ser, who share profits and losses in a ratio of 3.2.2, respectively are partners in a home decorating busin that has not been able to generate the income the partners had hoped for. They have decided to liquidate the business and have s all assets except for their decorating equipment. All partnership liabilities have been settled and all the partners are personally i insolvent. The decorating equipment has a book value of $54,000, and the partners have capital account balances as follows: Bracken, capital Louden, capital Menser, capital $34,650 7,150 12,200 Required: Determine the amount of cash each partner will receive as a liquidating distribution if the decorating equipment is sold for the amour stated in each of the following independent cases: (Do not round intermediate calculations.) a $40,000
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- Bracken, Louden, and Menser, who share profits and losses in a ratio of 4:3:3, respectively, are partners in a home decorating business that has not been able to generate the income the partners had hoped for. They have decided to liquidate the business and have sold all assets except for their decorating equipment. All partnership liabilities have been settled and all the partners are personally insolvent. The decorating equipment has a book value of $76,000, and the partners have capital account balances as follows: Bracken, capital $ 47,500 Louden, capital 9,500 Menser, capital 19,000 Required: Determine the amount of cash each partner will receive as a liquidating distribution if the decorating equipment is sold for the amount stated in each of the following independent cases: Note: Do not round intermediate calculations. $57,000 $39,900 $13,300Determine the amount of cash each partner will receive as a liquidating distribution if the decorating equipment is sold for $57,000.…Bracken, Louden, and Menser, who share profits and losses in a ratio of 4:3:3, respectively, are partners in a home decorating business that has not been able to generate the income the partners had hoped for. They have decided to liquidate the business and have sold all assets except for their decorating equipment. All partnership liabilities have been settled and all the partners are personally Insolvent. The decorating equipment has a book value of $56,000, and the partners have capital account balances as follows: Bracken, capital Louden, capital Menser, capital $ 35,000 7,000 14,000Tom, Flick, and Harry are partners in an equipment leasing business that has not been able to generate the type of revenue expected by the partners. They share profits and losses in a ratio of 5:3:2. They have decided to liquidate the business and have sold all the assets except for one piece of heavy machinery. All partnership liabilities have been settled, and all the partners are personally insolvent. The machinery has a book value of $65,000, and the partners have capital account balances as follows: Tom, Capital $ 40,000 Flick, Capital 10,000 Harry, Capital 15,000 Each of the following is an independent case. Refer to the information given above. What amount of cash will each partner receive as a liquidating distribution if the machinery is sold for $1,100? Multiple Choice Tom Flick Harry A) $ 1,100 $ 0 $ 0 B) $ 8,050 $ 9,170 $ 2,220 C) $ 1,500 $ 0 $ 400 D) $ 1,500 $ 0 $ 0
- Please help me answer this question. Tom, Dani, and Harry are partners in an equipment leasing business that has not been able to generate the type of revenue expected by the partners. They share profits and losses in a ratio of 5:3:2. They have decided to liquidate the business and have sold all the assets except for one piece of heavy machinery. All partnership liabilities have been settled, and all the partners are personally insolvent. The machinery has a book value of $65,000, and the partners have capital account balances as follows: Tom, Capital $ 40,000 Dick, Capital 10,000 Harry, Capital 15,000 Each of the following is an independent case. Refer to the information given above. What amount of cash will each partner receive as a liquidating distribution if the machinery is sold for $1,100? Tom Dani Harry A) $ 1,100 $ 0 $ 0 B) $ 8,050 $ 9,170 $ 2,220 C) $ 1,500 $ 0 $ 400 D) $ 1,500 $ 0 $ 0Hershey, Inigo, Jessa and Kyle are partners who share profits and losses in the ratio of 3:2:1:4. As of the current date, the partners become insolvent so they decide to liquidate their business. The capital balance of each partner amount to P30,000, P35,000, P20,000 