How much did each partner receive from march distribution

Assignment Help Accounting Basics
Reference no: EM132576069

The following are the partners' capital balances and profit and loss sharing ratios of Adams & Company on January 31, Year 9.

Jan. 31, Year 9

                                         P&L                    Capital

Adams                          .40               $120,000

Baur                               .25                80,000

Chernier                             .20                35,000

Decker                                .15                  60,000

                                         $295,000

Required:

On January 31, Year 9, the partners decided to liquidate the partnership. Adams was given the responsibility of selling the assets, discharging the liabilities, and distributing cash to the partners as it became available.

Question 1: The first distribution of cash was made in February Year 9, and Baur received $3,000 as her share. In March Year 9 an additional $40,000 was distributed to the partners. How much did each partner receive from the March distribution? Show all calculations.

Reference no: EM132576069

Questions Cloud

Prepare the entries on the books of Recharge to record : Recharge Ltd. purchased a patent on January 1, 2020, for $ 1,120,000. Prepare the entries on the books of Recharge to record
MKT00720 Marketing Assignment : MKT00720 Marketing Assignment Help and Solution, Southern Cross University - Assessment Writing Service - explore your capacity to analyse the marketing
Find what is the book value of the asset on december : Find What is the book value of the asset on December 31, 2022? The cost of the asset was 140,000, with an estimated useful life of 8 years
Calculate the fair value of the identifiable net assets : The fair values of these assets were: buildings $180 000, machinery $140 000. Calculate the fair value of the identifiable net assets
How much did each partner receive from march distribution : In March Year 9 an additional $40,000 was distributed to the partners. How much did each partner receive from the March distribution? Show all calculations
Find entry in the partnership books to record the retirement : Fair value of ?1,200,000 as settlement of his interest in the partnership. The entry in the partnership's books to record the retirement of C includes
Global initiatives : What is the difference between leading a U.S.-based virtual cross-cultural team and a global virtual cross-cultural team?
What proper accounting recognition at the date of sale was : Assume that the Roy Company stock was sold during 2014 for $31,000. The proper accounting recognition at the date of sale was
How much is the capital balance of a after the admission : On July 1, 20x1, How much is the capital balance of A after the admission of C if C's admission was accounted for using the bonus method?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize the entries to record the stock subscription plan

Assignment - Principles of Accounting - Journalize the entries to record the stock subscription plan for Orange Co. On June 1

  Discuss negative trendsemerge from accounting statement data

Describe any positive or negative trends that emerge from the accounting statement data and comparisons, providing a detailed explanation of the factors

  What are they for the audit of jones company financial

Explain what is meant by determining the degree of correspondence between information and established criteria. What are the information and established criteria for the audit of Jones Company's tax return by an internal revenue agent? What are th..

  Problem - Straightforward Variance Analysis

Problem - Straightforward Variance Analysis - Total overhead incurred amounted to $508,400. Compute Arrow's direct material variances

  Abc company employs a periodic inventory system and sells

abc company employs a periodic inventory system and sells its inventory to customers for 25 per unit. abc company had

  Prepare a schedule for the calculation of cash

Prepare a schedule for the calculation of cash generated from operating activities for the year ended December 31, 20-B

  Aerkion company starts 2013 with two assets cash of 19000

aerkion company starts 2013 with two assets cash of 19000 lcu local currency units and land that originally cost 70000

  Inventory of the laundry

The Village Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the ..

  A building with an appraisal value of 12564200 is made

a building with an appraisal value of 125642.00 is made available at an offer price of 150801.00. the purchaser

  What is the amount of unused credit carried forward

If the general business credit generated by activities during 2016 equals $36,000. What is the amount of unused credit carried forward to 2017?

  Discuss the accounting principles

Critically discuss the accounting principles and qualitative characteristics of useful financial information that were violated in the above case.

  Why are the revenues and expenditures of governmental

Why are the revenues and expenditures of governmental type funds independent of each other?

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