User Account

All Pages

How much did a and b receive in the first cash distribution

Assignment Help Accounting Basics
Reference no: EM132765621

Problem 1: A and B decided to liquidate their partnership. The partnership's records show the following information: Cash - Non-cash assets 80,000 Total assets 80,000 Liabilities 15,000 Loan payable to Partner A 10,000 Loan payable to Partner B 17,000 A, capital (80%) 20,000 B, capital (20%) 18,000 Total liabilities and equity 80,000 The non-cash assets are to be sold in installments and the partners' claims are to be settled as cash becomes available. In the first sale, half of the non-cash assets were sold for ?15,000. How much did A and B receive in the first cash distribution?

Reference no: EM132765621

Questions Cloud

How much is the income tax due : How much is the income tax due? Ms. Right earned a total taxable compensation income of ?850,000 for the year 2023. She is not engaged in business
Journalize the september transactions : Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system.
Compute the avoidable interest on this project : The weighted-average amount of accumulated expenditures was $5,760,000. Compute the avoidable interest on this project
How much is income tax liability for mrs oli : Compensation income of ?380,000 for the year 2020. he is not engaged in business nor has any other source of income. How much is her income tax liability?
How much did a and b receive in the first cash distribution : In the first sale, half of the non-cash assets were sold for ?15,000. How much did A and B receive in the first cash distribution?
Prepare the necessary journal entries to allocate net loss : Prepare the necessary journal entries to allocate the net loss to the partners' capital accounts and to close the partners' drawing accounts.
Body Ritual Among The Nacirema : What general message do you think the author was trying to convey in his description of this culture?
How much did b receive from the settlement of interest : How much did B receive from the settlement of his interest in the partnership? On January 1, 20x1, the partners of ABC Co. decided to liquidate the partnership.
What is the net present value of the investment : X Company is considering conducting an immediate advertising campaign in order to increase sales of one of its more popular products. The marketing department.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find what is the discounted value of the note

On January 1, 2017, Martian Manhunter Company uses the calendar year for reporting purposes. What is the discounted value of the note?

  Make the entry Apple makes when it acquires the bonds

On January 1, 2000 Apple Company acquired all of the stock of Pear Company at book value. Make the entry Apple makes when it acquires the bonds

  What amount of loss will Brighton recognize on distribution

Brighton Corporation distributes the land (now worth $300,000) pro rata to the shareholders. What amount of loss will Brighton recognize on the distribution

  Difference between profit and cash change

The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.

  Evaluate what is labor rate variance for annapolis company

Evaluate What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance

  Compute the net present value and internal rate

Compute the net present value and internal rate of return to determine the financial feasibility of this project.

  Determine and specify the amount of bad debts expense

Determine and specify the amount of bad debts expense that appears on the income statement. Describe how this amount is classified

  Smothers wood company is in the process of selecting cost

smothers wood company is in the process of selecting cost drivers that could be used as the basis for allocating

  Reason for establishing internal audit function

Which of the following is generally considered to be a major reason for establishing an internal audit function?

  What was the standard deviation of the portfolio returns

What was the standard deviation of the portfolio's returns? You will invest 40% of your wealth in 123 Inc and 60% of your wealth in 456 Inc

  Describe tax-planning client letter on irrevocable trusts

Describe Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax.Analyze the effect of an irrevocable trust on the gift tax and future estate

  Assume the partnership income-sharing agreement calls for

o. guillen beginning capital 60000 and k. williams beginning capital 90000 are partners. during 2010 the partnership

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