Reference no: EM133028922
Questions-
Q1. Bea, Wade, and Freya agree to sell construction tools for a period of one month. Bea agrees to construct a stand on the front of the lawn of Freya. Freya will be paid $2,500 for cleaning up the lawn after the one-month selling period. Bea, Wade, and Freya decide that net income, if any will be allocated first by the $2,500 payment to Freya and then by a 40% commission on individual sales. The balance will be distributed 75% to Bea and 25% to Wade. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the individual. Sales to Bea, Wade, and Freya are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint operation are presented below:
a. Bea construct the stand on the front of the lawn at a cost of $10,000;
b. Bea pays for $100,000 for various construction tools. Freya pays $5,000 for permit to operate the concession or business;
c. Bea purchases additional construction tools for $150,000, using $50,000 contributed by Wade and $100,000 of personal money;
d. Sales for the period were as follows: Bea, $170,000; Wade, $260,000; and Freya, $60,000;
e. Freya pays $9,000 for office supplies and these are distributed equally between Bea, Wade, and Freya for their personal use at home. Freya agrees to pay $5,000 for the stand.
f. The balance of construction tools inventory was taken by Bea.
How much is the amount to be received (paid) by Bea during cash settlement?
Q2. Anna, Bobby, and Gerry are partners who have capital balances of $480,000, $500,000 and $180,000 respectively. Profit or loss is distributed in the ratio of 4:2:1. Bobby received $260,000 as a result of liquidating the partnership when 60% of the noncash assets of the partnership is realized. The partnership has total assets totaling to $500,000 including $50,000 cash before liquidation. The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. How much is the loss on realization of noncash assets?
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