Non cash assets and liabilities

Reference no: EM13257225

Immediately prior to the process of liquidation, partners Micco,Niccum, and Orwell have capital balances of $70,000, $20,000, and$30,000 respectively. There is a cash balance of $10,000,noncash assets total $160,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 2:2:1.

Journalize the entries to record the liquidation outlined below,using Assets as the account title for the non cash assets and Liabilities as the account title for all creditors' claims.

(a)	Sold the noncash assets for $80,000 in cash.
(b)	Divided the loss on realization.
(c)	Paid the liabilities.
(d)	Received cash from the partner with thedeficiency.
(e)	Distributed the cash to the partners.

Reference no: EM13257225

Questions Cloud

What is the speed of electrons in the beam : Early black-and-white television sets used an electron beam to draw a picture on the screen. The electrons in the beam were accelerated by a voltage of 3.0 kV, What is the speed of electrons in the beam

Annual amount of depreciation using straight line : Calculate the annual amount of depreciation using straight line method

What is todays value of the bequest : A rich relative has bequeathed you a payment of $1,000 one year from now. Each year after that, you will receive a payment on the anniversary of the last payment that is 8% larger than the previous payment.

Find what is steady-state stability and transient stability : 1) During a transient fault and a permanent fault on the transmission line of a power network, mention the sequence of a line circuit breaker's operation. 2) During a network fault, the voltage and active power of a synchronous generator drops

Non cash assets and liabilities : Journalize the entries to record the liquidation outlined below,using Assets as the account title for the non cash assets and Liabilities as the account title for all creditors' claims.

Discuss the opportunity costs : Identify, quantify, and discuss the opportunity costs that arise from your decision to attend DeVry University. Using the concept of present value analysis, how would you justify your decision to acquire a college degree?

Future vale of expenditures : A new company expectsto spend $100,000 per year for labor and $125,000 per year forsupplies over the next 3 years - At an interest rate of 12% per year what is the future vale of these expenditures.

Liability for stamp redemptions : If all the stamps sold in 2007 were presented for redemptionin 2008, the redemption cost would be $5,200,000. What amount should Hairston report as a liability for stamp redemptions at December 31, 2007?

Write an arduino code that reads temperature from thermistor : Write an arduino code that reads the temperature from a thermistor. This code must read a set temperature from the serial monitor and if the temperature from the thermistor is higher than the set temperature then a fan and led will turn on.

User Account

All Pages