The balance sh the Delphine, Xavier, and Olivier partnership follows: Cash Noncash assets $ 69,360 126,000 $ 46,500 58,680 Liabilities Delphine, capital Xavier, capital Olivier, capital 53,000 37,180 Total assets $ 195,360 Total liabilities and capital $ 195,360 Delphine, Xavier, and Olivier share profits and losses in the ratio of 3:4:3, respectively. The partners have agreed to terminate the business and estimate that $14,600 in liquidation expenses will be incurred. a. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? b. Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets. Xavier Olivier Delphine Safe payments

The balance sh the Delphine, Xavier, and Olivier partnership follows: Cash Noncash assets $ 69,360 126,000 $ 46,500 58,680 Liabilities Delphine, capital Xavier, capital Olivier, capital 53,000 37,180 Total assets $ 195,360 Total liabilities and capital $ 195,360 Delphine, Xavier, and Olivier share profits and losses in the ratio of 3:4:3, respectively. The partners have agreed to terminate the business and estimate that $14,600 in liquidation expenses will be incurred. a. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? b. Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets. Xavier Olivier Delphine Safe payments

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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2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, whoshare profits and losses in the ratio of 60:40, respectively:Other Assets P500,000Emman, loan 20,000Total P520,000Accounts Payable P120,000Joseph, Capital 220,000Emman, Capital 180,000Total P520,000The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount ofthe available cash should be distributed to Emman? Show your solution.
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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2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively: Other Assets Emman, loan Total P500,000 20,000 P520,000 Accounts Payable Joseph, Capital Emman, Capital Total P120,000 220,000 180,000 P520,000 The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.
Lewis, Zapata, and Fowler 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: Lewis, $34,000 Cr.; Zapata, $74,800 Cr.; Fowler, $21,800 Dr. Question Content Area a. What term is applied to the debit balance in Fowler's capital account? b. What is the amount of cash on hand?$fill in the blank 28030402ff86fa0_2 Question Content Area c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -