The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follczys: ASSETS LIABILITIES AND CAPITAL Cash 30,000 Liabilities 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 100,000 Receivable, net Merchandise Inventory 20,000 90,000 Non-current Asset 60,000 Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
Q: GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in…
A: Average capital of GWS = P315,000×312 + P210,000×612 +P385,000×312…
Q: The balance sheet for Coney, Honey, and Money partnership shows the following information as of…
A: Partnership refers to the formal agreement between two or more person who agreed to carry out the…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are…
A: a) In case 650000 is available for first distribution , it shall be utilized in the following manner…
Q: The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented…
A: When a partnership firm is undergoing dissolution first third party liabilities are to be settled,…
Q: 6. The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its…
A: SOLUTION- EXPLANATION- PERDALES (45000 / 30%) 150000 CEBALLUS (30000 / 50%) 60000…
Q: The partnership of X and Y was formed on June 1, 2021. At that date the following assets were…
A: Partnership is one of the agreement between two or more than two partners, in which they invest…
Q: The statement of financial position May Partnership on December 31, 2020 is given below: Cash…
A: Partnership is a kind of business entity in which the individuals agree to contribute their…
Q: On January 02, 2019, the business assets and liabilities of Gail Anne & Precious were as…
A: Capital = Assets-Liabilities
Q: PP and QQ are partners operating a chain of retail stores. The partnership agreement provides for…
A: Total Salary=PP+QQ=P10,000+P 5,000=P 15,000
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31,2021 are as…
A: Amount received by Q = (Amount available for distribution - Liabilities - Loan from S) x Q's…
Q: On September 15, 2021, LCM Partnership entered into liquidati profit and loss ratios and capital…
A: Explanation of Concept Partnership is the firm which is run by two or more partners on the basis of…
Q: rawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: As of July 1, 2020, MM and AA decided to form a partnership. Their balance sheets on this date are:…
A: (a) Revaluation account : (b) Closing Capital Balances after Revaluation :
Q: The statement of financial position of A, B, C partnership as of December 31, 2020 is presented…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…
Q: Cash is distributed as assets are realized. The total cash received by Honey is: a. P40,000 b.…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: IV On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…
A: Given:
Q: n Jan. 17, 2021, after all non-cash assets had been realized and all available cash had been…
A: Liquidation when all the partners or any one of them became insolvent then the business of the…
Q: The statement of financial position partnership as of December 31, 2020 is presented belOW: CASH…
A: A's Loan 50000 Profit sharing ratio 3:2:1
Q: As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account…
A: As granite capital is in negative the partner will bring cash upto that amount. 1. Determination…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: Answer- 4. Profit and loss appropriation account ...... dr 300,000 To Scott's Capital Account…
Q: The statement of financial position of X, Y, Z partnership as of December 31, 2019 is presented…
A: Total cash received=Jan 2019+Feb 2019+Mar 2019=P 60,000+P 35,000+P 125,000=P 220,000
Q: The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June…
A: 16) Total amount received from liquidation = 375000 Payment of liabilities = 175000 Total amount…
Q: A, B and C are in Partnership sharing profits and losses in the ratio of 2:1:1. During the year…
A: Answer: Profit & Loss appropriation account Dr Cr…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: The Balance Sheet of the equal MVR Partnership on August 31, 2020 is as follows: Cash- $300.000…
A: Capital gain is nothing but the gain earned on the sale of a capital asset that is held by the owner…
Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…
A:
Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…
A: Total proceeds from the realization = [(Total interest of A + Loan Receivable) / A, Capital %] +…
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Characteristics of Partnership : Two or More Persons Mutual Agency Earning & Sharing profit…
Q: 1. As of July 1, 2020, MM and AA decided to form a partnership. Their balance sheets on this date…
A: Answer 1)
Q: The statement of financial position of A,B,C partnership as of December 31, 2020 is presented below:…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: On March 1, 20x4, CC and FF formed a partnership with each contributing the following assets: CC FE…
A: Solution: Capital account of FF Would show balance of = Cash + machinery + building - mortgage loan…
Q: On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in…
A: Cash Balance 40000
Q: The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott,…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: EXERCISES А. The assets and equities of the NSW Partnership at the end of its fiscal year, October…
A: Partnership refers to the formal agreement between two or more person who are agreed to carry out…
Q: Pearson andMurphy have partner capital balances, at book value, of $45,000 and $65,000 as of…
A: Since partners believe that tangible net assets have a market value in excess of book value in the…
Q: The adjusted trial balance of the Kalmia and Wardah Partnership for the year ended 31 December, 2020…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: he partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and…
A: 1) Computation of total loss from the liquidation of the partnership Particulars Amount…
Q: The assets and equities of the Queen, Reed, and Stac Partnership at the end of its fiscal year on…
A: Partnership liquidation A partnership is an agreement between two or more people who are willing to…
Q: Following is the statement of financial position of ABC Partnership before realization of assets on…
A: Cash Non Cash Assets Liabilities A, Capital B, Capital C, Capital Balances July 1, 2020…
Q: Ledger balances of the OMG partnership as of May 31, 2019 are as follows: Cash P 150,000 Other…
A: Partnership is a form of doing business where one or more person come together to conduct business…
Q: How much is the proceeds from the sale of non-cash assets in January 2022?
