The partners' income and loss sharing ratio is 2:3:5, respectively.The partners' income and loss sharing ratio is 2:3:5, respectively.D, E, AND F PARTNERSHIPBalance SheetDecember 31, 2008AssetsLiabilities$300,000CashNoncash assets$ 90,000570,000D, Capital120,000E, Capital180,00060,000F, CapitalTotalTotal$660,000$660.000If the D, E, and F Partnership is liquidated by selling the noncash assets for $390,000and creditors are paid in full, what is the amount of cash that can be safelydistributed to partner E?Liabilities and Owners' Equity

Partnership characteristics includes: Existence of an agreement Existence of business Agency…

The partners' income and loss sharing ratio is 2:3:5, respectively. The partners' income and loss sharing ratio is 2:3:5, respectively. D, E, AND F PARTNERSHIP Balance Sheet December 31, 2008 Assets $ 90,000 Liabilities Cash Noncash assets $300,000 570,000 D, Capital 120,000 180,000 E, Capital F, Capital Total 60,000 Total $660,000 $660.000 If the D, E, and F Partnership is liquidated by selling the noncash assets for $390,000 and creditors are paid in full, what is the amount of cash that can be safely distributed to partner E? Liabilities and Owners' Equity

The partners' income and loss sharing ratio is 2:3:5, respectively. The partners' income and loss sharing ratio is 2:3:5, respectively. D, E, AND F PARTNERSHIP Balance Sheet December 31, 2008 Assets $ 90,000 Liabilities Cash Noncash assets $300,000 570,000 D, Capital 120,000 180,000 E, Capital F, Capital Total 60,000 Total $660,000 $660.000 If the D, E, and F Partnership is liquidated by selling the noncash assets for $390,000 and creditors are paid in full, what is the amount of cash that can be safely distributed to partner E? Liabilities and Owners' Equity

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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From the records of the DTA Partnership, *please refer on the image below
Problem 15. On December 31, 2020, the Statement of Financial Position of ABC Partnershipwith profit or loss ratio of 5:3:2 is presented below: CashP1,600,000Total LiabilitiesP2,000,000 Non Cash Assets1,400,000A, capital100,000 B, capital500,000 C, Capital400,000 On January 1, 2021, the partners decided to liquidate the partnership ininstallment. All partners are legally declared to be personally insolvent. As of January 31, 2021, the following transactions occurred: - Noncash Assets with book value of P1,000,000 were sold at a gain ofP100,000.00 - Liquidation expenses for the month of January amounting to P50,000 werepaid. - It is estimated that liquidation expenses amounting to P150,000 will be incurred For the month of February, 2021. - 20% of the liabilities to third person were settled. - Available cash were distributed to partners As of February 28, 2021, the following transactions occurred: - Remaining noncash assets were sold at a loss of P100,000 - The remaining liabilities to…
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The ABC partnership has three equal partners, A, B, and C, and the following balance sheet: Assets Partner's Capital Adj. Basis FMV Adj. Basis FMV Cash 60,000 60,000 A 70,000 80,000 Cap Asset 1 90,000 60,000 B 70,000 80,000 Cap Asset 2 40,000 60,000 C 70,000 80,000 Cap Asset 3 20,000 60,000 210,000 240,000 210,000 240,000 A receives capital asset #1 in an operating distribution. A has a one-ninth interest worth $20,000 in the partnership capital and profits after the distribution. (a) What results to A and the partnership if there is no §754 election? Reconstruct the balance sheet after the distribution. (b) What results to A and the partnership if the partnership has made a §754 election? Reconstruct the balance sheet after the distribution. (c) How should any basis adjustment be allocated among the partners?
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20. The balance sheet of ASL Partnership is as follows: ASL Partnership Balance Sheet December 31, 2021 Assets Cash P2,000 28,000 Non-cash Assets Total P30,000 Liabilities and Capital Liabilities Azure, Loan Azure, Capital Sapphire, Capital Lapiz, Capital P5,000 2,500 12,500 7,000 3,000 Total P30,000 Profit and loss ratio is 3:2:1 for Azure, Sapphire, and Lapiz, respectively. Cash is distributed as assets are realized. Other assets were realized as follows: Date Cash Received Book Value of Non-cash Assets January 2022 February 2022 March 2022 P6,000 P9,000 3,500 12,500 7,700 11,300 How much is the total cash received by Sapphire from January to March 2022?
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