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.
Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…
A: How it works -For tax purposes, computing gross income then reduces deductions for AGI to reach the…
Q: Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has…
A: In 2022, the Federal Insurance Contributions Act (FICA) tax consists of two components: Social…
Q: Oriole Home Inc., a real estate developing company, was accounting for its long-term contracts using…
A: Under the Completed contract method, project revenue and expenditure are recognized only when the…
Q: whats the journal entry for declared and paid $1200 of dividends to shareholders
A: Equity shareholders are the owners of the companies that hold shares or stocks. It helps investors…
Q: Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted…
A: Predetermined Overhead Rate:— It is the rate used to allocate manufacturing overhead cost to cost…
Q: Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation…
A: The balance sheet is one of the important financial statements of the business. It represents the…
Q: Analyze the effects of these events on the accounting equation of the sports clinic. For example,…
A: Feb 1. Increased assets (Cash) and increased owner's equity (Sample's Capital).2. Decreased assets…
Q: Prepare a statement of cash flows for 2020 using the indirect method. (Sho -15,000 or in parenthesis…
A: The cashflow statement is a financial statement which shows the inflow and outflow of cash of the…
Q: Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains.…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing…
A: Introduction:Modified Accelerated Cost Recovery System, which is a method of depreciation used for…
Q: Coronado Industries expects to purchase $220000 of materials in July and $250000 of materials in…
A: The cash budget is prepared by the management to estimate future cash availability of cash. It…
Q: Techno Incorporated manufactures two models of cameras that can be used as cell phones, MPX, and…
A: Activity-based costing (ABC) is a costing method that identifies activities in an organization and…
Q: Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the…
A: The cost of goods sold means the total amount of direct costs that are related to the production of…
Q: Prepare the journal entries for the above transactions.
A: Journal Entry:Which is used to record the transactions in the books of accounting. Which shows the…
Q: PST paid by a business on business-related purchases - Select one
A: PST stands for Provincial Sales Tax. It is a consumption tax levied by certain provinces on the…
Q: Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation. Accounts…
A: As per dual concept of accounting, every transaction has dual impact on the books of accounts.Trial…
Q: The kind of debts which are needed to be repaid in a short term is known as? A. Fixed Liabilities B.…
A: The balance sheet is one of the important financial statements of the business. The balance sheet…
Q: The company OMEGA from 1/1/ to 30/6 had the following cost data: 1/1. direct materials = 7000, 1/1.…
A: The objective of the question is to prepare a cost of production report and calculate the final…
Q: Brooklyn files as a head of household for 2022. They claimed the standard deduction of $19,400 for…
A: Alternative Minimum Taxable Income (AMTI): It implies the total taxable income including the…
Q: a. Calculate payments to suppliers assuming that the company places orders during each quarter equal…
A: Step 1 : Calculation of value of goods purchased from suppliersParticulars Last year Current…
Q: 2 Your answer is incorrect. The following information relates to Sweet Co. for the year ended…
A: Comprehensive income comprises of the income from all the sources which is caused by the change in…
Q: During September, Clendennen Corporation budgeted for 39,000 customers, but actually served 37,000…
A: Flexible budget is the budget which is flexible in nature and is prepared for the actual units. This…
Q: Find the interest rates earned on each of the following. Round your answers to the nearest whole…
A: The objective of the question is to calculate the interest rate earned on a loan of $680 that is…
Q: Prepare Journal entries to record transactions a through h. a. Raw materials purchased on credit,…
A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…
Q: North Star prepared the following unadjusted trial balance at the end of its second year of…
A: Trial Balance is a statement that records all the assets, liabilities, stockholders' equity,…
Q: Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at…
A: The budget is prepared to estimate the requirements for the period. The materials budget is prepared…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Under the FIFO method, the oldest products in inventory have been sold first.Under the LIFO method,…
Q: Joan, a single mother, has AGI of $92,000 in 2023. In September 2023, she pays $5,000 in qualified…
A: The American Opportunity Credit is the opportunity which is grabbed by those taxpayers who is having…
Q: Sales Supervisor's Salary Cleaning Sales office Direct labor Fire Insurance - Factory Mo Finished…
A: The manufacturing costs comprise direct materials, direct labor and overhead applied costs. The…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: The budget is prepared to estimate the requirements for the period. The cash budget is prepared to…
Q: The Converting Department of Comfy Touch Towel and Tissue Company had 2,600 units in work in process…
A: Conversion costs are the costs incurred by the entity on the making of the goods. It includes the…
Q: Question Content AreaDuring 2023, Jamal and Judy, a married couple, decided to sell their residence,…
A: To determine the recognized gain on the sale of their residence, we need to calculate the adjusted…
Q: Differential Analysis for a Discontinued Product A condensed income statement by product line for…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: 1. Prepare an income statement for the year ended December 31, 2024. 2. Prepare the statement of…
A: The income statement, balance sheet and statement of shareholders' equity are the important…
Q: What is the beginning inventory? You left it blank.
