User Account

All Pages

How much cash will the partners receive

Assignment Help Accounting Basics
Reference no: EM132916301

Question - A local partnership has assets of cash of $5,000 and a building worth $80,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry $40,000, Landers $30,000 and Waters 15,000. The partners share profits and losses 4:4:2.

If the building is sold for $50,000,

a. How much cash will the partners receive in the final settlement?

b. Journal Entries for Selling of Assets, Payment of Liabilities, and Settlement of Capital?

Reference no: EM132916301

Questions Cloud

Some similarities in movement qualities : What are some similarities in movement qualities, sequencing, and instruments you observed between dance practices showcased in Latcho Drom (Gatlif, 1993)?
Develop the integrated marketing communications plan : Develop the integrated marketing communications plan most relevant for your product or service and audience. Develop your message strategy.
List and discuss the purpose of each financial statement : List and discuss the purpose of each financial statement, the order in which the financial statements are prepared, and the information
Professional dispositions statement : How your self-assessment supports your professional dispositions statement.
How much cash will the partners receive : A local partnership has assets of cash of $5,000 and a building worth $80,000. How much cash will the partners receive in the final settlement
Central issues in qualitative interviewing is understanding : One of the central issues in Qualitative Interviewing is understanding how to create interview questions so that data can be gathered effectively.
What percent of variance between static budget and results : The actual supplies cost for the month was $14,100. What percent of the variance between the static budget and actual results was due to volume (i.e., activity)
Diversity and influence children identities and development : How your growing awareness and understanding of the complex ways in which diversity and bias influence children's identities and development
What are the legal disclosure requirements for the company : The EPA sued the company for $2,000,000 in damages. What are the legal disclosure requirements for the company

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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