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After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership indicate the following:Cash $75,000Non cash 105,000Liabilities $27,500Anna, Capital $45,000Brian Capital $15,000Cole Capital $25,000Partners share net income and losses in the ratio of 3:2:1 between May 7-30 the non cash assets were sold for $150,000 the liabilities were paid and the remaining cash was distributed to the partners.A Prepare a statement of partnership liquidationB Assume the same facts as in A. except that non cash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation
Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer. 1. It i
Protected transactions These fall into three categories: (A) Under Section 50: Payments by the bankrupt to creditors; Payments or deliveries to the bankrupt; C
Can you combined the PVH & Warnaco Group Balance Sheet after merger?I will an attached the excel worksheet that includes the instructions
Amortized Payment You purchase a house that costs $800,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance. (i) What is your monthly paymen
Nine years ago, Goodwynn& Wolf Incorporated sold a 16-year bond issue with a 11% yearly coupon rate and a 10% call premium. Today, G&W known as the bonds. The bonds originally were
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Illustrations of Income statement Profit/Loss on disposal of non-current assets Material write down or reversal of write down on assets e.g. PPE inventory and debtors.
1. You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did y
In response to a question about financing the acquisition, James replied "The production equipment will cost $950,000. We will also need to purchase $50,000 of additional equipmen
Horton Co. was organized on January 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5-iss
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