Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. Liquidating Partnership The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared. To indicate: The term that is applied to the debit balance in F’s Capital account.

Question

Transactions: Dec. 3 Wrote off Langston Corporation’s past-due account as uncollectible, $645.75. M203. 9 Accepted a 90-day, 8% note from Farris Company for an extension of time on its account, $2,400.00. NR23. 18 Received cash from Storage Solutions for the maturity value of NR19, a 90-day, 9% note for $2,000.00. R455. 21 Coastal Supply dishonored NR21, a 90-day, 8% note, for $3,000.00. M245. 30 Received cash in full payment of Langston Corporation’s account, previously written off as uncollectible, $645.75. M232 and R463. Task 1 Journalize the transactions for Miller Corporation in Questions Assets that were completed during December of the current year. Use page 12 of the general journal and page 12 of the cash receipts journal. Task 2 Post each entry to the general ledger and to the customer accounts in the accounts receivable ledger. You will not need to make entries to the Item columns of the ledgers. Task 3 Continue to…

Answer 1

Question

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

b.

To determine

The amount of cash on hand.

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

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Transactions: Dec. 3 Wrote off Langston Corporation’s past-due account as uncollectible, $645.75. M203. 9 Accepted a 90-day, 8% note from Farris Company for an extension of time on its account, $2,400.00. NR23. 18 Received cash from Storage Solutions for the maturity value of NR19, a 90-day, 9% note for $2,000.00. R455. 21 Coastal Supply dishonored NR21, a 90-day, 8% note, for $3,000.00. M245. 30 Received cash in full payment of Langston Corporation’s account, previously written off as uncollectible, $645.75. M232 and R463. Task 1 Journalize the transactions for Miller Corporation in Questions Assets that were completed during December of the current year. Use page 12 of the general journal and page 12 of the cash receipts journal. Task 2 Post each entry to the general ledger and to the customer accounts in the accounts receivable ledger. You will not need to make entries to the Item columns of the ledgers. Task 3 Continue to…

E-M:11-18 Using payback to make capital investment decisions Consider the following three projects. All three have an initial investment of $600,000. Net Cash Inflows Year Project L Project M Project N Annual Accumulated Annual Accumulated Annual Accumulated 1 $ 150,000 $ 150,000 $ 100,000 $ 100,000 $ 300,000 $300,000 2 150,000 300,000 200,000 300,000 300,000 600,000 3 150,000 450,000 300,000 600,000 4 150,000 600,000 400,000 1,000,000 5 150,000 750,000 500,000 1,500,000 6 150,000 900,000 7 150,000 1,050,000 8 150,000 1,200,000 1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback. 2. Are there other factors that should be considered in addition to the payback period?

Kindly help me with this General accounting questions not use chart gpt please fast given solution

Answer 2

Question

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

b.

To determine

The amount of cash on hand.

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

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Answer 3

Question

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

b.

To determine

The amount of cash on hand.

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

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Answer 4

Question

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

b.

To determine

The amount of cash on hand.

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

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Answer 5

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

b.

To determine

The amount of cash on hand.

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

Answer 6

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

Answer 7

Chapter 12, Problem 12.21EX

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To indicate: The term that is applied to the debit balance in F’s Capital account.

Answer 8

b.

To determine

The amount of cash on hand.

Answer 9

b.

To determine

The amount of cash on hand.

Answer 10

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

Answer 11

c.

To determine

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

Answer 12

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Answer 23

Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Solution Summary: The author explains that partnership is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Concept explainers

The amount of cash on hand.

To record: The transaction that must take place for L and Z to receive cash in the liquidation process.

Chapter 12 Solutions