Solution-The allocation of its gain or loss

The allocation of its gain or loss

Assignment Help Accounting Basics

Reference no: EM13900176

1.Lasure, Ramirez, and Toney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows.

1200_267-B-A-P (693).png

Required: Prepare journal entries for
(a) The sale of equipment,
(b) The allocation of its gain or loss, (c) The payment of liabilities at book value,
(d) The distribution of cash in each of the following separate cases: Equipment is sold for
(1) $ 650,000;
(2) $ 530,000;
(3) $ 200,000 and any partners with capital deficits pay in the amount of their deficits;
(4) $ 150,000 and the partners have no assets other than those invested in the partnership. (Round amounts to the nearest dollar.)

Reference no: EM13900176

Questions Cloud

Record the entry for the warranty work provided in february : Record the adjusting entry required at January 31, the end of the first month of the current year, to record the accrued product warranty. Record the entry for the warranty work provided in February.

Developed a fire safety inspection checklist : You are a company officer, and you have developed a fire safety inspection checklist for your department. Describe the process that you developed for the inspection tour, how you will conduct your inspection, and what you would look for in each area.

Calculate the pressure when the volume : A sample of an ideal gas has a volume of 2.35 L at 285 K and 1.11 atm Calculate the pressure when the volume is 1.72 L and the temperature is 307 K

The latter behaves as an acid according to the equation : A sample containing 0.0500 mol of Fe2(SO4)3 is dissolved in enough water to make 1.00 L of solution. This solution contains hydrated SO4^2- and Fe(H2O)6^3+ ions. The latter behaves as an acid according to the equation:Fe(H2O)63+ (aq) Fe(H2O)5OH2+ (..

The allocation of its gain or loss : 1.Lasure, Ramirez, and Toney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows.

Differences between an inflationary gap and a recessionary : Describe the differences between an inflationary gap and a recessionary gap

Different learning styles among company employees : Explain why it is important for a successful leader to recognize different learning styles among company employees. Give examples of how a successful leader at work would accommodate each learning style from their employees

Write the equilibrium expression : Write the equilibrium expression for the following reaction

Calculate the ph : Calculate the pH of a) 0.30 mol/L of CaCl2 b) 1.45 mol/L of CaSO4

User Account

All Pages

The allocation of its gain or loss

Reference no: EM13900176

Reference no: EM13900176

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT