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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F237712da-dd92-4cff-a93e-8b9421fe386d%2F9c1c2947-f157-4680-abfa-c68e828beffd%2Forggd0p_processed.jpeg&w=3840&q=75)
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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