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Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,100; Brown, $167,800; and Snow, $154,600. On May 31, the liquidation resulted in a loss of $407,700. QS 12-13 (Algo) Part 1 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Field Initial investments $ 131,100✔ 135,9001/3 $ (4,800)✓ $154,600 135,900 x Loss allocation $ 31,900✔ $ 18,700 Capital balances *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 1/3✔ Brown $167,800 135,9001/3 Snow Total $ 453,500 407,700 $ 861,200

Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,100; Brown, $167,800; and Snow, $154,600. On May 31, the liquidation resulted in a loss of $407,700. QS 12-13 (Algo) Part 1 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Field Initial investments $ 131,100✔ 135,9001/3 $ (4,800)✓ $154,600 135,900 x Loss allocation $ 31,900✔ $ 18,700 Capital balances *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 1/3✔ Brown $167,800 135,9001/3 Snow Total $ 453,500 407,700 $ 861,200

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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d Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,100; Brown, $167,800; and Snow, $154,600. On May 31, the liquidation resulted in a loss of $407,700. QS 12-13 (Algo) Part 1 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Field 1/3 Brown $ 131,100 Initial investments Loss allocation 135,9001/3 $ (4,800) $167,800 135,900 1/3 $ 31,900 Capital balances *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Total $453,500 407,700 $18,700 $861,200 135,900 X Snow $154,600
Transcribed Image Text:d Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,100; Brown, $167,800; and Snow, $154,600. On May 31, the liquidation resulted in a loss of $407,700. QS 12-13 (Algo) Part 1 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Field 1/3 Brown $ 131,100 Initial investments Loss allocation 135,9001/3 $ (4,800) $167,800 135,900 1/3 $ 31,900 Capital balances *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Total $453,500 407,700 $18,700 $861,200 135,900 X Snow $154,600
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