Activity 25,000 25,000 Investing Activity
Jag and rope Co., merged all the assets and liabilities. The company details as follows, Furniture OMR 40,000 & 50,000. Land OMR 60,000 & 40,000. Building OMR 100,000 & 50,000. Vechicle OMR 20,000 & 10,000 and Account payable OMR 40,000 & 60,000. How much value to get after the amalgamate. Select one: a. OMR 370,000 b. OMR 220,000 c. OMR 270,000 d. OMR 180,000
Firm PO and Corporation QR exchanged the following business real estate: Marvin Gardens (exchanged by PO) $ 1,040,000 (715,000) 325,000 $ FMV Mortgage Equity $ Required A Required B Required: a. If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. b. If QR's adjusted basis in Boardwalk was $78,000, compute QR's realized gain, recognized gain, and basis in Marvin Gardens. Boardwalk (exchanged Complete this question by entering your answers in the tabs below. Realized gain Recognized gain Basis $ by QR) 325,000 -0- 325,000 If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. Amount
please give me the solutions.
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items. Patent with 4 remaining years of legal life $38,600 Goodwill 36,100 Dynamo’s financial condition just prior to the acquisition of these assets is shown in the following statements model. Balance Sheet Income Statement Assets = Liabilities + Stockholders’ Equity Revenue − Expenses = Net Income Statement of Cash Flows Cash + Patent + Goodwill 92,500 + NA + NA = NA + 92,500 NA − NA = NA NA Required Compute the annual amortization expense for these items. Show the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year 1.
Shauna and Danielle decided to liquidate their jointly owned corporation, Woodward Fashions Incorporated (WFI). After liquidating its remaining inventory and paying off its remaining liabilities, WFI had the following tax accounting balance sheet: Adjusted FMV Таx Basis Appreciation $ 165,000 33,000 $ 165,000 16,500 Cash Building 16,500 132,000 66,000 $ 247,500 Land 66,000 $ 330,000 $ 82,500 Total Under the terms of the agreement, Shauna will receive the $165,000 cash in exchange for her 50 percent interest in WFI. Shauna's tax basis in her WFI stock is $41,250. Danielle will receive the building and land in exchange for her 50 percent interest in WFI. Danielle's tax basis in her WFI stock is $82,500. Assume for purposes of this problem that the cash available to distribute to the shareholders has been reduced by any tax paid by the corporation on gain recognized as a result of the liquidation. (Negative amounts should be indicated by a minus sign.) c. What amount of gain or loss does…
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items.Patent with 4 remaining years of legal life $32,200Goodwill 43,700Dynamo’s financial condition just prior to the acquisition of these assets is shown in the following statements model.Balance Sheet Income StatementAssets= Liabilities +Stockholders’Equity Revenue − Expenses = Net IncomeStatementof CashCash Flows + Patent + Goodwill92,000 + NA + NA = NA + 92,000 NA − NA = NA NARequireda. Compute the annual amortization expense for these items.b. Show the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model.c. Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year
“P” and “Q” entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose “P” put L 2,00,000 and “Q” L 1,50,000 into joint bank A/c opened for this purpose.The payments as follows :Materials L 60,000Salary & wages L 1,40,000 Plant & Machinery L 20,000These payments were made from joint bank A/c, but in addition “P” supplied cement bags valued L10,000. The house was constructed and paid the contract price.The plant and machinery taken over by “Q” @ L 10,000 and unused materials was taken by “P” @ L 5,000. They shared the profit in the ratio of 2:1.Show 1) Joint venture A/c2) Joint Bank A/c3) Co-ventures A/c answer with all work please
Upc Rosilyn trades an old parcel of land with an adjusted basis of $13,000 and an outstanding loan liability balance of $2,000 for a new parcel of land valued at $9,000 plus $3,000 cash from Bob's Company. Bob assumes Rosilyn's loan balance. What is Rosilyn's amount realized on the transaction? Oa. $13,000 Ob. $14,000 Oc, $3,000 Od. $9,000 Oe. $12,000 (Previous Next 1:57 A 5/11/202