Reference no: EM13776885
The partnership of Able, Bert, and Carl has the following trial balance on January 31, 2015.
Debit Credit
Cash $20,000
Accounts Receivable (net) 30,000
Inventory 35,000
Plant and Equipment (net) 215,000
Accounts Payable $40,000
Able, Capital 120,000
Bert, Capital 90,000
Carl, Capital 50,000
Totals $300,000 $300,000
The partners share profits and losses as follows: Able, 50%, Bert, 30%, Carl, 20%. The partners have decided to liquidate their partnership by installments. Cash is distributed to the partners at the end of each month. A summary of the liquidation transactions for February follows:
1. $25,000 is collected on accounts receivable; the balance is uncollectible.
2. $20,000 received for the entire inventory.
3. $1,500 liquidation expense paid
4. $40,000 paid to creditors
Required: Prepare the following for the month of February.
1. Statement of Partnership Realization and Liquidation with the supporting
2. Schedules for Save Payments to the partners
|
Evaluating profit and cash flows
: Any manager's job is to help the firm maximize its value, which is based on future cash flows. In order to understand future cash flows, informed managers must study their firm's financial statements. You studied various profit and cash flow concepts..
|
|
The fibonacci series is defined to be the following numbers
: The Fibonacci series is defined to be the following numbers: 0,1,1,2,3,5,8,... where each number is the sum of the previous two numbers. Create a pseudo code function using do-while loops and output the first number greater than 100 in the preceding ..
|
|
Proportional method to record the issuance of the bonds
: Eisler Corporation issued 2,300 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 99, and the warrants had a market price of $41. Use the proportional method to record..
|
|
Equity indexes i would like to know what the s&p 500 measur
: Assignment 3: Equity Indexes I would like to know what the S&P 500 measures. I would like to know what the Dow Jones Industrial Average measures? What are the differences between the Dow Jones Industrial Average and the S&P 500? What is an exchange t..
|
|
Partnership realization and liquidation with the supporting
: The partners share profits and losses as follows: Able, 50%, Bert, 30%, Carl, 20%. The partners have decided to liquidate their partnership by installments. Cash is distributed to the partners at the end of each month. Statement of Partnership Realiz..
|
|
What is the breakeven cost per killowatt hour
: CFL's have become more popular in recent years but do they make financial sense? Suppose a typical 60 watt light bulb cost $0.44 and last for 1,000 hours. A 15 watt CFL which provides the same light costs $3.35 and lasts 12,000 hours. A kilowatt hour..
|
|
Describe what policy changes you would implement to mitigate
: The damaging scandals of Wikileaks/Bradley Manning and Edward Snowden demonstrate a series of critical failures of existing security policy.1. For both scandals describe the policy failures that you believe were responsible for the incidents. 2. Desc..
|
|
What is the sales price of the using markup costing
: The Exchange Company is in the process of developing a new product called LS500. The company requires a 35% profit. The LS500 current design carries with it a total cost of $125. What is the sales price of the LS500 using markup costing? Round your a..
|
|
Calculate the receivables turnover ratio for the year
: Universal Sports Supply began the year with an accounts receivable balance of $160,000 and a year-end balance of $180,000. Credit sales of $580,000 generate a gross profit of $280,000. Calculate the receivables turnover ratio for the year
|