What is the amount of loss or gain in realization?
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Roberto Orcajada and Ryan Morales are partners who share
2. What is the amount of loss or gain in realization?
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- Ana, Bea, and Cara are partners sharing profits and losses in the ratio of 1:1:2, respectively. They decided to liquidate the business. The assets were sold and liabilities amounting to $20,000 were paid. At this point, the capital balances of the partners are as follows: Ana $20,000 credit Bea 15,000 debit Cara 30,000 credit Bea is personally insolvent. 1. How much cash is available for distribution to partners? 2. How much cash is received by Ana and Cara?Please do not give solution in image format thankuAntonio and Barbara are partners who share income in the ratio of 1.2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80.000 What amount of loss on realization should be allocated to Barbara? a. $30.000 O b. sso 000 C. S10,000 d. s20.000-
- A partnership is liquidating. The partners share profits and losses equally. After liquidating the assets and paying the liabilities, cash of $77,000 remains and the partners' capital accounts are as follows: (refer to image attached) How much cash will Fleet receive?Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a. What is the amount of a gain or loss on realization? $fill in the blank a082cef9b012fe9_2 Question Content Area b. How should the gain or loss be divided between Hewitt and Patel? Hewitt $fill in the blank fe57f5f50043050_2 Patel $fill in the blank fe57f5f50043050_4 Question Content Area c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…Faith, Hope, and Love are partners sharing profits and losses in the ratio 22 1 and have capital balances of P800,000, P800,000, and P400,000, respectively. Grace purchases half of Faith's interest by paying her directly for an amount that earned her a profit of P60,000. The entry to record the admission of Grace in the partnership includes a Select the correct response debit to Cash, P460,000 credit to Grace, Capital, P400,000 credit to Grace, Capital, P460,000 debit to Faith, Capital, P460,000
- Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $41,700 and $79,200, respectively, at the time they decide to terminate the partnership. Noncash assets with a book value of $120,900 are sold for $75,000. What amount of loss on realization should be allocated to Alpha? a.$75,000 b.$41,700 c.$25,000 d.$15,300A Base and Zad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners. All has a capital balance of $(10,000), Basel has a capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership ?Which of the following two journal entries are right to record this liquidation case 6,000 4,000 Basel Capital A O Ziad Capital 10,000 All Capital 18,000 Basel capital 32,000 Ziad capital Cash 50,000 4,000 Basel Capital B O Ziad Capital 6,000 10,000 All Capital 18,000 32,000 Basel capital Ziad capital Cash 50,000 Basel Capital .CO Ziad Capital All Capital Basel capital Ziad capital Cash Basel Capital .D O Ziad Capital Ali Capital Basel capital Ziad capital Cash 50,000 10,000 50,000 10,000 50,000 السؤال 6 6,000 4,000 32,000 18,000 5,000 5,000 19,000 31,0003.Rob Davis, Stewart Vintu, and Vern Wilson are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Davis $40,000; Vintu, $24,000; and Wilson, $16,000. The profit-and-loss-sharing ratio has been 1:1:2 for Davis, Vintu, and Wilson, respectively. The partnership has $64,000 cash, $38,000 non-cash assets, and $22,000 accounts payable. Requirements Assuming the partnership sells the non-cash assets for $46,000, record the journal entries a. for the sale of non-cash assets, b. allocation of gain or loss on liquidation, c. the payment of the outstanding liabilities, d. the distribution of remaining cash to partners. 4.The balance sheet of Morrisey Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: Stockholders' Equity Paid-in Capital Common Stock-$10 Par Value, 300,000 shares authored 25.000 shares sued and outstanding Pald-in Capital in Excess of Par-Common Total Paid-in Capital Retained…
- The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an situation related to the partnership’s liquidation. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided? The building is immediately sold for $70,000 to give total cash of $110,000. The liabilities are then paid, leaving a cash balance of $80,000. This cash is to be distributed to the partners. How much of this money will each…Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital $ 49,000 Cash Adams, Loan Other Assets Total Assets 11,800 218,000 Liabilities Adams, Capital Peters, Capital Blake, Capital Total Liabilities and Equities $ 278,800 $ 45,500 64,900 88,500 79,900 $ 278,800 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of $89,500 were sold for $68,000, and $22,500 of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for $78,000. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month.…ABC Partnership was unsuccessful and is beginning liquidation. All partners share profits and losses equally. Current Capital balances are as follows: Partner A: 49000 Partner B: 33000 Partner C: -6000 The partnership has a current cash balance of 21000 and noncash assets of 91000. The partnership expects to receive 80000 from the sale of the non cash assets. Both Partner A and B are personally solvent, but Partner C is not. The estimate of cash disbursed to each partner will be: Partner A: Partner B: Partner C: 0