User Account

All Pages

How much amount should be distributed to each partner

Assignment Help Accounting Basics
Reference no: EM132527440

Question - A partnership has the following account balances: Cash, $72,000; Other Assets, $550,000; Liabilities, $280,000; Nixon (50 percent of profits and losses), $165,000; Cleveland (30 percent), $105,000; Pierce (20 percent), $72,000. The company liquidates, and $9,500 becomes available to the partners. Who gets the $9,500? How much of this amount should be distributed to each partner?

Reference no: EM132527440

Questions Cloud

Which alternative is more profitable : Which alternative is more profitable? Show calculations supporting your decision. A company has obsolete inventory costing $71,000.
TAEASS502 Design and develop assessment tools Assignment : TAEASS502 Design and develop assessment tools Assignment Help and Solution, Plenty Training - Assessment Writing Service - Describe two more examples
Biometrics is invasion of privacy : Many people believe that the use of biometrics is an invasion of privacy.
Find total dollar difference in favor of the alternative : Stinson Industries has been evaluating,Indicate if Stinson should make or buy the component and the total dollar difference in favor of that alternative.
How much amount should be distributed to each partner : The company liquidates, and $9,500 becomes available to the partners. Who gets the $9,500? How much of this amount should be distributed to each partner
Research on top down vs bottom up budgeting : Please do some research on top down vs bottom up budgeting. In your post describe the differences between each of these styles of budgeting
Prepare the necessary adjusting entries as at July : Zoom Ltd has Cash at Bank balance as per the company's record of $ 5,870 debit on 31st July 2019. Prepare the necessary adjusting entries as at July
Significance of formulating adequate policies : Discuss the significance of formulating adequate policies and procedures in your organization (JP Morgan Chase).
Compute the fixed or variable elements of each cost : Compute the fixed and/or variable elements of each cost. A company has collected the information regarding costs at various levels

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine and interpret the linear correlation coefficient

Determine and interpret the linear correlation coefficient, and use linear regression to find a best fit line for a scatter plot of the data and make prediction

  Construct the stockholders equity section

Foley Corporation has following capital structure at the beginning of the year: Construct the stockholders' equity section incorporating all above information

  Calculate the net income for the company as the whole

Calculate the net income for the company as the whole with the children's department

  What is the direct labour quantity variance

If a manicure took 1 hour at the standard hourly rate, what is the direct labour quantity variance on that one manicure

  What effect does this transaction have on net income

What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders' equity

  What is pablo basis in the receivables

Pablo has a $108,200 basis in his partnership interest. What is Pablo's basis in the receivables, land, and partnership interest following the distribution

  Warranty expenses during the year

In the current year, Hanna Company reported warranty expense of $196,000 and the warranty liability account increase $13,000. What were warranty expenditures during the year?

  A manufacturer is developing a new board game geared

a manufacturer is developing a new board game geared towards children. to be competitive with other board games the

  Grants an option to h

Grants an option to H

  Knowing that you have some accounting experience

Knowing that you have some accounting experience, a friend has sought your advice regarding a business that he intends purchasing

  Prepare journal entries for sales and sales returns

What amount of sales revenue should Paramount recognize for 2013. Prepare journal entries for sales and sales returns of 2013

  Discuss the above sale in its consolidated statements

How would J & J account for the above sale in its consolidated statements

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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