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).
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Partner A, B, C, and D, who share profits 5:3:1:1 respectively, decided to liquidate their partnership. Capital balances at this time were 160,000, 140,000, 130,000, and 70,000 respectively. Additional information: • Cash on hand at the beginning is 25,000 • Partnership furniture with a book value of 25,000 is to be taken over by Partner A at a price of 10,000 in full settlement of a loan payable to A. • Partnership creditors’ claims of 120,000 and liquidation expenses of 3,000 were paid off. The remaining non-cash assets were sold at 75% of their carrying values. How much did A, B, C, and D receive in the final settlement? A – 78,500, B – 91,100, C – 113,700, and D – 53,700 A – 88,500, B – 91,100, C – 113,700, and D – 53,700 A – 91,250, B – 92,750, C – 114,250, and D – 54,250 A – 83,500, B – 94,100, C – 114,700, and D – 54,700
The following statement of financial position account balances for the partnership of Pierce, Garnett, and Rondo are the following: Cash-P 160.000; Other assets - P 320,000Liabilities-P 180,000; Pierce, Capital-P 48.000, Garnett. Capital-P216,000; Rondo, Capital - P36,000. The partners agree to dissolve the partnership after selling the other assets. If Pierce is to receive a final settlement of P 180,000, how much should be the proceeds from sale of the non-cash assets? assuming that the non-cash assets were sold 2 pots at a loss of P 70,000. how much would be the total capital of the partners immediately before final distribution of cash? assuming that the non-cash assets were sold for P 120,00. how much would be received by Garnett in the final distribution of cash? Assume that any partner incurring a capital deficiency is insolvent.
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I need the adjusting entries with amounts for letters A-D. The capital is 301,000