242243 Homework 12-3244 The HIJ Partnership245 Cash46 Other Assets247has decided to liquidate their business:$20,000$170,000$190,00048249250251 The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete52 a liquidation schedule.2535455 Opening Balance56 Sale of NonCash57 New Totals58 Pay Liabilities59 New Totals60 Distribution to Part.61 Final Balances62Cash$25,000Accounts PayableHughes, CapitalIgloo, CapitalJones, CapitalNon Cash$165,000Liabilities$60,000$55,000$35,000$40,000$190,00$60,000Hughes, C$55,000Igloo, C$35,000Jones, C$40,000

The liquidation schedule is prepared to sale of all non-cash assets, pay the liabilities and…

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities Accounts Payable Hughes, Capital The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash Non Cash $25,000 $165,000 Igloo, Capital Jones, Capital $60,000 $55,000 $35,000 $40,000 $190,00 Liabilities Hughes, C $60,000 $55,000 Igloo, C $35,000 Jones, C $40,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: XYZ Partnership begins the liquidation process with the following balance sheet and profit and loss…

A: Assuming non-cash assets realized to its value Total Cash available = 280000 + 300000 = 580000

Q: None

A: Case 1: We simply record the withdrawal as a transfer of interest from the withdrawing partner to…

Q: The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold…

A: Partnership liquidation is the process of ending a partnership and distributing its assets.During…

Q: $288600. $312200. $512600. $203960.

A: Non-Cash Assets -: Non-monetary assets are commodities or items that a firm holds for which it is…

Q: A partnership has gone through liquidation and now reports the following account balances: $ 16,000…

A: Answer:- Liquidation can be happened due to legal requirements or due to mutual understanding…

Q: On December 31, the capital balances and income ratios in Ivanhoe Co. are as follow: Partner.…

A: Partnership is one of the form of business organisation under which two or more than two persons…

Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…

A: Pre distribution schedule-Pre-distribution is the idea that the state should try to stop…

Q: Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a…

A: The partnership is a form of business where minimum two persons work together at one place. The…

Q: Non-Cash Assets recorded in the accounting records as $30 sold for $50 during the liquidation…

A: Given that: Non-Cash Assets recorded in the accounting records as $30 sold for $50 during the…

Q: Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership:…

A: Statement of liquidation shows the net cash available to pay the creditors and the partners.

Q: The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $…

A: A partnership is a form of business in which two or more people come together to operate and manage…

Q: Compute the predetermined overhead rate (round to the nearest penny) b. Prepare the entry to apply…

A: Overhead cost allocation: It is the process of allocating the estimated overhead of a company to its…

Q: Cash Accounts receivable Inventory Equipment Total Accounts payable Payable to B 80,000 240,000…

A: Partnership is a firm is legal entity where partner share profit or loss according to the firms deed…

Q: REQUIRED: Prepare working paper for the Statement of Liquidation using the lump sum liquidation…

Q: Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: Required: Prepare proposed schedules of liquidation on January 31, February 28, and March 31 to…

A: Liquidation of Partnership: After the company's assets and obligations have been accounted for, the…

Q: es $ 61,000 329,000 The Drysdale, Koufax, and Marichal partnership has the following balance sheet…

A: Step 1:Step 2:Step 3:

Question

242
243 Homework 12-3
244 The HIJ Partnership
245 Cash
46 Other Assets
247
has decided to liquidate their business:
$20,000
$170,000
$190,000
48
249
250
251 The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete
52 a liquidation schedule.
253
54
55 Opening Balance
56 Sale of NonCash
57 New Totals
58 Pay Liabilities
59 New Totals
60 Distribution to Part.
61 Final Balances
62
Cash
$25,000
Accounts Payable
Hughes, Capital
Igloo, Capital
Jones, Capital
Non Cash
$165,000
Liabilities
$60,000
$55,000
$35,000
$40,000
$190,00
$60,000
Hughes, C
$55,000
Igloo, C
$35,000
Jones, C
$40,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Calculation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

10 of estion L, M, and N are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 which is set aside for contingent expenses. The balance sheet 25,000 and residual profit and loss sharing percentages are as follows: Cash 500,000 Accounts payable Other assets 225,000 L, capital (20%) 168,000 270,000 N, capital (50%) M, capital (30%) 262,000 Using a safe payment schedule, how much cash should M receive in the first distribution?
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 40,000 257,000 Liabilities Winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (10%) Zed, capital (10%) Beginning capital Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balances Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation. Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $25,000. (Do not round intermediate calculations.) $ $ $ Winn 0 $ 0 $ 0…
please answer do not image format
The partnership of Kylie, Bamboo and Tank is being liquidated. The summarized balance sheet below depicts their financial position before liquidation: Cash Loans to Tank Other non-cash assets P 30,000 70,000 600,000 The other non-cash assets were sold at P400,000. 1. The excess cash distributed to Kylie is P40,000 A. True B. False Accounts payables P Kylie, loan Kylie, capital (40%) Bambo, capital (20%) Tank, capital (40%) 2. The excess cash distributed to Tank is P110,000 A. True B. False 3. The ending balance of non-cash assets after liquidation is P200,000 A. True B. False 280,000 30,000 90,000 150,000 150,000