3. The Folly and Frill company is in the process of liquidation. On January 1, 2011, the general ledger shows the account balances as follows: Cash $10,000 Accounts payable 15,000 Accounts receivable 25,000 Folly Capital 40,000 Lumber inventory 40,000 Frill Capital 20,000 -On January 10, 2011, lumber inventory sells for $25,000 -During January, only $21,000 of accounts receivable was collected. No more charges are expected. -Profits are shared 60 percent with Folly and 40 percent with Frill. Prepare a worksheet that shows the details of the liquidation process as of February 1, 2011. Determine the final balance of each partner's capital accounts.

Wormold Industries suffered a fire in its warehouse on March 4, 2021. The warehouse was fullof finished goods, and after reviewing the damage, management determined that inventory,with a retail selling price of $90,000, was not damaged by the fire.For the period from January 1, 2021, to March 4, 2021, accounting records showed thefollowing: Purchases $650,000Purchase returns 16,000Sales revenue 955,000 The inventory balance on January 1, 2021, was $275,000, and the company has historicallyearned a gross profit percentage of 35%.Required: Use the gross profit method to determine the cost of inventory damaged by the fire.

Martinez Corp. experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.     December 31, 2020   December 31, 2019 Cash   $ 38,100   $ 11,100 Accounts receivable (net)   74,000   128,400 Inventory   204,600   183,400 Accounts payable   50,200   90,600 Notes payable   36,500   64,900 Common stock, $100 par   406,600   406,600 Retained earnings   120,000   106,300 Additional information: 1.   The inventory turnover is 3.7 times. 2.   The return on common stockholders’ equity is 19%. The company had no additional paid-in capital. 3.   The receivables turnover is 11.8 times. 4.   The return on assets is 19%. 5.   Total assets at December 31, 2019, were $607,100. Compute the following for Martinez Corp.. (Round all answers to 0 decimal places, e.g. 2,150.) (a)   Cost of goods sold for 2020.   $  (b)   Net credit…

On April 10, 2023, a fire damaged the office and warehouse of Sill Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2023: Sales Revenue (January 1-March 31, 2023), $180,000; Purchases (January 1- March 31, 2023), $94,000. The company's fiscal year ends on December 31. It uses a periodic inventory system. From an analysis of the April bank statement, you discover cancelled checks of $4,200 for cash purchases during the period April 1-10. Deposits during the same period totaled $18,500. Of that amount, 60% were collections on accounts receivable related to sales made in prior periods, and the balance was cash sales. Correspondence with the company's principal suppliers revealed $12,400 of purchases on account from April 1 to April 10. Of that amount, $1,600 was for merchandise in transit on April 10 that was shipped FOB destination. Correspondence with the company's principal customers produced acknowledgments of…