Amount of loss on realization should be allocated to soledad

Assignment Help Accounting Basics

Reference no: EM131763931

Question: 1. Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows: Harriet, $27,000 and 30%; Mickey, $(12,000) and 40%; Zack, $43,000 and 30%. Mickey is unable to contribute any assets to reduce the deficit. How much cash will Harriet receive as a results of the partnership liquidation?

a. $23,400

b. $21,000

c. $27,000

d. $15,000

2. Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 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 $130,000. What amount of loss on realization should be allocated to Soledad?

a. $92,500

b. $32,500

c. $27,500

d. $60,000

Reference no: EM131763931

Questions Cloud

Execution as part of project integration management : Discuss what is involved in directing and managing project execution as part of project integration management,

Carry your intermediate computations : Carry your intermediate computations to at least four decimal places. Report your result to at least three decimal places.

How much should the revised lease payments be : If the Hardaway Corporation is able to take a 10 percent deduction from the purchase price of $750,000 and will pass the benefits along to the O'Neil.

Concept of national innovation system still makes sense : Explain that, despite globalization, the concept of a “national” innovation system still makes sense.

Amount of loss on realization should be allocated to soledad : Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 at the time they decide to terminate.

Standard deviations of the sampling distributions : The estimated standard deviations of the sampling distributions of ß1 and ß2 are 1.26 and 0.31?, respectively.

What assumptions did you make here : Formulate the hypothesis test using significance level 0.05 to check whether the data support Minda's claim that students would drink more coffee.

What specific type of lease is for the lessor : Hayes Corp. is a manufacturer of truck trailers. On January 1, 2014, Hayes Corp. leases ten trailers to Lester Company under a six-year noncancelable lease.

Prepare and post the closing entries for the general fund : Prepare and post the closing entries for the General Fund, Outstanding encumbrances at year end are classified as Assigned

User Account

All Pages