and P50,000 to Hershey, Inigo, Jessa and Kyle respectively. At this time, total liabilities of the partnership amount to P180,000. From the data above, answer the following independent questions: 14. If the partnership received P185,000 from the sale of all non-cash assets of the partnership, determine the amount of cash that Hershey is to receive assuming there is no cash balance before realization and all partners are insolvent at the time of liquidation. A. P9,000 C. PO B. P2,000 D. P1,500 15. If Kyle receives P12,000 as settlement of his interest, how much were the non-cash assets sold assuming there is no cash balance before realization? A. P220,000 B. P95,000 C. P315,000 D. P180,000David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $59,000 on January 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. David Olena Accum. Deprec. Accounts Danny Notes Wallace, Dunn, Lin, Equipment Equipment Payable Payable Capital Capital Capital $19,300 $161,000 $92,000 $7,300 $15,000 $34,000 $17,000 $15,000 Cash Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance Cash Equipment Accum. Deprec. Equipment $ 19,300 $ 161,000 $ 59,000 161,000 322,000 $ $ 78,300 $ $ 78,300 $ 322,000 $ Accounts Payable 92,000 $ 92,000 184,000 $ 184,000 $ Notes Payable…
- Ben, Dan, and Lilli were partners sharing profits in proportions of one-fourth, one-third, and five-twelfths, respectively. Their business failed, and the firm was dissolved. At the time of dissolution, no financial adjustments between the partners were necessary with reference to their respective partners’ accounts, but the firm’s liabilities to creditors exceeded its assets by $24,000. Without contributing any amount toward the payment of the liabilities, Dan moved to a destination unknown. Ben and Lilli are financially responsible. How much must each contribute?Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3.5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $239,300; total liabilities, $201.000, Jake, Capital, $8,100; Sacha, Capital, $10,100; and Brianne, Capital, $20,100. The cash proceeds from selling the assets were sufficient to repay all but $46,000 to the creditors. Calculate the loss from selling the assets. (Round the final answer to the nearest dollar.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total liabilibushould be paid by each partner. (Round the final answers to the nearest dollar.Lauren, Matthew, and Susan form a partnership, with Lauren contributing $100,000, Matthew contributing $50,000, and Susan contributing her time and skill. Nothing is said regarding the division of profits. The firm later dissolves. No distributions to partners have been made since the partnership was formed. The partnership sells its assets for a loss of $90,000. After payment of all firm debts, $60,000 is left. Lauren claims that she is entitled to the entire $60,000. Matthew contends that the distribution should be $40,000 to Lauren and $20,000 to Matthew. Susan claims the $60,000 should be divided equally among the partners. Who is correct? Explain.
- Mr X.,Mr.Y. and Mr. Z went through major partnership losses that forced them to decide on liquidation. They sold all their assets, paid all their liabilities and ended up with net Revenue of $170000 to be distributed among the 3 partners each according to their contribution. Mr. X contributed $65000, Mr. Y contributed $53000 and Mr. Z contributed $25000. How much will Mr. Y receive?E, F, and G are liquidating their business. They share income and losses in a 2:3:1 ratio, respectively, and currently have capital balances of $30,000, $21,000, and $39,000, respectively. In addition, the partnership has $15,000 in cash, $25,000 in accounts payable, and $100,000 in noncash assets. E and G are personally solvent but F is not. The noncash assets are sold for $46,000. What is the deficiency, if any, of F. a. $27,000 b. $24,000 c. $6,000 d. $4,000Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following ratio: 2:3:5. Each partner has the following capital balances respectively $220,000, $250,000, and $145,000. They decided to liquidate their business on July 3 because they wanted to pursue other interests. They had a big liquidation sale and they sold all non-cash assets for $445,000. They have the following accounts: Cash $200,000 Supplies $50,000 Equipment $150,000 Truck $65,000 Building $300,000 AP $200,000 Prepare all of the journal entries to close this business General Journal Page Date Particulars PR Debits Credits