How much were the total liabilities of the partnership

Assignment Help Financial Accounting
Reference no: EM133002377

Question - On January 1, 20x1, A and B, who share profits and losses on a 60:40 ratio, decided to liquidate their partnership. As of this date, their capital balances were 1,200,000 and 600,000, respectively. Before liquidation, the partnership had total assets of 2,000,000. Net proceeds received from the sale of non-cash assets amounted to 1,200,000. A received 768,000 in the settlement of the partners' capital balances. How much were the total liabilities of the partnership?

Reference no: EM133002377

Questions Cloud

Prepare the journal entries required by washing ltd : Prepare the journal entries required by Washing Ltd relating to its Investment in Ton Ltd for the period from 1 July 2019 to 30 June 2021
What is the total cost per unit : Variable costs for the year are £9000 and Fixed costs amount to £3000. What is the total cost per unit
Determine the optimal mix of investments : The firm's management wishes to determine the optimal mix of investments in the various alternatives that will maximize the amount of cash
What is the annual after-tax cost of debt : Sui Bian Ltd. has a callable outstanding bond issue with a face value of $5 million, which was issued ten years ago at flotation cost 5% of the face value. The
How much were the total liabilities of the partnership : A received 768,000 in the settlement of the partners' capital balances. How much were the total liabilities of the partnership
What is chip basis in the partnership at the end of the year : Chip contributes land to the newly formed CD Partnership in exchange for a 30% interest. What is Chip basis in the partnership at the end of the year
What is their yield to maturity : Ezzell Enterprises' non-callable bonds currently sell for $1,225. They have a 15-year maturity, an annual coupon of $95, What is their yield to maturity
Influences of micro and macro environmental factors : Develop an understanding and appreciation about the influences of micro and macro environmental factors and forces that affect an organisation's ability
Calculate the book value on the december balance sheet : Three different companies each purchased trucks on January 1, Year 1, for $50,000. Calculate the book value on the December balance sheet

Reviews

Write a Review

Financial Accounting Questions & Answers

  What was the balance in eve prepaid insurance

The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's prepaid insurance as of December 31, 20X8?

  The initial acquisition of the pluto corp bonds

Mars investments acquired $150,000 of pluto corp., 8% bonds at their face amount on September 1, 2014. the bonds pay interest on September 1 and march 1. on march 1, 2015 mars sold $75,000 of pluto corp. bonds at 102.

  What are the fixed costs of hamburger production

What are the fixed costs of hamburger production? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.)

  An element of just-in-time processing

An element of just-in-time processing is

  Display balance sheet is to use these menu bar selections

One way to display the balance sheet is to use these menu bar selections: On the Navigation Bar, make the following selections to record a payment on account: The Balance Sheet will divide the assets section as follows: To go from the income statemen..

  Creat a journal entry to record income taxes for the year

Creat a journal entry to record income taxes for the year 2010. Show well-labeled computations for the amount of income tax payable and the change in the deferred tax account.

  How much cash is to be invested by exhale

How much cash is to be invested by Exhale? Prepaid expenses of P5,000 and accrued expenses of P17,500 are to be recognized. 5% of the P100,000 recorded.

  What was the bomb real return for the year

What was the bomb's real return for the year? The bond price was $945.74 at the beginning of the year and $977.92 at the end of the year.

  Uncollectible account using percentage of credit sale method

At the end of the year a company reports a balance in its allowance for uncolletible accounts of $1,400 (credit) before any year-end adjustment. The company esitmates future uncollectible accounts to be 4% of creid sales for the year. Credit sales fo..

  Complete the income statement and the balance sheet

Using the preceding data, complete income statement and the balance sheet. Prepare a vertical analysis of income statement by relating each item to net sales.

  What financial record will be forwarded to the landlord

What financial record will be forwarded to the landlord each month and what items will it contain for the landlords information? Provide an example.

  How much would be the monthly payment for julia

After finding out that the dealer's cost, What is the total price (P) to be used in the auto loan formula? How much would be the monthly payment for Julia?

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