Required information[The following information applies to the questions displayed below.)Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; andLowe, 50%). The partners decide to liquidate the partnership. Immediately before liquldation, the partnership balancesheet shows total assets, $135,600; total liabilitles. $86,000; Turner, Capital, $3.300; Roth, Capital, $14,400: and Lowe,Capital, $31,900. Cash recelved from selling the assets was sufficlent to repay all but $32000 to the creditors.Required:a. Calculate the loss from selling the assets.b. Allocate the loss from part a to the partners.c. Determine how much each partner should contribute to the partnership to cover any remalning capital deficlency.Complete this question by entering your answers in the tabs below.Required ARequired BRequired CAllocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.)TurnerRothLoweTotalInitial capital balances3,300S 14,40031,900 $49,600Allocation of gains (losses)1/104/105/10Capital balances after gains (losses)< Required ARequired C > Required Information[The following information applies to the questions dlisplayed below.]Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (In percents: Turner, 10%; Roth, 40%; andLowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balancesheet shows total assets, $135,600; total liabilitles, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe,Capital. $31,900. Cash recelved from selling the assets was sufficient to repay all but $32.000 to the creditors.Required:a. Calculate the loss from selling the assets.b. Allocate the loss from part a to the partners.c. Determine how much each partner should contribute to the partnership to cover any remalning capital deficiency.Complete this question by entering your answers in the tabs below.Required ARequired BRequired CCalculate the loss from selling the assets.$ 88,00054,000$ 32,000Liabilities before liquidationProceeds from sale of assets (paid to creditors)Remaining liabilitiesProceeds from sale of assetsBook value of assets sold$ 54,000135,600Loss on sale of assets$ (81,800)< Required ARequired B >

As per the given question, all the partners are general partners. Also, the calculation of loss is…

Required Information [The following information apples to the questions clisplayed below.) Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (In percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before llquidation, the partnership balance sheet shows total assets, $135,600; total labilitles, $86,00o; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital, $31,900. Cash recelved from selling the assets was sufficlent to repay all but $32000 to the creditors. Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remalning capital deficlency.

Required Information [The following information apples to the questions clisplayed below.) Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (In percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before llquidation, the partnership balance sheet shows total assets, $135,600; total labilitles, $86,00o; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital, $31,900. Cash recelved from selling the assets was sufficlent to repay all but $32000 to the creditors. Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remalning capital deficlency.

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

! Required information [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $142,800; total liabilities, $92,000; Turner, Capital, $3,900; Roth, Capital, $14,700; and Lowe, Capital, $32,200. The liquidation resulted in a loss of $85,800. Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency. Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.…
[The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $147,600; total liabilities, $96,000; Turner, Capital, $4,300; Roth, Capital, $14,900; and Lowe, Capital, $32,400. The liquidation resulted in a loss of $88,600. Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe’s capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency. (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)
I need help on finding this answer I have tried every scenario I can think of and everytime the answer is wrong
Please answer question completely. This is one question with two parts so answer question fully ( part a and b)
Dengar
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50% ). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $138,000; total liabilities, $88,000; Turner, Capital, $3,500; Roth, Capital, $14,500; and Lowe, Capital, $32,000. Cash received from selling the assets was sufficient to repay all but $33,000 to the creditors. Exercise 12-14 Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $33,000? (Do not round intermediate calculations. Losses and deficits amounts to be…
After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank. Cash Grayson Jackson, Capital Harry Barge, Capital Lewan Gorman, Capital b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $
What is the journal entry to record the formation of the partnership? Charlie and Brown form a partnership and invest the following assets and liabilities Fair Market Value Carrying Value Mary Cash $ 50,000 $50,000 Land 70,000 40,000 Dawn Cash 16,000 16,000 Building 100,000 90,000 Mortgage Payable (60,000) (60,000) Assuming that the partners will share income and losses equally, prepare the entry to record the formation of the partnership.
The following capital balances as of October 31, 2016 for the Partnership of Shell, Joke and No were as follows : Shell , Capital 204,000 Joke, Capital 132,000 No, Capital 360,000 No has decided to retire from the partnership on October 31. Their profit and loss ratio is 2/1 / 7 respectively . On October 31, the following assets should be appraised : Balance as of October 31 Appraised value Land 250,000 300,000 Machinery 120,000 100,000 Questions: 1. What is the share of Shell in the gain/ (loss) in the revaluations of Assets ? 2. What is the share of No in the gain/ (loss) in the revaluation of Assets?
The following balances as of the end of 2009 for the partnership of ping, pong, and pang, together with their respective profit and loss percentages, were as follows:Assets - 360,000; ping, loan - 18,000; ping, capital (20%) - 84,000; pong, capital (20%) - 78,000; pang, capital (60%) - 180,000ping decided to retire from the partnership. Parties agreed to adjust the assets to their fair market value of P420,000 as of December 31, 2009. ping will be paid P98,000 for ping’s total partnership interest (amount is inclusive of ping's loan). No goodwill is to be recorded. After ping’s retirement, what will be the balance of pong’s capital account?
The Mac-Don-Ald Partnership is being liquidated. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: MAC: Capital $ 33,000, Loans Payable $7,000, P&L Ratio - 2; DON: Capital $42,000, P&L Ratio - 3; ALD: Capital $95,000, Loans Receivable $15,000, P&L Ratio - 5. Question : The second cash payment to any partner/s under program of priorities shall be made thus: