Required Information[The following information applies to the questions displayed below.]The Fleld, Brown & Snow partnership was begun with Investments by the partners as follows: Field,$131,700; Brown, $165,600; and Snow. $153,700. The partners decide to liquidate, sharlng all losses equally.On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cashremalned.1. Compute the capital account balance of each partner after the liquldation of assets and payment of creditors. (Losses andnegative capital balances, If any. should be entered with a minus sign.)FieldBrownSnowTotalInitial investmentsAllocation of gains (losses)Capital balances Required information[The following information applies to the questions dlisplayed below.]Ramer and Knox began a partnershlp by Investing $62,000 and $93,000, respectively.3. The partners agreed to share Income by glving a $56,000 per year salary allowance to Ramer, a $46,000 per year salaryallowance to Knox, 10% Interest on their Initlal capital Investments, and the remaining balance shared equally. Net Income is$190,000. (Enter all allowances as positive values. Enter losses as negative values.)RamerKnoxTotalNet IncomeSalary allowancesInterest allowancesTotal salary and interestBalance of incomeBalance allocated equallyBalance of incomeShares of the partners

Liquidation of a partnership firm means termination of the partnership agreement and closing down…

Required information [The following Information applies to the questions displayed below] The Field, Brown & Snow partnership was begun with Investments by the partners as follows: Fleld. $131.700: Brown, $165.600; and Snow, $153,700. The partners decide to liquidate, sharing all osses equally. On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash remained. ompute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losser pative capital balances, if any, should be entered with a minus sign.) Field Brown Snow Total al investments pcation of gains (losses) pital balances

Required information [The following Information applies to the questions displayed below] The Field, Brown & Snow partnership was begun with Investments by the partners as follows: Fleld. $131.700: Brown, $165.600; and Snow, $153,700. The partners decide to liquidate, sharing all osses equally. On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash remained. ompute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losser pative capital balances, if any, should be entered with a minus sign.) Field Brown Snow Total al investments pcation of gains (losses) pital balances

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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The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $17,000. Cash Noncash assets Total assets $ 150,000 280,000 Beginning balances Pay liabilities Maximum liquidation expenses Maximum loss - noncash assets Initial safe payments $ 430,000 Required: Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. Note: Amounts to be deducted should be entered with a minus sign. $ Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Assets Cash 150,000 $ 150,000 $ Liabilities 0 $ 0 $ 70,000 130,000 65,000 165,000 $ 430,000 Arch, Capital Bibb, Capital 40% 20% GA 0 $ Dao, Capital 40% 0 $
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%; and Lowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balance sheet 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 A Required B Required C Calculate the loss from selling the assets. $ 88,000 54,000 $ 32,000 Liabilities before liquidation Proceeds…
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A partnership held three assets: The partners decided to dissolve the business and anticipated that expenses required to liquidate their partnership would amount to $ 5,000 Capital balances were as follows: Cash $ 58,000 $ 48,000 Land Building $ 65,000 and liabilities were $ 33,000 Lenny, capital Sam, capital Tim, capital Mary, capital The partners shared profits and losses 10:20:30:40 respectively. The cash on hand was used to pay the liabilities. Any remaining cash in excess of the amount needed for anticipated liquidation expenses was immediately distributed to the partners. a. b. $ 24,000 30,000 48,000 36,000 What is the total amount of cash that was immediately available to be distributed to the partners? The cash (in item a.) was distributed to each partner in a single payment. Show the total payment amount to each partner. (Show the amount of the single check that was written to each partner.) Support your answer with a predistribution plan (or schedule).
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. Immedlately before liquldation, the partnership balance sheet 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 deficlency. Complete question by entering your answers the abs below. Required A Required B Required C Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Turner Roth…
Required information Skip to question [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, $135,600; total liabilities, $86, 000; Turner, Capital, $3,300; Roth, Capital, $14, 400; and Lowe, Capital, $31,900. The liquidation resulted in a loss of $81, 600. Required: Allocate the loss to the partners. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.
S The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 94,000 820,000 45,000 $ 959,000 Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $110,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation $ $ Cash 0 0 Other Assets $ $ 0 0 Accounts Payable $ $ 0 0 Gulian, Loan and Capital $ $ 0 $ 24,000 55,000 390,000 250,000 240,000 $ 959,000 0 Singh, Capital $ $ Zahiri, Loan & Capital 0 $ 0 $ 0 0
Required Information [The following information applies to the questions displayed below.] The Fleld, Brown & Snow partnership was begun with Investments by the partners as follows: Field, $131,700; Brown, $165,600; and Snow. $153,700. The partners decide to liquidate, sharlng all losses equally. On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash remalned. 1. Compute the capital account balance of each partner after the liquldation of assets and payment of creditors. (Losses and negative capital balances, If any. should be entered with a minus sign.) Field Brown Snow Total Initial investments Allocation of gains (losses) Capital balances
Partners Shuka, Towyo&Fatis, who share profit and loss in the ratio of 3:5:2, respectively have decided to liquidate their partnership. The statement of financial position of the partnership at the time of Cash 86,300 Accoutns Payable 58,000 other assets 303,700 loans from Towyo 15,500 Shuka, Capital 93,000 Towyo, Capital 95,000 Fatis. Capital 128,500. The partnership is to prepare an instalment distribution schedule showing how cash would be distributed to partners as assets are realized. assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Shuka would be? assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Towyo would be? assuming Partners Shuka, Towyo and Fatis share Profit and Loss equally, the maximum absorbable loss for Fatis would be
Problem-solving Admissionby Purchase of Interest or Investment of AssetsAngeles. Bondoc and Campos have equities in a partnership as follows: Angeles 300,000 Bondoc 750,000 Campos 700.000 and share of profits and losses in a ration of 5.3.2, respectively. The partners have agreed to admit Dantes to the partnership REQUIRED Prepare the journal entries to record the admission of Dantes to the partnership under each of the following assumptions.1. Dantes paid Angeles P450.000 for his full interest 2. Dantes invested P500,000 for a 25% interest, and bonus is recorded for Dantes 3 Dantes invested P600,000 for a 20% interest, and bonus is recorded for the old partners.
! 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.…