Answered: The Field, Brown & Snow are partners…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $130,800; Brown, $167,100; and Snow, $153,800. On May 31, the liquidation resulted in a loss of $406,200.

2. Assume that the partner with a deficit pays cash to cover the deficit. make the journal entries on May 31 to record (a) the cash received to cover the deficit and (b) the final disbursement of cash to the partners.

Beginning Inventory
Purchases:
January 9
January 25
Total
Cost of Goods Available for Sale
Cost of Goods
Available for
Sale
# of
units
Cost per
unit
Periodic FIFO
Cost of Goods Sold
# of units
sold
Cost per
unit
Cost of
Goods Sold
Inventory Balance
Cost per
unit
# of units
in ending
inventory
Ending
Inventory

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