Prepare journal entries required to liquidate partnerships

Assignment Help Accounting Basics
Reference no: EM132809971

Problem 1: The partners of the Blue Tooth Partnership agree to liquidate the partnership. After all the liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters is unable to pay his capital deficiency. Assume the partners share profits and losses equally. Prepare the journal entries required to liquidate the partnership.

Reference no: EM132809971

Questions Cloud

What is the net present value of investment for saturn ltd : What is the net present value of this investment for Saturn Ltd? In addition, Saturn will incur installation and testing costs of $5,000 and $8,500 respectively
Discuss the job characteristics model : In the context of job design, discuss the job characteristics model.
Report on the analysis and recommendations for change : Analyze the situations and make a report on the analysis and recommendations for change. for above ethical issue.
What is the option payoff for a long call position : A call option on a stock has an exercise price of $23.65. If the stock price at expiration is $26.50, what is the option payoff for a long call position?
Prepare journal entries required to liquidate partnerships : Peters is unable to pay his capital deficiency. Assume partners share profits and losses equally. Prepare the journal entries required to liquidate partnerships
Creating a satisfied employee by meeting needs : Name 2 limitations, risks, and ethical considerations when applying these theories. for example, ethical consideration is the fact that the decision to hire a c
Account labor laws in the selection process : What specific consequences can the employer have that does not take into account labor laws in the selection process?
Prepare the journal entry to record the withdrawal : Prepare the journal entry to record the withdrawal. Armstrong plans to leave the JT Partnership. At this time her capital account is $48,000.
Common labor union issues for nursing staff : -What are the common labor union issues for nursing staff in an acute care organization? (You may select another setting of interest to you.)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much of the cost should be allocated

A company produces two joint products (called 101 and 202) in a single operation that uses one raw material called Casko. How much of the $800 cost should be allocated to each product, assuming that the company allocates cost based on sales revenue

  Prepare a summary journal to record raw material used

Prepare a summary journal to record raw material used

  What penny corporation price-earnings ratio is

Penny Corporation's common shares are selling for $40 per share on the Toronto Stock Exchange. Penny Corporation's price-earnings ratio is

  Prepare schedule showing the employer total cost of wages

Windsor Hardware Company's payroll for November 2017 - Prepare a schedule showing the employer's total cost of wages for November by function

  Incremental cost associated with producing

What is the incremental cost associated with producing an extra 50,000 jars of salsa. What is the incremental cost associated with the price reduction of $0.30 per jar?

  Discuss what are the effects of socio economic factors

What are the effects of socio economic factors in operations of the employee. an example relating to accounting will be highly appreciated

  Determining price of bond

Jay´s Trucking Inc., has issued an 8%, 20 year bond paying interest semiannually. The bond has a face value of $1,000. If the yield of the bond is 10% (effective annual yield), what is the price of the bond?

  What is X Ltd accrual profit

Credit sales of $100,000 of which $80,000 was collected by year-end; Using only the data provided, what is X Ltd's accrual profit

  Determine what is the value of better than that purchases

Determine What is the value of Better Than That's purchases on credit in 2017? During 2017, Better Than That paid $20,338 in cash to its creditors.

  What is the amount of the change in pepsis net income

What amount of accounts payable did Pepsi report on December 29, 2007? On December 30, 2006?

  Compute the cost of the ending inventory under FIFO method

Assuming there are 394 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method

  How manual journals would impact your financial statements

For marking purposes, please make sure your manual journal narration is: Wheel aligner paid for by personal credit cardIt's always a good idea to look.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd