User Account

All Pages

Liquidation expenses were expected

Assignment Help Accounting Basics
Reference no: EM13539498

The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:
Cash 90,000 Liabilities 170,000

Non cash assets 300,000 Perry Capital 70,000

Quincy's Capital 50,000

Renquist Capital 100,000

total 390,000 390,000


Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.
All partners were solvent.

Reference no: EM13539498

Questions Cloud

What is the buoyant force acting on the sphere : A sphere of radius 10.0 cm floats in equilibrium partially submerged in water with its lowest point 5.00 cm below the water's surface. What is the buoyant force acting on the sphere
What is the speed of the bob at the bottom of the swing : A 2.4 m long pendulum is released from rest when the support string is at an angle of 25° with the vertical. What is the speed of the bob at the bottom of the swing
Compute the magnitude of the final velocity of the glider : A glider of mass 0.155 is moving to the right on a frictionless, horizontal air track with a speed of 0.730. Find the magnitude of the final velocity of the 0.155 glider
Determine the equivalent spring constant of the bow : An archer pulls his bow string back 0.440 m by exerting a force that increases uniformly from zero to 224 N. What is the equivalent spring constant of the bow
Liquidation expenses were expected : Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.
Elaborate the decision problems in urban : Name and elaborate the decision problems in urban and regional planning
What minimum force must be applied to the crate : The coefficient of static friction between the m = 3.40 kg crate and the 35.0° incline is 0.300. What minimum force must be applied to the crate
Explain the changing social and organizational effects : Evaluate the tools and techniques that need to be applied for the effective and successful implementation of a computer based project
Find the magnitude of the emf induced in the loop : A circular loop of flexible iron wire has an initial circumference of 167 cm, Find the magnitude of the emf induced in the loop after exactly time 7.00 seconds has passed since the circumference of the loop started to decrease

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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