User Account

All Pages

How much will each partner receive

Assignment Help Accounting Basics
Reference no: EM131771319

Question 1. After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.

Cash 18,000

Inventory 73,000

Other assets 157,000

Accounts Payable 61,000

Abel, Capital 50,000

Barney, Capital 50,000

Cole, Capital 87,000

Noncash assets are sold for $275,000. Profits and losses are shared equally.

After all liabilities are paid, divide the remaining cash amongst the partners.

Question 2. The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:

Cash $10,000

Other Assets 8,000

Liabilities 4,000

Brandon, Capital 7,000

Ryan, Capital 7,000

a. If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?

b. If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?

Reference no: EM131771319

Questions Cloud

Find how many of each type of home should : The profit on the Carolina is $60,000 and the profit on the Savannah is $70,000. Find how many of each type of home should be built to maximize profit.
What is ryan year-end basis in his partnership interest : During the year, the partnership reported a $30,000 loss and paid off a $120,000 recourse debt. What is Ryan's year-end basis in his partnership interest
Define methods for teaching introductory psychology : A psychology department is interested in comparing two methods for teaching introductory psychology. Four hundred students plan to enroll for the course.
Create a hypothetical organization offering product : Scan and assess the internal corporate environment to determine the strategic factors that are Strengths (especially core competencies) and Weaknesses.
How much will each partner receive : If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets
Review problem on the grocery stores : Suppose you have a choice of two grocery stores in your neighborhood. Because you hate waiting, you want to choose the one for which there is generally.
Combination of radio and television advertisements : A candidate wishes to use a combination of radio and television advertisements in her campaign. Research has shown that each 1-minute spot on television
Use the empirical ruie to ?nd the percentage : Use the empirical ruie to ?nd the percentage 01 people whose scores are between 95 and 115. What is the percentage of people whose test scores are between.
What does current medical-nursing research say : Trace the history of cannabis use and its effect on health. What does current medical/nursing research say regarding the increasing use of medicinal cannabis.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is his net tax cost or net tax savings

What is his net tax cost or net tax savings for 2014 from these transactions if his marginal tax rate is 28%

  What is the net realizable value of the receivables

Uncollectible accounts are estimated to total $25,790 at the end of the period. What is the net realizable value of the receivables at the end of the period

  Determine the target wacc for apix printing

We can determine the target WACC for Apix Printing Inc., given these assumptions," she says as she hands you a piece of paper that says the following:

  The partners withdrew no assets during june what is each

abel and baker had beginning capital balances of 20000 and 16000 respectively. the two partners fail to agree on a

  Georges grandmother promises to give him 1000 atthe end of

a. on january 2 2009 hill company borrowed 10000 from bankthree. the loan was to be repaid in equal principal

  Explain why the uncollectible accounts expense amount

Explain why the uncollectible accounts expense amount is different from the amount that was written off as uncollectible.

  Which of the following are principles of internal

which of the following are principles of internal control?a. having a yearly audit by an independent auditing firmb.

  Assume that flip uses a periodic inventory system and that

question 3 suggested time 15 minutes 15 pointsthe following information is available for flip companybeginning

  Ace company purchased office equipment for 22000 terms 210

1. natchez industries inc. acquired land buildings and equipment from a bankrupt company vivace co. for a lump-sum

  Prepare journal entries to record these transactions and

on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.

  Obtained from a population with unknown parameters

The following sample of n=6 scores was obtained from a population with unknown parameters. Scores: 5, 5, 3, 4, 6, 7

  The fair value of its identifiable assets

Simon Company determines that its goodwill is impaired. It finds that its implied goodwill is $360,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000. What is the amount of goodwill impaired?

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