Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Chapter 15, Problem 11P
To determine
Identify the correct option for the events that should occur now.
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A partnership has gone through liquidation and now reports the following account balances:
Cash
Loan from Molina
Ashman, capital
Molina, capital
Pinckney, capital
Diaz, capital
$ 16,000
3,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000
Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent; Pinckney, 30 percent; and Diaz, 20
percent.
Required:
Calculate the safe payments that can be made to individual partners.
Adjusted balances (safe payments)
Answer is complete but not entirely correct.
Molina
$3,200
Ashman
$ 4,800
Pinckney
$ 4,800 x $
Diaz
3,200 x
A partnership has gone through liquidation and now reports the following account balances:
$ 16,000
3,000
(2,000) (deficit)
(5,000) (deficit)
Cash
Loan from Molina
Ashean, capital
Molina, capital
Pinckney, capital
Diaz, capital
13,000
7,000
Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent, Pinckney, 30 percent; and Diaz, 20
percent.
Required:
Calculate the safe payments that can be made to individual partners.
Adjusted balances (safe payments)
Molina Pinckney
$ 2.400$ 1.600 $ 10,600 $
Ashman
Diaz
5,400
A partnership has gone through liquidation and now reports the following account balances:
Cash
$16,000
3,000
Loan from Malina
Ashean, capital
Molina, capital
Pinckney, capital
Diaz, capital
(2,000) (deficit)
(5,000) (deficit!
13,000
7,000
Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20
percent.
Required:
Calculate the safe payments that can be made to individual partners.
Adjusted balances (sale payments)
Molina
Finckney
Dies
5 2.400 $ 16000 10,000 $ 5,400
Chapter 15 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - Prob. 8QCh. 15 - What is the purpose of a proposed schedule of...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 19PCh. 15 - The following balance sheet is for a local...Ch. 15 - Prob. 21PCh. 15 - Prob. 22PCh. 15 - Prob. 23PCh. 15 - Prob. 24PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33P
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What is liquidity?; Author: The Finance Storyteller;https://www.youtube.com/watch?v=XtjS7CfUSsA;License: Standard Youtube License