Mr. Cauzone decided to wind-up his Company on 12/31/21. After selling all assets and settling all liabilities, there’s $122,000 of Cash left in the Company. Mr. Cauzone owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC CSOH CDA GRIP $2,000 $5,000 $48,000 $24,000 Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable / refundable for 2021, based on above.
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- Question Mr. Cauzone decided to wind-up his Company on 12/31/21. After selling all assets and settling all liabilities, there's S122,000 of Cash left in the Company. Mr. Cauzone owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC CSOH CDA GRIP $2,000 $5,000 $48,000 $24,000 Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable / refundable for 2021, based on above.mcdonalds. is shutting down business and liquidating. The balances below will be used for the liquidation. john and brad share profits and losses equally. Cash $3,000 Notes Payable $7,500 vehicle 30,000 Less: Accumulated Depreciation 15,000 Bert, Capital 9,000 Ernie, Capital 1,500 Total Assets $18,000 Total Liabilities and Partner's equity $18,000 Sesame Street Co. Balance Sheet December 31, 2020 Assets Liabilities Partners' Equity The vehicle has been sold for $10,500 cash and neither partner has sufficient assets to pay any capital deficits. REQUIRED: Prepare the journal entries for the sale of the vehicle and the distribution of the cash to the proper parties on January 1, 2021 below.ABC Co. is undergoing liquidation. The following are the account balances after all the non-cash assets were sold: 50,000 Liabilities A, Capital (30%) B, Capital (30%) C, Capital (40%) Cash 120,000 90,000 (60,000) (100,000) The personal assets and liabilities of the partners are as follows: Personal assets 80,000 100,000 192,000 Personal liabilities 90,000 61,000 80,000 A B C wants to make an additional contribution of only P70,000, which A is refuting. If the doctrine of marshaling of assets is followed, how much of A's P90,000 equity would appear to be recoverable? a. 90,000 b. 79,000 c. 81,000 d. 0
- On January 1, 2022, Sam and Sara formed a new business entity called Nice Brother Co. Sam contributes $250,000 cash and Sara contributes land with an adjusted basis of $300,000 and fair market value of $492,000 with a mortgage of $258,000 that is assumed by Nice Brother Co. Assume the following operating results for 2022: Sales $ 1,500,000 Interest income – from a bank $ 3,200 Royalties $ 60,000 Loss from sale of investment $ (7,000) Cost of goods sold $ 622,000 Salaries $ 450,000 Rent $ 144,000 Maintenance $ 24,000 Utilities $ 58,000 EPA penalty $ 1,000 Depreciation ? Charitable contribution $ 30,000 Payment to Sam for retirement* $ 15,000 *payment considered a guaranteed payment if the entity is a partnership The company’s only depreciable asset is equipment (useful life of 5 years) which will be purchased in 2022 for $100,000. The only asset sold was an investment purchased on 2/2/22 for $28,000 and sold on 11/4/22 for $21,000 What are the separately stated items allocated…Simone founded her company using $175,000 of her own money, issuing herself 300,000 shares of stock. An angel investor bought an additional 200,000 shares for $125.000. She now sells another 450,000 shares of stock to a venture capitalist for $1.5 million. What is the post-money valuation of the company? OA $4,749,999 OB. $1,741,666 OC. $1,583,333 OD. $3,166,666The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following. Crawford Company Balance Sheet May 31, 2020Assets Liabilities and Owners' EquityCash $ 27,500 Notes payable $ 13,500Accounts receivable 25,000 Accounts payable 27,000Allowance for doubtful accounts (1,000) Salaries and wages payable 4,000Inventory 34,500 A. Jamison, capital 30,000Equipment 21,000 S. Moyer,…
- . In June 2022, Wild Company had excess cash that would not be needed until March 1, 2022. Management decided to invest the money in a short-term investment in FVTPL financial assets. Wild owned no investment financial assets before June 2022. The following transactions relate to these investments: June 20 Purchase 10,000 shares of West Corporation stock. The price paid was P104,500. September 2 Received a cash dividend of P1.20 per share on West stock. October 5 Sold 4,000 shares of West stock at P10.00 per share. Paid a selling commission of P400. December 31 The market price of West stock was P11.00. Required: Compute the realized gain or loss on October 5, 2022. Compute the amount of unrealized gain or loss that will be reported to income statement for 2022. Assume that the fair value of the investment on December 31, 2023 is P14/share. Compute the amount of unrealized gain or loss that will be reported to income statement for 2023.Marty performed the following transactions this year: He sold shares of Yellow Corp. and realized a gain of $14,000 He sold share of MiniMax Inc. and realized a gain of $3,000 He sold shares of ExtraSpec Inc. and realized a loss of $22,000 Which is the net impact of Marty's transactions? i want answer within one hour, ThanksOrian, Tejero, and Lacson are partners in the OTL Electric Company and share profits in ratio of 5:3:2. On June 30, 2011, they decided to liquidate the business. The statement of financial position at that date is as follows: Cash P 30,000 Liabilities P 40,000 Tejero, Loan Orian, Capital Orian, Loan 15,000 10,000 Non-cash Assets 135,000 80,000 Tejero, Capital Lacson, Capital Total Equities 36,000 14,000 Total Assets P180,000 P180,000 The non-cash assets are sold for P100,000. Rather than require payments, all partners agreed to offset the receivable from Orian against his capital credit. Required: 1. Prepare a statement of liquidation. 2. Prepare the journal entries to account for the liquidation.
- Partners Ong, Rodriguez, Pamittan and Reyes who share profits andlosses at 30%, 30%, 20% and 20%, respectively, decided to liquidate. Allpartnership assets are to be converted into cash. Before liquidation, thecondensed statement of financial position follows:Cash P100, 000 Liabilities P750, 000Other Assets 1, 800, 000 Rodriguez, Loan 60, 000Reyes, Loan 50, 000Ong, Capital 420, 000Rodriguez, Capital 315, 000Pamittan, Capital 205, 000Reyes, Capital 100, 000Total P1, 900,000P1, 900,000The non-cash assets realized P800, 000, resulting to a loss of P1, 000,000. All the partners are solvent, and can contribute any additional cash tocover any deficiency. In the process of liquidation, deficiencies will occur andwill require additional investment as follows:a. Pamittan at P7, 500b. Reyes at P50, 000c. Reyes and Pamittan for P50, 000 and P7, 500, respectivelyd. NoneHello! I need help with the following accounting problem: Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year. Prepare all the neccesary journal entries for 2022 for Bramble inc. Thank you!On December 31m 3013 The Candy Company has $45,000 in cash, noncash assets of $120,000, liabilities of $50,000. The capital balances of the two partners are Tootsie $70,000 and Reeses $45,000. The firm is liquidated, and $120,000 is received for the noncash assets. Tootsie and Reeses income ratios are 70% and 30%, respectively. Instructions: Develop a cash distribution schedule and show the journal entry for each step in the liquidation process.