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: Cash $ 63,000 Liabilities $ 53,000 Other assets 160,000 Miller, capital 75,000 Tyson, capital 75,000 Watson, capital 20,000 Total assets $ 223,000 Total liabilities and capital $ 223,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. Miller Tyson Watson Safe payments b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? other assets must be sold (for an amount less than) or (for an amount o

A summary balance sheet for the Lemon, Mango, and Nobb partnership appears below. Lemon, Mango, and Nobb share profits and losses in a ratio of 2:3:5, respectively.   Assets  Cash                                                            $  100,000 Marketable securities                                   200,000 Inventory                                                       125,000 Land                                                               100,000 Building-net                                                  500,000 Total assets                                               $1,025,000   Equities Lemon, capital                                        $  425,000 Mango, capital                                            400,000 Nobb, capital                                               200,000 Total equities                                          $1,025,000   The partners agree to admit Oran for a one-fifth interest. The fair market value of partnership land is appraised at…

A Statement of Financial Position for the partnership of John, Paul and Ryan, who share profits in the ratio of 2:1:1, shows the following balances just before liquidation: Assets Cash Other assets Liabilities and Equity Liabilities 240,000 P 144,000 714,000 John, capital 264,000 186,000 Paul, capital Ryan, capital 168,000 In the first month of liquidation, certain assets are sold for P384,000. Liquidation expenses of P12,000 are paid, and additional expenses are anticipated. Liabilities of P64,800 are paid and sufficient cash is retained for the anticipated liquidation expenses. In the first payment to partners, John receives P60,000. How much is the theoretical losses in the first month of liquidation? P

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. P66,600.00

S 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 $ 94,000 820,000 45,000 $ 959,000 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 $110,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation $ $ Cash 0 0 Other Assets $ $ 0 0 Accounts Payable $ $ 0 0 Gulian, Loan and Capital $ $ 0 $ 24,000 55,000 390,000 250,000 240,000 $ 959,000 0 Singh, Capital $ $ Zahiri, Loan & Capital 0 $ 0 $ 0 0

The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash Noncash assets a Maximum amount b Distributed $ 51,000 136,000 This partnership is being liquidated. Hendrick and Mitchum are each entitled to 30 percent of all profits and losses with the remaining 40 percent going to Redding. Hendrick Mitchum Liabilities Hendrick, capital Mitchum, capital Redding, capital a. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance? b. How should the $10,000 cash that is presently available in excess of liabilities be distributed? c. If the noncash assets are sold for a total of $51,000, what is the minimum amount of cash that Hendrick could receive? (Do not round intermediate calculations.) Redding C Minimum amount $ 41,000 91,000 71,000 (16,000)

Lewis, Clark, and Sacagewea have income ratios of 5:3:2 and capital balances of $36,040, $32,860, and $29,680, respectively. Noncash assets are sold at a gain and allocated to the partners. After creditors are paid, $109,180 of cash is available for distribution to the partners. How much cash should be paid to Clark?

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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:                     Cash $ 50,000     Liabilities $ 42,000   Other assets   150,000     Miller, capital   69,000             Tyson, capital   69,000             Watson, capital   20,000   Total assets $ 200,000     Total liabilities and capital $ 200,000       b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?

For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the…