After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $34,000, $6,000, and $26,500, respectively. Cash and noncash assets total $8,000 and $66,500, respectively. Amounts owed to creditors total $8,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $35,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 1.  Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0".

On January 2, Y1, Arch and Bean contribute $10,000 cash each to form Partnership. Arch and Bean share profits and losses in a ratio of 50% to 50%, respectively. For Y1, the partnership's ordinary income was $40,000. In addition JK Partnership took out a loan for $20,000 and a distribution of $5,000 was made to Arch during Y1. What is Arch's basis in JK Partnership at the end of Y1? $25,000. $5,000. $35,000. O $15,000.

After the accounts are closed on February 3, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,580, $4,020, and $22,460, respectively. Cash and noncash assets total $4,980 and $55,980, respectively. Amounts owed to creditors total $14,900. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $36,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.   1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter…

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $101,500 cash from Busby and $188,500 from Beatty. During Year 1, the partnership earned $62,500 in cash revenues and paid $35,200 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $5,300 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Assets Cash Capital Statement Prepare a balance sheet. Note: Do not round intermediate calculations and round your final answer to the nearest whole dollar amount. Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital Balance Sheet Statement of Cash Flows…

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $109,200 cash from Busby and $170,800 from Beatty. During Year 1, the partnership earned $67,500 in cash revenues and paid $27,350 for cash expenses. Busby withdrew $1,900 cash from the business, and Beatty withdrew $4,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) Assets Cash Stmt of Cash Flows Total assets Liabilities B&B PARTNERSHIP Balance Sheet As of December 31, Year 1…

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $35,400, $50,100, and $22,200, respectively. Cash, noncash assets, and liabilities total $58,200, $93,000, and $43,500, respectively. Between July 1 and July 29, the noncash assets are sold for $74,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Capital Gold (3/6) + Capital Porter (2/6) + Capital Sims (1/6) Balances before realization Sale of assets and…

Prior to liquidating their partnership, Craig and Jenny had capital accounts of $60,570 and $116,570, respectively. The partnership assets were sold for $214,550. The partnership had $23,370 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership.