Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $607,800. 2. Inventory is sold for $450,000. 3. Inventory is sold for $319,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $243,000 and partners with deficits do not pay their deficits.

Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $607,800. 2. Inventory is sold for $450,000. 3. Inventory is sold for $319,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $243,000 and partners with deficits do not pay their deficits.

Name: Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ra
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Description: Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners havedecided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows.Balanc

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory Total assets $ 76,400 552,600 $ 629,000 Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity Liabilities Equity $ 247,000 76,400 171,900 133,700 $ 629,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $608,400. 2. Inventory is sold for $426,600. 3. Inventory is sold for $349,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $258,600 and partners with deficits do not pay…
Kendra, Cogley, and Mel share Income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital $631,000 Total liabilities and equity Cash Inventory Assets Total assets $ 89,200 541,800 Required 1 Inventory Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1 2 1. Inventory is sold for $604,200. 2. Inventory is sold for $424,200. 3. Inventory is sold for $307,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $262,200 and partners with deficits do not pay their deficits. Required 2 Inventory Required…
Ichigo, Inuoe, and Byakuya are partners dividing profit and losses of the partnership in the agreed ratio of 1:2:3. The following are the ledger balances at the start of liquidation: Cash P 50,000 Accounts payable P120,000 Noncash 670,000 Loans payable – Inuoe 10,000 Loans Receivable – Ichigo 30,000 Loans payable – Byakuya 20,000 Ichigo, Capital 150,000 Inuoe, Capital 200,000…
A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine total payment to partners on the initial installment.
A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3⁄6; Cogley, 2⁄6; and Mei, 1⁄6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Required Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inventory is sold for (1) $600,000; (2) $500,000; (3) $320,000 and partners with deficits pay their deficits in cash; and (4) $250,000 and partners with deficits do not pay their deficits. (Round to the nearest dollar.)
A partnership has the following balance sheet prior to liquidation (partners’ profit and loss ratios are in parentheses): During liquidation, other assets are sold for $80,000, liabilities are paid in full, and $15,000 in liquidation expenses are paid. What amount of cash does each partner receive as a result of this liquidation? Playa, $6,000; Bahia, $4,500; Arco, $4,500. Playa, $10,000; Bahia, $18,500; Arco, $19,500. Playa, $16,000; Bahia, $23,000; Arco, $24,000. Playa, $19,200; Bahia, $14,400; Arco, $14,400.
Immediately prior to the process of liquidation, partners M, N, and O have capital balances of $70,000, $20,000, and $30,000 respectively. There is a cash balance of $10,000, noncash assets total $160,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 2:2:1. Journalize the entries to record the liquidation outlined below, using “Assets” as the account title for the noncash assets and “Liabilities” as the account title for all creditors' claims. (a) Sold the noncash assets for $80,000 in cash. (b) Divided the loss on realization. (c) Paid the liabilities. (d) Received cash from the partner with the deficiency. (e) Distributed the cash to the partners. (for each Journal Entry, omit the 4th journalizing step of providing a brief explanation) JOURNAL Date Post. DR CR (a)…
D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The partnership is to be liquidated. Prior to the liquidation, the statement of financial position shows the following balances Cash P 80,000 Liabilities P 80,000 Other Assets 720,000 D, Capital 320,000 E, Capital 240,000 F, Capital 160,000 After realization, E received P 120,000 as settlement of his interest. How much was the loss on the sale of assets? How much did F receive in final settlement of his interest? What amount of total cash was distributed to the Partners?
Katie, Lenie and Minnie decided to liquidate their partnership on July 31, 2008. Their capital balances and profit and loss ratios on this date, before liquidation, are: *please refer on the image* a. Total cash paid to partners, P736,000 b. Non-cash assets were sold for P600,000 c. Minnie received P66,800 d. Katie’s share in loss, P22,000
Immediately prior to the process of liquidation, partners Micco, Niccum, and Orwell have capital balances of $70,000, $20,000, and $30,000, respectively. There is a cash balance of $10,000, noncash assets total $160,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 2:2:1. Journalize the entries for the following liquidation using Noncash Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims. Sold the noncash assets for $80,000 in cash. Divided the loss on realization. Paid the liabilities. Received cash from the partner with the deficiency. Distributed the cash to the partners. If an amount box does not require an entry, leave it blank.
Immediately prior to the process of liquidation, partners Paco, Peca, and Pito have capital balances of $80,000, $30,000, and $40,000 respectively. There is a cash balance of $10,000, noncash assets total $190,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 50%, 35%, and 15% respectively. Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims. 1. Sold the noncash assets for $90,000 in cash. 2. Divided the loss on realization. 3. Paid the liabilities. 4. Received cash from the partner with the deficiency. 5. Distributed the cash to the partners.