A: The determination of proceeds from the sale of non-cash assets is shown hereunder : Liabilities to…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: Through a proper formal agreement, two or more parties agree to operate and manage a business and…
Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…
A: SOLUTION- EXPLANATION- PERDALES (7500 *30%) 2250 CERBALLUES (7500 * 50%) 3750 BANDONELL…
Q: On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in…
A: Answer: P2000 The cash available for distribution to the partners on July 31, 2011 = Avaliable…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…
- Problem1. Assume the following data for ABC Partnership had the following condensed balance sheet just before the liquidation on November 1, 2020: Assets Liabilities and Capital P 24,000 P 12,000 Cash Liabilities Non-cash assets 84,000 A, Loans A, Capital (30%) 2,400 9,600 B, Capital (50%) 48,000 36.000 C. Capital (20%) Total P108,000 P108.000 Liquidation expenses paid amounted to P1,000. Required: Compute for the total payment for each partner (including loans) using different assumptions: 1. Non-cash assets were realized at P 96,000. 2. Non-cash assets were realized at P36,000. The personal assets and liabilities of the partners on this date are as follows: Personal assets Personal liabilities A P288,000 216,000 108,000 P240,000 228,000 108,000 ВUse the following information for the next three items: On January 2, 2019, the Statement of Financial Position of Pepper and Steak Company prior to the combination are: Pepper Co. Steak Co. Cash Inventories PPE, net Total Assets Current Liabilities Common stock, P100 par Additional Paid in capital Retained earnings Total Liabilities and Stockholders' equity The fair value of Steak Company's equipment is P153,000. Assume the following independent cases: P450,000 300,000 750,000 P1,500,000 A. P1,410,000 B. P1,419,600 P 90,000 150,000 450,000 810,000 P1,500,000 18. Assuming Pepper Company acquired 70% of the outstanding common stock of Steak Company for P105,000 and Non-controlling interest is measured at fair value of P61,000, how much is the goodwill (gain on acquisition)? C. P23,100 A. P(17,000) D. P(23,100) B. P17,000 or 19. Assuming Pepper Company acquired 80% of the outstanding common stock of Steak Company for P136,800 and non-controlling interest is measured at non-controlling…Parent purchases the net assets of Sub for P3,168,000. What is the total assets of Parent after the combination? 7,254,000 9,181,600 8,113,600 7,354,000
- Parent purchases the net assets of Sub for P3,168,000. What is the total assets of Parent after the combination? A. 7,254,000 B. 9,181,600 C. 8,113,600 D. 7,354,0001. What is the gain on remeasurement to equity to be recognized for 2021?a. 1,500,000b. 4,500,000c. 2,250,000d. 0 2. What is the goodwill arising from the acquisition on January 1, 2021?a. 2,250,000b. 1,250,000c. 1,350,000d. 350,000 3. What is the carrying amount of the investment in associate on December 31, 2021?a. 11,250,000b. 11,800,000c. 12,000,000d. 14,300,000Company PriceBest established a wholly-owned Company Sugar on 1 January 2019. Sugar has a functional currency in USD but PriceBest requires Sugar to use SGD as its presentation currency. Company Sugar Statement of Financial Position As at 31 December 2019 USD Property 20,000 Cash 130,000 Inventory 200,000 Accounts receivable 100,000 450,000 Share capital 150,000 Retained earnings 270,000 Accounts payable 30,000 450,000 USD/SGD spot rates 1 January 2019 1.24 31 December 2019 1.36 Average for the year of 2019 1.30 Required: Translate Sugar’s statement of financial position as at 31 December 2019 from USD to SGD using the closing rate method.
- Statement of Affairs of Gongcha Corp.:Assets pledged with fully secured liabilities (fair market value P75,000), P90,000Assets pledged with partially sec. Liabilities (fair market value P52,000), 74,000Free assets (current fair value P30,000), 70,000Unsecured liabilities with priority, 7,000Fully secured liabilities, 30,000Partially secured liabilities, 60,000Unsecured liabilities without priority, 112,000How much is the deficiency to unsecured non-priority?Cash P0Non-Cash assets 85,000Total Assets P 85,000Liabilities 25,000Loan payable to Partner F 11,000Loan payable to Partner G 16,000F, Capital (60% in P/L) 21,000G, Capital (40% in P/L) 12,000Total Liabilities and Equity P 85,000 Case # 1: Lump-sum liquidationAll the non-cash assets are sold for P53,000. Case # 2: Installment LiquidationThe non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments ascash becomes available. In the first sale, three-fourths (3/4) of the non-cash assets are sold for P46,000. Case # 3: Installment LiquidationThe non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments ascash becomes available. In the first sale, 90% of the non-cash assets are sold for P60,000. 1. Under Case # 1: how much is the amount distributable to F?a. P13,800b. P12,800c. P14,800d. P15,8002. Under Case # 1: how much is the amount distributable to G?a. P16,200b. P13,200c. P15,200d. P15,8003. Under…The following information is available for a FVTOCI investment: Purchase price $400,000; Unrealized holding gain at the end of year 1 $5,000; Unrealized holding gain at the end of year 2 $6,000. Calculate the balance in the AOCI equity holding (loss) or gain account at the end of year 2 for reporting purposes. O Gain of $6,000 O Gain of $411,000 O Gain of $5,000 O Gain of $11,000