not use ai please don't Sandhill Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,800; Oakley,Capital (Cr.) $48,000; Quaney, Capital (Dr.) $21,420; and Ellis, Capital (Cr.) $39,220. The income ratios of the three partners are 3:4:3, respectively.Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles areautomatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationEllis, CapitalOakley, CapitalQuaney, Capital(To record write-off of capital deficiency)CashOakley, CapitalEllis, Capital(To record distribution of cash to the partners)Debit2142065800Credit8568642626,32019,740

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Answered: Sandhill Company wishes to liquidate…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5CE

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Sandhill Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,800; Oakley, Capital (Cr.) $48,000; Quaney, Capital (Dr.) $21,420; and Ellis, Capital (Cr.) $39,220. The income ratios of the three partners are 3:4:3, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record write-off of capital deficiency) (To record distribution of cash to the partners) Debit Credit DO NOT
Cullumber Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $64,000; Oakley, Capital (Cr.) $48,400; Quaney, Capital (Dr.) $18,480; and Ellis, Capital (Cr.) $34,080. The income ratios of the three partners are 3:4:3, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Oakley, Capital Ellis, Capital Quaney, Capital (To record write-off of capital deficiency) Oakley, Capital Ellis, Capital Cash (To record distribution of cash to the partners) Debit 14605 19474 33795 14606 Credit AND IN 34079 48401 2
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Prior to the distribution of cash to the partners, the accounts in the Blossom Company are Cash $32,400; Vogel, Capital (Cr.) $19,200; Utech, Capital (Cr.) $17,200; and Pena, Capital (Dr.) $4,000. The income ratios are 5:3:2, respectively. Blossom Company decides to liquidate the company.
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After liquidating noncash assets and paying creditors, account balances in the Sandhill Co. are Cash $17,200; A, Capital (Cr.) $7,700; B, Capital (Cr.) $5,500; and C, Capital (Cr.) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
After liquidating noncash assets and paying creditors, account balances in the Oriole Co. are Cash $17,800: A Capital (Cr.) $7.600; B. Capital (Cr.) $6.600; and C, Capital (Cr.) $3,600. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
After liquidating noncash assets and paying creditors, account balance in the Pharoah Co. are cash $17,000; A, Capital (Cr.) $8,000; B, Capital (Cr.) $5,300; and C, Capital (Cr.) $3,700. The partners share income equally. Journalize the final distribution of cash to the partners.
Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners share income equally. Harriet receives $31,400 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automaticàlly indented when the omount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Prior to the distribution of cash to the partners, the accounts in the Oriole Company are Cash $ 34,000; Vogel, Capital (Cr.) $ 22,0003; Utech, Capital (Cr.) $ 20,000; and Pena, Capital (Dr.) $ 8,000. The income ratios are 5:3:2, respectively. Oriole Company decides to liquidate the company. (a) Prepare the entry to record (1) Pena's payment of $ 8,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2)
In Crane Co, capital balances are frey $37.900 and Pedigo $45.400. The partners share income equally Vernon is admitted to the firm with a 42% interest by an investment of cash of $48,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit
Capital balances in Ayayai Co. are Dene $61,000, Aneta $36,200, and Harriet $26,600. The partners share income equally. Harriet receives $31,800 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. LUst all deblt entrles before credlt entries.) Account Titles and Explanation Debit Credit,

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