How much is the loss on realization of noncash assets

Assignment Help Accounting Basics
Reference no: EM133041930

Questions -

Q1. 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?

Q2. Mom, Bob and Gag are partners with capital balances of $320,000, $450,000 and $520,000 respectively with profit and loss sharing ratio of 2:3:5 respectively. The entity owes Bob $20,000. Upon liquidation, $390,000 is available for distribution to the partners. How much cash will Mom receive?

Q3. Juanda and Poppy are partners who share profits and losses in the ratio of 3:2 respectively. Juanda's salary is $180,000 and Poppy's is $140,000. The partners are paid interest on their average capital balances where Juanda received interest of $30,000 and Poppy, $15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If Juanda received $280,000 from partnership income, how much was the total partnership income?

Q4. The partners of AAA Partnership are Delia, Nada, and Romina. During the current year, their average capital balances are as follows: Delia - $180,000; Nada - $160,000; Romina - $150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Delia - $50,000 and Nada - $80,000. 3. Nada shall receive bonus of 15% of income in excess of $40,000 after partner's interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Delia, Nada and Romina. How much will Ana receive if the net income earned is $470,000?

Reference no: EM133041930

Questions Cloud

Examples of discrimination : List at least four examples of discrimination that can occur in workplaces. Then, focusing on discrimination based on race/ethnicity/cultural background/Aborigi
Find bona fide occupational requirement : How best can an employer avoid legal challenges arising against its use of screening practices? Screening practices and interviews can have discriminatory issue
What kind and amount of dividends does p need to pay : What kind and amount of dividends does P need to pay to John in order to make this happen? If there are multiple possibilities, discuss them all
Implications for for businesses hiring addicts : Should substance addiction be classified as a disability? If so, what threshold(s) should be used to substantiate an "addiction"? Does it depend on the kind of
How much is the loss on realization of noncash assets : The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. How much is the loss
Effective and ineffective training sessions : What are some effective and ineffective training sessions in a teaching position. What are some developmental opportunities in the teaching position
Describe one communication theory : Describe one communication theory that can be applied in a health and human services setting.
Bona fide occupational requirements : How could accommodation strategies be evaluated to ensure that all the employee's needs and all bona fide occupational requirements are being met?
Conducting an on-air interview : On August 26, 2015, two reporters for a Roanoke, Virginia TV station were shot and killed by a former employee while conducting an on-air interview as part of t

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.

  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!

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