Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr. a. What term is applied to the debit balance in Shen’s capital account? b. What is the amount of cash on hand? c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. Liquidating partnerships— capital deficiency

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel

Please Answer the following step by step. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $93,800 and $70,600, respectively. The partnership generated net income of $44,800. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts? a.$142,660 b.$132,265 c.$127,400 d.$122,029

Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing profits and losses equally. The partnership is liquidated. After all assets are converted into cash and all liabilities are paid, P 520,000 cash remains available for distribution to the partners. Kia and Lia have capital balances of P 400,000 and P 300,000, respectively. Mia has a debit balance of P 180,000 in her capital account. 26. If Mia is personally solvent, how much cash will be distributed to Kia? P 340,000. a. P 260,000. C. b. P 310,000. d. P 400,000. 27. If Mia is personally insolvent, how much cash will be distributed to Kia? a. P 260,000. c. P 340,000. b. P 310,000. d. P 400,000. 28. If the capital of Kia prior to realization is P425,000, what is the loss on realization? a. P 25,000. Pplw-C. c. P 75,000. d. P 100,000. b. P 50,000. Item Nos. 29 and 30 are based on the following information: Noly, Ollie, and Poly are partners with capital balances of P 350,000, P 250,000, and P…

Finn and Hart form a partnership, contributing $44,000 and $66,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses.) i (Click on the icon to view the independent situations.) ..... Determine partners' shares of net income or net loss for situation a. Net income (loss) More info Finn Hart Total Situation a. а. Net loss is $130,000 and the partners have no written partnership agreement. b. Net income is $100,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances. Net income is $120,000. The first $72,000 is shared on the basis of capital balances. The next $36,000 is based on partner service, with Finn receiving 40% and Hart 60%. The remainder is shared equally. с. Print Done

The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 132,000 51,000 310,000 230,000 220,000 $943,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital

Abram, Macher, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Abram and Bailey. Macher does not receive a salary allowance. с. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $78,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Abram Macher Bailey Total Net income (Iloss) Requirements Capital allocation: Abram 1. Compute each partner's share of the $78,000 net income for the year. Мacher 2. Journalize the closing entry to allocate net income for the year. Bailey Salary allowance: Abram Print Done Macher Bailey Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Abram Macher Bailey…

The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 89,000 820,000 55,000 $ 964,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. X Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash $ 89,000 115.000 $ 204,000 0 ›› Other Assets (60,000)✔ $ 144,000 $ $ 820,000 $ 60,000 (328,000) ✔ 0 492,000 $ 60,000 (492,000) Accounts Payable 0 0 $ 0 (60,000) 0 Gulian, Loan $…

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After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $76,000 and $122,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $51,000 cash to the partnership, for which he is to receive an ownership equity of $66,000. All partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $15,000. If an amount box does not require an entry, leave it blank. b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson Harry Barge Lewan Gorman c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the new partner any gains or losses from changes in market prices prior to being admitted. For example, if the market price of land doubled prior to admitting…