McCartney, Harris, and Smith are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period's ending capital account balances are McCartney - $10,000; Harris - $16,000; and Smith - $(2,000). After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed. Smith is unable to pay his deficiency. The journal entry to record the distribution of cash should be: McCartney, Capital Harris, Capital Smith, Capital 8,000 8,000 8,000 Cash 24 000

McCartney, Harris, and Smith are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period's ending capital account balances are McCartney - $10,000; Harris - $16,000; and Smith - $(2,000). After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed. Smith is unable to pay his deficiency. The journal entry to record the distribution of cash should be: McCartney, Capital Harris, Capital Smith, Capital 8,000 8,000 8,000 Cash 24 000

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

Question No 01 What is a difference between “Musharaka and Mudaraba”? What are the common basic rules between them to be followed? What are the uncommon rules between them?
Q.22
Sh16
Question 25 Case studies are usually descriptive in nature. O True O False
How do i do PR 20-6A
15. Briefly discuss the following: a. Meaning of ARR and reasons for its continued popularity. b. Meaning of IRR and its characteristics.
Q. 7 a) Discuss the main assumptions of CAPM theory. b) Discuss the theoretical and practical problems of the САРМ.
E14.7
E14.2
question 43 choose the correct answer from the choices
Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?
mn.3 answer must be in proper fomat or i will give down vote