Find what amount must remaining assets be sold in order

Assignment Help Financial Accounting
Reference no: EM132936559

Gerald, Julia and Bea are partners who decided to terminate their partnership due to misunderstanding. Total assets of the partnership is P480,000 including cash of P30,000. Capital balances of the partners were as follows: Gerald P150,000; Julia P175,000; Bea P67,500. Unpaid liabilities amounted to P87,500. Assets with a book value of P175,000 were sold for P125,000 and cash was distributed. The P/L ratio is 5:3:2

Problem 1: What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?

Reference no: EM132936559

Questions Cloud

Context of the total reward system : Discuss why a compensation system must be viewed in the context of the total reward system.
Identify a catering company in the washington : Workstations are created using three basic dimensions: method of preparation, type of cooking method, and volume of food. These dimensions determine the equipme
Find how long will take before present value of interest : A firm has $45,000,000 of preferred shares, then how long will it take before the present value of the interest savings exceeds the cost of refinancing?
Why organizations might prefer job evaluation to market : Explain why organizations might prefer job evaluation to market pricing
Find what amount must remaining assets be sold in order : What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?
Beneficial for carter cleaning centres : Discuss why the human resources planning process will be beneficial for Carter's Cleaning Centres?
How would you tackle the situation : How far do you agree with the management that performance appraisal should be discontinued and how would you tackle the situation
Application for certification : There is a union drive underway at Company X and the application for certification has been filed. The President of Company X is considering taking the followin
What considerations should the firm management keep in mind : What considerations should the firm's management keep in mind when accepting and performing this service?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Does if have any experience with any of financial skills

Discuss if you have any experience with any of financial skills. If you do not have any personal experience, who in your work place does?

  Computation of cash balance at the end using given datause

computation of cash balance at the end using given data.use the following information to calculate the change in the

  What is the amount of double-declining balance depreciation

What is the amount of double-declining balance depreciation, for year 5, if the cost of an asset is $75,000, the useful life is 5 years

  Unrestricted-temporarily restricted-permanently restricted

For each of the following transactions, identify the net asset classification (unrestricted, temporarily restricted, permanently restricted) that is affected in the NFPO’s financial statements for the year ended December 31, 2012. More than one net a..

  What would be the journal entries and elimination entries

Over the next two years, William continued selling inventory to Roberts. Assume that any items in intercompany inventory at the end of a given year were sold to outside parties in the following year

  Prepare march income statement for lae manufacturing company

Prepare the March income statement for LAE Manufacturing Company and determine the inventory balances at the end of the first month of operations.

  What is the aftertax cost of debt

Which is more relevant, the pre-tax or the after-tax cost of debt? Why? What is the aftertax cost of debt? What is the pretax cost of debt?

  Compute number of sales units required to earn a net income

If Tantu's variable manufacturing costs do increase 10 %, compute the selling price that would yield the same CM-ratio in the coming year.

  What is an estimate of the wacc for software division

WACC is 11.3% and the computer sales division represents 38% of the value of your ?rm, what is an estimate of the WACC for your software division?

  Calculate the dollar amount of ending inventory

Calculate the dollar amount of ending inventory and cost of goods sold under each of the Weighted-average cost, periodic inventory cost flow assumptions

  Prepare a journal entry to record the estimated liability

Prepare a journal entry to record the estimated liability for product warranties during the month. Prepare a journal entry to record the games replaced under warranty during the month.

  What are the main types of cancer that affect humans

Healthcare professionals can breach HIPAA rules in several life threatening instances which include? What are the main types of cancer that affect humans

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd