Reference no: EM132969686
Question - The December 31, 2019 ledger balances of Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, respectively, are as follows:
Cash 19,000
Accounts receivable 197,000
Allowance for bad debts 6,000
Accounts payable 77,000
Toledo, loan 9,000
Salary payable to Reyes 6,000
Bassig, capital 50,000
Bayani, capital 28,000
Benito, capital 40,000
At this date, the firm decided to liquidate and the succeeding activities are as follows:
January February March
Cash collection from customers 112,000 36,000 35,000
Payments in full settlement of liabilities 38,000 38,000 ---
Paid liquidation expenses 4,400 2,800 4,000
Cash payment to partners 16,000 19,800 remainder
Required -
1. Prepare statement of liquidation.
2. Cash priority program and corresponding of cash distribution to partners.
|
Explain competitive advantage
: Think about a product or service you really love - something that you have recommended to your friends or family or that you would get excited talking about to
|
|
Examine critical role of commercial insurance companies
: Examine the critical role of commercial insurance companies in the financing of long-term services. Take a position as to whether or not insurance companies' va
|
|
Starbucks inc-differentiation strategy
: A) Good news-your business is expanding. Using the business and business strategy, describe some ways your business could expand by working in new geographies t
|
|
Assess and monitor children learning
: Research and analyse from at least 2 credible sources to address the following:
|
|
Prepare statement of liquidation
: Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, respectively. Prepare statement of liquidation
|
|
Determine the dimensions of the enclosure
: If the pine board fencing costs $7/running foot and the steel fencing costs $4/running foot, determine the dimensions of the enclosure
|
|
Prepare a bank summary for the year ended
: Prepare a bank summary for the year ended 31st December 2020 showing the opening balance, the receipts and payments and the closing balance
|
|
Determine interest expense recorded
: On October 1, 2020, P800,000 bonds were reacquired at 105 plus accrued interest. Determine interest expense recorded in 2020
|
|
What is the depreciated value of the equipment
: The company wanted to determine the depreciation expense this year 2020. What is the depreciated value of the equipment
|