Read and analyze the following problem and answer the questions asked. Show your computations. Cash Non-Cash assets Total Assets PO 85,000 P 85,000 Liabilities Loan payable to Partner F Loan payable to Partner G F. Capital (60% in P/L) G. Capital (40% in P/) 25,000 11,000 16,000 21,000 12,000 Total Liabilities and Equity P 85,000 Case # 1: Lump-sum liquidation All the non-cash assets are sold for P53,000. Case # 2: Installment Liquidation The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash becomes available. In the first sale, three-fourths (3/4) of the non-cash assets are sold for P46,000. Case # 3: Installment Liquidation The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash 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. P13,800 b. Р12,800 C. P14,800 d. P15,800 2. Under Case # 1: how much is the amount distributable to G? a. P16,200 b. Р13,200 3. Under Case # 2: how much is the amount distributable to F after the 1st sale? а. Р8,600 b. P12,400 4. Under Case # 2: how much is the amount distributable to G after the 1st sale? а. Р8,600 b. Р12400 c. P15,200 d. P15,800 c. P21,000 d. P9,600 c. P21,000 d. P9,600 5. Under Case # 3: how much is the amount distributable to F after the 1st sale? a. P17, 000 b. Р18,000 c. P35,000 d. P19,100 6. Under Case # 3: how much is the amount distributable to G after the 1st sale? a. P17, 000 b. P18,000 c. P35,000 d. P19,100
Read and analyze the following problem and answer the questions asked. Show your computations. Cash Non-Cash assets Total Assets PO 85,000 P 85,000 Liabilities Loan payable to Partner F Loan payable to Partner G F. Capital (60% in P/L) G. Capital (40% in P/) 25,000 11,000 16,000 21,000 12,000 Total Liabilities and Equity P 85,000 Case # 1: Lump-sum liquidation All the non-cash assets are sold for P53,000. Case # 2: Installment Liquidation The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash becomes available. In the first sale, three-fourths (3/4) of the non-cash assets are sold for P46,000. Case # 3: Installment Liquidation The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash 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. P13,800 b. Р12,800 C. P14,800 d. P15,800 2. Under Case # 1: how much is the amount distributable to G? a. P16,200 b. Р13,200 3. Under Case # 2: how much is the amount distributable to F after the 1st sale? а. Р8,600 b. P12,400 4. Under Case # 2: how much is the amount distributable to G after the 1st sale? а. Р8,600 b. Р12400 c. P15,200 d. P15,800 c. P21,000 d. P9,600 c. P21,000 d. P9,600 5. Under Case # 3: how much is the amount distributable to F after the 1st sale? a. P17, 000 b. Р18,000 c. P35,000 d. P19,100 6. Under Case # 3: how much is the amount distributable to G after the 1st sale? a. P17, 000 b. P18,000 c. P35,000 d. P19,100
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter24: Analysis Of Financial Statements
Section: Chapter Questions
Problem 5CE
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Transcribed Image Text:Read and analyze the following problem and answer the questions asked. Show your computations.
Cash
Non-Cash assets
PO
85,000
P 85,000
Total Assets
Liabilities
Loan payable to Partner F
Loan payable to Partner G
F, Capital (60% in P/L)
G, Capital (40% in PIL)
Total Liabilities and Equity
25,000
11,000
16,000
21,000
12,000
P 85,000
Case # 1: Lump-sum liquidation
All the non-cash assets are sold for P53,000.
Case # 2: Installment Liquidation
The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as
cash becomes available. In the first sale, three-fourths (3/4) of the non-cash assets are sold for P46,000.
Case # 3: Installment Liquidation
The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as
cash 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?
а. Р13,800
b. P12,800
c. P14,800
d. P15,800
2. Under Case # 1: how much is the amount distributable to G?
c. P15,200
d. P15,800
а. Р16,200
b. Р13,200
3. Under Case # 2: how much is the amount distributable to F after the 1st sale?
а. Р8,600
b. P12,400
c. P21,000
d. P9,600
4. Under Case # 2: how much is the amount distributable to G after the 1st sale?
а. Р8,600
b. P12,400
c. P21,000
d. P9,600
5. Under Case # 3: how much is the amount distributable to F after the 1st sale?
а. Р17, 000
b. P18,000
6. Under Case # 3: how much is the amount distributable to G after the 1st sale?
а. Р17, 000
b. P18,000
с. Р35,000
d. P19,100
c. P35,000
d. P19,100
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