Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 12, Problem P12.36BPGB
Accounting for the liquidation of a
Learning Objective 6
2. Loss on Disposal $55,000
The partnership of Saxton, Parkerson, & Murray has experienced operating losses for three consecutive years. The partners—who have shared profits and losses in the ratio of Saxton, 10%; Parkerson, 65%; and Murray, 25%—are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2018:
Requirements
1. Assume the non-cash assets are sold for $170,000. Journalize the liquidation transactions.
2. Assume the non-cash assets are sold for $70,000. Journalize the liquidation transactions.
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Can I please get help with this practice question? 6.1
Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100.
Required:
Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions.
1. The partners did not agree on a plan, and therefore share income equally.
Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31
Can I please get help wtih this question?6.3
Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100.
Required:
Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions.
1. The partners did not agree on a plan, and therefore share income equally.
Problem Solving :
a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018.
The partners shared profits and losses in the ratio 2:2:1 respectively. The firms post
closing trial balance follows:
Gulane, Tormis and Sailadin
Post Closing Trial Balance
June 30, 2018
Account Name
Debit
Credit
P 419,170
Cash
Merchandise Inventory
Other Assets
Accounts Payable
Gulane Capital
Tormis Capital
Sailadin, Capital
612,300
472,680
P 131,350
561,600
436.800
374,400
1.504,150
1.504.150
The merchandise inventory and the other assets were sold for P 582,800 and P
550,900 respectively.
Required : Prepare the Liquidation journal entries.
Chapter 12 Solutions
Horngren's Accounting (12th Edition)
Ch. 12 - Prob. 1QCCh. 12 - Prob. 2QCCh. 12 - Prob. 3QCCh. 12 - Which financial statement shows the changes in...Ch. 12 - Prob. 5QCCh. 12 - Prob. 6QCCh. 12 - Prob. 7QCCh. 12 - Peter and Steve admit Meredith to their...Ch. 12 - Prob. 9QCCh. 12 - Prob. 10QC
Ch. 12 - Prob. 1RQCh. 12 - Prob. 2RQCh. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - Prob. 12RQCh. 12 - Prob. 13RQCh. 12 - Prob. 14RQCh. 12 - Prob. 15RQCh. 12 - What are the three steps involved in liquidation...Ch. 12 - Prob. 17RQCh. 12 - Prob. S12.1SECh. 12 - Prob. S12.2SECh. 12 - Prob. S12.3SECh. 12 - Prob. S12.4SECh. 12 - Prob. S12.5SECh. 12 - S12-6 Accounting for the admission of a new...Ch. 12 - Accounting for the admission of a new partner...Ch. 12 - Prob. S12.8SECh. 12 - Prob. S12.9SECh. 12 - Prob. S12.10SECh. 12 - Prob. S12.11SECh. 12 - Prob. S12.12SECh. 12 - Prob. E12.13ECh. 12 - Prob. E12.14ECh. 12 - Prob. E12.15ECh. 12 - Prob. E12.16ECh. 12 - Prob. E12.17ECh. 12 - Prob. E12.18ECh. 12 - Prob. E12.19ECh. 12 - Prob. E12.20ECh. 12 - Prob. E12.21ECh. 12 - Prob. E12.22ECh. 12 - Determining characteristics of a partnership and...Ch. 12 - Prob. P12.24APGACh. 12 - Prob. P12.25APGACh. 12 - Prob. P12.26APGACh. 12 - Prob. P12.27APGACh. 12 - Prob. P12.28APGACh. 12 - Prob. P12.29APGACh. 12 - Prob. P12.30APGACh. 12 - Prob. P12.31BPGBCh. 12 - Prob. P12.32BPGBCh. 12 - Prob. P12.33BPGBCh. 12 - Prob. P12.34BPGBCh. 12 - Prob. P12.35BPGBCh. 12 - Accounting for the liquidation of a partnership...Ch. 12 - Prob. P12.37BPGBCh. 12 - Prob. P12.38BPGBCh. 12 - Prob. P12.39CTCh. 12 - P12-40 Accounting for partner contributions,...Ch. 12 - Prob. 12.1TIATCCh. 12 - Prob. 12.1DCCh. 12 - Prob. 12.2DCCh. 12 - Prob. 12.1EICh. 12 - Prob. 12.1FSC
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