The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and i ratio of 4:3:3, respectively: $ 89,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Cash $144,000 50,000 340,000 Other assets 795,000 40,000 Hardwick, loan 200,000 Ferris, capital 190,000 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 prop 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 Other Assets Hardwick, Loan and Accounts Saunders, Ferris, Loan Capital Cash Payable & Capital Canitel

The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and i ratio of 4:3:3, respectively: $ 89,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Cash $144,000 50,000 340,000 Other assets 795,000 40,000 Hardwick, loan 200,000 Ferris, capital 190,000 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 prop 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 Other Assets Hardwick, Loan and Accounts Saunders, Ferris, Loan Capital Cash Payable & Capital Canitel

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 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
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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 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 $
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Item 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.
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 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 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.
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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