Reference no: EM131227035
Partnership Liquidation
Josh, John, and Hassan are partners in a retail lighting store. They share income and losses in the ratio of 2:2:1, respectively. The partners have agreed to liquidate the partnership. The partnership balance sheet before the liquidation follows.
Josh, John, and Hassan Partnership Balance sheet August 31, 2014
Assets Liabilities
Cash $ 280,000 Accounts payable $ 360,000 Other assets 880,000
Partners' equity
Josh, capital $ 400,000
John, capital 240,000
Hassan, capital 160,000
Total partners' equity $ 800,000 Total assets $1,160,000 Total liabilities and partners' equity $1,160,000
The other assets were sold on September 1, 2014, for $720,000. Accounts payable were paid on September 4, 2014. The remaining cash was distributed to the partners on Sep- tember 11, 2014.
(Continued)
REQUIRED
1. Prepare a statement of liquidation.
2. Prepare the following journal entries:
a. The sale of the other assets.
b. Payment of the accounts payable.
c. The distribution of the loss from realization.
d. The distribution to the partners of the remaining cash.
|
Probability an that a wins at the nth trial
: i) What is the probability an that A wins at the nth trial? ii) What is the probability α that A wins overall?
|
|
How you would address the behavior differently
: Identify a team behavior problem (i.e. - negativity, no participation, scapegoating, etc.) and post it to the discussion forum. Be sure to explain what resulted from the behavior and how you would address the behavior differently.
|
|
Graph and find the probability of the given scores
: In excercises 17-36, assume that a randomly selected subject is given a bone density test. Those test scores are normally distributed with a mean of 0 and a standard deviation of 1. In each case, draw a graph and find the probability of the give..
|
|
What examples of functional and dysfunctional conflict have
: What examples of functional and dysfunctional conflict have you observed in organizations lately?What were the outcomes?What caused the dysfunctional conflict?
|
|
Prepare a statement of liquidation
: Prepare a statement of liquidation.- Prepare the following journal entries:- The sale of the other assets.- Payment of the accounts payable.- The distribution of the loss from realization.
|
|
What challenges you think the developing company faced
: For each product selected, identify what challenges you think the developing company faced in marketing this product. What rate of diffusion and consumer adoption do you foresee for these new products?
|
|
Order of the salespeople on the list is relevant
: A company has 12 salespeople. A board member at the company asks for a list of the top 5 salespeople, ranked in order of effectiveness. How many lists are possible? Assume that the order of the salespeople on the list is relevant.
|
|
How gross domestic product is measured
: Focusing on how Gross Domestic Product (GDP) is measured through its various components, explain in detail how each of these phases of the 'mining boom' impacts on GDP. Make comment on both potential short term and long term effects of the boom an..
|
|
Find and plot the equations
: First-order Euler method for an ODE. Consider using the first-order Euler method for the solution of Equation (3.31). Find and plot solutions for ?t = 0.1τ , 2.0τ , and 2.5τ and compare your numerical results with the exact solution. Your plots sh..
|