Reference no: EM131024694
The partners of Donald, Chief & Berry LLP decided to liquidate on August 1, 2011. The balance sheet of the partnership is as follows, with profit and loss ratio of 25%, 45%, and 30%, respectively. Donald, Chief, & Berry LLP Balance Sheet Aug 1, 2011 Assets Liabilities & Partner's Capital Cash 60,000 Trade accounts payable 130,000 Loan Receivable from Donald 40,000 Loan payable to Chief 60,000 Other Assets 500,000 Donald, capital 140,000 Chief Capital 160,000 Berry, capital 110,000 Total 600,000 Total 600,000 The disposal of Other Assets with a carrying amount of $200,000 realized $140,000, and all available cash was distributed.
a.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record the realization of Other Assets.
b.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record payment of liabilities.
c.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011, to record the offset of the loan receivable from Donald.
d.) Prepare the schedule to compute the cash payments to the partners.
|
Discuss glass jas analysis and its application
: Discuss Glass JAs analysis and its application in WA to liability for personal injuries in the tort of negligence. The arguments in your discussion should be supported by citing case-law and statutory authorities where appropriate.
|
|
Receivables from the slow-paying clients
: He explains to the board that removing the $80,000 increase in accounts receivable from current assets will increase net cash provided by operations. This approach may help Moss get the loan.
|
|
Find the slope of the line that goes through the given point
: Evaluate the function at the given value of the independent variable and simplify.
|
|
Individual task of developing a summary
: As a member of the staff (CLC) team assigned to work with Dave, you are assigned the individual task of developing a summary of the legal restrictions placed on the client, the areas of tax planning that you recommend for the taxpayer, and what so..
|
|
Record the realization of other assets
: Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record the realization of Other Assets. Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record payment of liabilities.
|
|
Calculate the probability for smoking for low edcuation
: Estimate a linear regression (which in this context is called a linear probability model (LPM)) for the binary variable smoke on the independent variable hi_ed. Report the beta coefficient on the dummy variable and its p-value. In words, express w..
|
|
T-account for short term investment
: How will Waverly classify the investment? What will Waverly report on its 20X6 income statement? Show T-account for short term investment.
|
|
What is an inelastic vs. an elastic product
: List at least five products that you personally consider inelastic in your life and at least five products that you personally consider elastic in your life. Explain why you consider these products elastic or inelastic from your perspective.
|
|
Prove that the reduced qr factorization a = qr
: If the eigenvectors w1 and w2 of A^H*A are orthogonal, then Awi and Aw2 are orthogonal.
|