Prepare the general journal entry to record the distribution

Assignment Help Accounting Basics
Reference no: EM132639570

Question - The trial balance for the MAD Partnership is as follows just before declaring bankruptcy. Partners share profits in the ratio 45:30:25.

Required -

1. Prepare a schedule to show how available cash would be distributed to the partners after creditors are paid in full. State which partner would receive the first cash available and at what point and to what degree each of the remaining partners would participate in cash distributions.

2. Cash of $30,000 is available to partners after the creditors have been paid in full. Prepare the general journal entry to record the distribution of $30,000.

Reference no: EM132639570

Questions Cloud

Health education program for african americans and diabetes : Explain how you would approach a health education program for African Americans and Diabetes.
Question - Calculate the balance : Question - Calculate the balance - Olean Manufacturing Inc reported the following balances on its 21/31/20XX Balance Sheet
How nasw code of ethics guides your professional research : The NASW Code of Ethics makes a number of statements about social workers' responsibility to study, use, and engage in research and evaluation.
Compute the amount of sales during the year : Assuming that Microchem Corporation makes all sales on account, compute the amount of sales during the year
Prepare the general journal entry to record the distribution : Cash of $30,000 is available to partners after the creditors have been paid in full. Prepare the general journal entry to record the distribution of $30,000
Project plan - application to predict heart disease : Specification and design documentation will require your knowledge from Software Engineering - implementation phase of the project, and to reinforce
Impact of the change throughout organization : Analyze what is driving the change to take place. Apply systems thinking to address the impact of the change throughout the organization.
Market share-price-influencing factors impact functionality : There are three major ways health care providers can control their revenue function. How do market share and price-influencing factors impact this functionality
What interest expense would it recognize : Assuming that Ansbach issued the bonds for $255,369,000, what interest expense would it recognize in its 2016 income statement

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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