Required information The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who share profits and losses in the ratio of 4:3:3, respectively. Cash Other Assets $ 40,000 710,000 Accounts Payable Der, Capital $150,000 260,000 Egan, Capital 180,000 Oprins, Capital 160,000 Total Assets $750,000 Total Liabilities and Capital $750,000 Assume that the partnership decides to admit Snider as a new partner with a 25 percent interest. f. The partners agree that total resulting capital should be $820,000 and no goodwill should be recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the admission of the partner given that the total resulting capital is $820,000.

Required information The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who share profits and losses in the ratio of 4:3:3, respectively. Cash Other Assets $ 40,000 710,000 Accounts Payable Der, Capital $150,000 260,000 Egan, Capital 180,000 Oprins, Capital 160,000 Total Assets $750,000 Total Liabilities and Capital $750,000 Assume that the partnership decides to admit Snider as a new partner with a 25 percent interest. f. The partners agree that total resulting capital should be $820,000 and no goodwill should be recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the admission of the partner given that the total resulting capital is $820,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
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 $…
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
Use the following information for numbers 29 and 30. On June 30, 2018, the balance sheet for the partnership of D, E and F, together with their respective profit and loss ratios, is summarized as follows: Assets 300,000 D, Loan 15,000 D, Capital (20%) 70,000 E, Capital (20%) F, Capital (60%) Total Liabilit ies and Capital 65,000 150,000 Total Assets 300,000 300,000 D has decided to retire from the partnership, and by mutual agreement the assets are to be adjusted to their fair values of P260,000 at June 30, 2018. It is agreed that the partnership will pay D, P102,000 cash for his interest exclusive of his loan which is to be repaid in full. After D's retirement, what are the capital balances of each partner? 29. Partner E. 30. Partner F.
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: 50, e00 150,000 Cash Liabilities 42, еее 69,000 $ Miller, capital Tyson, capital Watson, capital Other assets 69, 000 20,000 Total assets $ 200, e00 Total liabilities and capital $ 200,000 For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? X Answer is not complete. Other assets must be for an amount over sold
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 $ 80,000 750,000 31,000 Beginning balances Sold assets $ 861,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: $ 50,000 75,000 75,000 21,000 $ 54,000 167,000 Cash Liabilities Miller, capital Tyson, capital Watson, capital Other assets Total Total liabilities and $221,000 $221,000 assets capital a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
The following condensed balance sheet is for the partnership of Ludolf, Sambal, and Urad, who share profits and losses in the ratio of 6:2:2, respectively: Cash Other assets Liabilities Ludolf, capital $ 65,000 162,000 $ 43,000 81,000 Sambal, capital Urad, capital 81,000 22,000 Total assets $ 227,000 Total liabilities and capital $ 227,000 Required: a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? Complete this question by entering your answers in the tabs below. Required A Required B Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. Safe payments Ludolf Sambal Urad
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: $ 84,000 770,000 35,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $184,000 45,000 290,000 190,000 180,000 Cash Other assets Hardwick, loan Total assets $889,000 $889,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Accounts Payable Hardwick, Loan and Other Saunders, Ferris, Loan Capital Cash Assets & Capital Capital Beginning balances Sold assets Adjusted balances 0 $ 0 $ Max loss on remaining noncash assets Paid liabilities Safe payments 0 $
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 89,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital $144,000 Other assets 50,000 340,000 200,000 190,000 795,000 40,000 Hardwick, loan Total assets $924,000 Total liabilities and capital $924,000 The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $225,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick, Loan and Capital Other Saunders, Ferris, Loan Capital Accounts Cash Assets Payable & Capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets $ 89,000 225,000 $ 314,000 Paid liabilities Safe payments $ 314,000
Problem: The following statement of financial position is presented for the partnership of Maia, Cheska and Chinchin who shares profits and losses in the ratio of 5:3:2 respectively. ASSETS LIABILITIES AND EQUITY Cash P120,000.00 Liabilities P280,000.00 Other assets 1,080,000.00 Maia, Equity 560,000.00 Cheska, Equity 320,000.00 Chinchin, Equity 40,000.00 P1,200,000.00 P1,200,000.00 Question No. 4. Assume that the assets and liabiities are fairly valued on the statement of financial position and the partnership decided to admit Joco as a new partner with a 1/5 interest. No goodwill or bonus is to be recorded. How much should Joco contribute in cash or other assets? a. P240,000.00 b. P230,000.00 c. P184,000.00 d. P147.200.00 e. None of these. Question No. 5. Assume tha instead of admitting a new partner, the partners decided to liquidate the partnership. If the other assets are sold for P800,000.00, how should the available cash be distributed to each partner? a. Maia, P280,000.00;…