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The balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Liabilities Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets O Furniture Equipment Gain on Disposal O Liquidation account Cash Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership. They sold the furniture and equipment for $71,000. Which of the following is the correct journal entry for the sale transaction? O Cash 71,000 Furniture Equipment Cash Furniture Equipment O Loss on Disposal Cash $15,000 Accounts Payable 12,000 Other liabilities 24,000 Partners' Equity. 40,000 Ryan, Capital 8,000 Peter, Capital $99,000 Total liabilities and partners' equity Furniture Equipment 135,000 64,000 7,000 64,000 24,000 40,000 7,000 71,000 24,000 40,000 24,000 40,000 $15,000 24,000 24,000 47,000 30,000 30,000 $99,000

The balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Liabilities Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets O Furniture Equipment Gain on Disposal O Liquidation account Cash Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership. They sold the furniture and equipment for $71,000. Which of the following is the correct journal entry for the sale transaction? O Cash 71,000 Furniture Equipment Cash Furniture Equipment O Loss on Disposal Cash $15,000 Accounts Payable 12,000 Other liabilities 24,000 Partners' Equity. 40,000 Ryan, Capital 8,000 Peter, Capital $99,000 Total liabilities and partners' equity Furniture Equipment 135,000 64,000 7,000 64,000 24,000 40,000 7,000 71,000 24,000 40,000 24,000 40,000 $15,000 24,000 24,000 47,000 30,000 30,000 $99,000

FINANCIAL ACCOUNTING
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 balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Liabilities Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets Furniture Equipment Gain on Disposal Liquidation account Cash Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership. They sold the furniture and equipment for $71,000. Which of the following is the correct journal entry for the sale transaction? Cash 71,000 Furniture Equipment Cash Furniture Equipment Loss on Disposal Cash $15,000 Accounts Payable 12,000 Other liabilities 24,000 Partners' Equity. 40,000 Ryan, Capital 8,000 Peter, Capital $99,000 Total liabilities and partners' equity Furniture Equipment 135,000 64,000 7,000 64,000 24,000 40,000 7,000 71,000 24,000 40,000 24,000 40,000 $15,000 24,000 24,000 47,000 30,000 30,000 $99,000
Transcribed Image Text:The balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Liabilities Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets Furniture Equipment Gain on Disposal Liquidation account Cash Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership. They sold the furniture and equipment for $71,000. Which of the following is the correct journal entry for the sale transaction? Cash 71,000 Furniture Equipment Cash Furniture Equipment Loss on Disposal Cash $15,000 Accounts Payable 12,000 Other liabilities 24,000 Partners' Equity. 40,000 Ryan, Capital 8,000 Peter, Capital $99,000 Total liabilities and partners' equity Furniture Equipment 135,000 64,000 7,000 64,000 24,000 40,000 7,000 71,000 24,000 40,000 24,000 40,000 $15,000 24,000 24,000 47,000 30,000 30,000 $99,000
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