Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 23E
To determine
Determine the amount of cash received by K and T upon liquidation.
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Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were as follows: Nettles, $24,000 Dr.; King, $92,000 Cr.; and Tanaka, $60,000 Cr.
If Nettles is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by King and Tanaka upon liquidation?
Liquidating Partnerships—Deficiency
Prior to liquidating their partnership, Underwood and Bain had capital accounts of $28,000 and $107,000, respectively. The partnership assets were sold for $53,000. The partnership had no liabilities. Underwood and Bain share income and losses equally.
a. Determine the amount of Underwood's deficiency.fill in the blank 1 of 1$
b. Determine the amount distributed to Bain, assuming that Underwood is unable to satisfy the deficiency.
The total loss on realization is ______
The amount to be realized from the sale of non-cash assets is
Chapter 12 Solutions
Financial Accounting
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prior to liquidating their partnership, Parker and...Ch. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Prob. 7PEACh. 12 - Eclipse Architects earned 1,800,000 during 2016...Ch. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Marvel Media, LLC, has three members: WLKT...Ch. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - The statement of members equity for Bonanza, LLC,...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 22ECh. 12 - Prob. 23ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 25ECh. 12 - Prob. 26ECh. 12 - The accounting firm of Deloitte Touche is the...Ch. 12 - Prob. 28ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 2CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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- A partnership has gone through liquidation and now reports the following account balances: Cash $16,000 3,000 Loan from Malina Ashean, capital Molina, capital Pinckney, capital Diaz, capital (2,000) (deficit) (5,000) (deficit! 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners. Adjusted balances (sale payments) Molina Finckney Dies 5 2.400 $ 16000 10,000 $ 5,400arrow_forwardAccounting A, B and C had capital balance of : A,$150,000; B, 120,000 and C, 200,000, profit sharing ratio: 1:2:3. A decides to retire. A is paid 180,000 and goodwill of all partners is recorded (Problem 5 related) what will be the balance in the Capital Account of B after A’s retirement? (Problem 5 related) what will be the balance in the Capital Account of C after A’s retirement? (Problem 5 related) true or false in the journal entry of A’s retirement, the goodwill account will be debited with $ 30,000.arrow_forwardCop dogarrow_forward
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