Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Sadak contribution
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- A partnership has liquidated all assets but still reports the following account balances: Beck, loan Cisneros, capital (40%) Beck, capital (20%) Sadak, capital (10%) Emerson, capital (20%) Page, capital (10%) $ 7,500 4,500 (13,500) (deficit) (9,500) (deficit) 16,500 (7,500) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Sadak contributionA partnership has gone through liquidation and now reports the following account balances: Cash Loan from Molina Ashman, capital Molina, capital Pinckney, capital Diaz, capital $ 16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent; Pinckney, 30 percent; and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners. Adjusted balances (safe payments) Answer is complete but not entirely correct. Molina $3,200 Ashman $ 4,800 Pinckney $ 4,800 x $ Diaz 3,200 xA partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan $ 9,500 Cisneros, capital (40%) 3,000 Beck, capital (20%) (13,000 ) (deficit) Sadak, capital (10%) (9,000 ) (deficit) Emerson, capital (20%) 14,500 Page, capital (10%) (7,000 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
- A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200The Mac-Don-Ald Partnership is being liquidated. All liabilities have been paid and the remaining assets are being realized gradually. The equity of the partners is as follows: MAC: Capital $ 33,000, Loans Payable $7,000, P&L Ratio - 2; DON: Capital $42,000, P&L Ratio - 3; ALD: Capital $95,000, Loans Receivable $15,000, P&L Ratio - 5. Question : The second cash payment to any partner/s under program of priorities shall be made thus:Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will be the capital balance of Y if the three partners share in the profits of the partnership in the ratio of 2:2:6? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () or "-" FOR DEBIT BALANCE)
- Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will be the capital balance of Y if the three partners share in the profits of the partnership in the ratio of 2:2:6? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () FOR DEBIT BALANCE) Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will Y’s capital be if X gets a P280,000 salary, Y gets a P100,000 salary and Z gets a 10% interest on her beginning capital balance, with the remaining being divided at a 1:1:2 ratio? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () FOR DEBIT BALANCE) Note: Kindly please answer each number and provide a solution so that i can understand better. Thank you so muchThe following condensed balance sheet is presented for the partnership of Velarde, Soriano, and Villanueva, who share profits and losses in the ratio of 4:3:3, respectively: Cash P100,000 300,000 P400,000 Other Assets Total P150,000 40,000 180,000 30,000 P400,000 Liabilities Velarde, Capital Soriano, Capital Villanueva, Capital Total The partners agreed to dissolve the partnership after selling the other assets for P200,000. Upon dissolution of the partnership. Velarde should received in his retirement?The partnership which is being liquidated by installment method has a final cash balance of P100,000 after selling all the non-cash assets. The Profit and Loss ratio is 5:3:2. Partners' capital accounts are as follow: A, Capital - P70,000; B, Capital - P40,000; C, Capital - (P10,000). C is already insolvent. What is the distribution of cash to all the partners? a.) A - P33,333 B - P33,333 C - P33,333 b.) A - P50,000; B - P30,000; C - P20,000 c.) A - P50,000; B - P50,000; C - None d.) A - P63,750 B - P36,250 C - None SHOW COMPLETE SOLUTION
- The following condensed balance sheet is prepared for Sammy and Joker, who share profits and losses in the ratio of 60:40, respectively: Other assets P720,000 Sammy, loan 32,000 Total P752,000 Accounts Payable P192,000 Sammy, capital 312,000 Joker, capital 248,000 Total P752,000 Required: Choose the correct answer with solution. The partners have decided to liquidate the partnership. If the other assets are sold for P770,000, what amount of the available cash should be distributed to Sammy? a. P310,000 b. P312,000 c. P342,000 d. P390,000Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment. The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000. How much cash can be distributed safely toeach partner at this point?AAA, BBB, CCC, and DDD are partners sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21. Their capital balances on December 31, 2030 are as follows:AAA P 500BBB 12,500CCC 12,500DDD 4,500The partners decide to liquidate their firm and they accordingly convert the noncash assets into P11,600 cash. After paying liabilities of P1,500, they have P11,100 to divide. How much was the distribution to partner CCC?a. P0 b. P3,560 c. P4,160 d.P7,100