A: A follow up on why beginning balances have not been added.The beginning balance is required to be…
Q: Calculate the gross and net profits (in $) and the two profit margins (as %s) for the given company.…
A: Gross profit is the excess of revenue over cost of goods sold and net profit is the excess of…
Q: ! Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the…
A: When a taxpayer does not pay enough of their anticipated taxes or pays their taxes late, the IRS may…
Q: The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Below is select information from DC United Company's income statement. At the end of the current…
A: Earnings Per Share -A company's profitability is assessed using its earnings per share. It can be…
Q: A company reports the following amounts at the end of 2024 (before adjustment). Credit Sales for…
A: Accounts Receivable: Accounts receivable is an essential element of a company's financial…
Q: ces E10-22 (Algo) Recording and Reporting a Bond Issued at a Premium (Straight-Line Amortization…
A: Bonds are the securities issued by a company to raise funds from investors. The bonds contain fixed…
Q: The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account…
A: A journal entry is made to record the financial transactions in the books of accounts.The condensed…
Q: The capitalized cost of the equipment was
A: The capitalised cost of equipment is all the costs incurred by the company up to the installation of…
Q: DAWG Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods…
A: The Cost of Particulars Manufactured( COGM) is a fiscal standard that displays the total product…
Q: Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety…
A: The high-low method is used to differentiate the mixed costs. Mixed cost is the combination of fixed…
Q: QUESTION 2 Accounting for the exchange of assets depends on whether the transaction has commercial…
A: Introduction:An asset exchange is a type of transaction where two parties exchange assets or goods.…
Q: Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1.…
A: An income statement refers to a statement that shows the revenue of a company along with the…
Q: he first ration, which manufactures shoes, hired a recent college graduate to work in its accounting…
A: Journal entry is an art of recording classifying and summarising the business transaction into…
Q: Equivalent Units and Product Cost Report-Weighted Average Method in its first month's operations.…
A: Process costing system is that costing system which is used in industries where product needs to go…
Q: Dividends Per Share Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as…
A: Lets understand the basics.Share are mainly divided into two catagory which are,(1) Common stock(2)…
Step by step
Solved in 3 steps
- 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 & CapitalUse 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 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 presented for the partnership of Nick, Pick, andNick, who share profits and losses in the ratio 4:3:3, respectively: Cash P 45,000 Accounts payable P 105,000 Other assets 415,000 Rick, loan 15,000 Nick, loan 10,000 Nick, capital 155,000 Pick, capital 100,000 Rick, capital 95,000 P 470,000 P 470,000 Questions: 1. Assume that the assets and liabilities are fairly valued on the balance sheet and that thepartnership decides to admit Tick as a partner, with a 20% interest. No goodwill or bonusis to be recorded. How much should…The condensed balance sheet and profit – sharing ratio of the partnership of Wenda, Wendy, and Wilma are presented below: Cash P 22,500.00 Liabilities P52,500.00 Due from Wanda 7,500.00 Due to Wilma 10,000.00 Other assets 205,000.00 Wanda, cap’l (4) 75,000.00 Wendy, cap’l (3) 50,000.00 Wilma, cap’l (3) 47,500.00 Total assets P235,000.00 Total equities P235,000.00 21. The partners agreed to liquidate and they sold all the Other assets for P150,000.00. How much of the available cash should go to Wanda? a. P45,500.00 b. P75,000.00 c. P42,500.00 d. P53,000.00 22. Refer to No. 21 above, how much will be received by Wendy in the partnership liquidation a. P41,000.00 b. P74,000.00 c. P33,500.00 d. P66,600.00The 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 statement of financial position is presented for the partnership of Morales, Gamino, and Quito, who share profits and losses in the ratio of 4:3:3, PROFESSOR: NAME: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital P150,000 260,000 180,000 160,000 P750,000 P 40,000 710,000 Cash Other Assets Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one- fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to…Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn, respectively. Cash Assets $50400 Accounts receivable 133000 Inventory O $286740. O $311100. O $204000. O $520500. 437900 $621300 Liabilities and Owner's Equity. Accounts payable $125200 Robert, Capital Noble, Capital Finn, Capital 137400 47600 311100 $621300 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would ultimately be distributed to Finn would beProblem: 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;…
- The partnership of Nott and Reese reports net income of P6o,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a* credit to Income Summary for P60,000. credit to Nott, Capital for P30,000. debit to Reese, Capital for P30,000. credit to Reese, Drawing for P30,000.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 $ 314,000Item Nos. 3 to 5 are based on the following information: After the realization of noncash assets, the following account balances appeared in the general ledger of the partnership of See, Chap, and Pwe: P 10,000 Cash 30,000 Liabilities 5,000 Pwe Loan- 15,000 See Capital- 10,000 Chap Capital- 10,000 Pwe Capital- Profits are shared 2:4:4 for See, Chap, and Pwe, respectively. Pwe is insolvent. 3. How much was the loss on realization? C. P 70,000. a. P 50,000. d. P 80,000. b. P 60,000. 4. How much did See receive in the liquidation? C. P 5,000. a. PO. d. P 15,000. b. P 3,000. 5. How much additional investment did Chap make? a. P 10,000. C. P 15,000. b. P 14,000. d. P 20,000.