Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 15, Problem 14P
To determine
Determine what should happen to it if person R contributes additional cash of $20,000 to the
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A local dental partnership has been liquidated and the final capital balances are
Atkinson, capital (40% of all profits and losses)
$
74,000
Kaporale, capital (30%)
34,000
Dennsmore, capital (20%)
(44,000
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Rasputin, capital (10%)
(64,000
)
If Rasputin contributes cash of $24,000 to the partnership, how would this amount be distributed to the other partners?
A local dental partnership has been liquidated and the final capital balances are
If Rasputin contributes additional cash of $20,000 to the partnership, what should happen to it?
Partners orocan, keyway and zooey each has 300,000 capital in Plastic company. They share profits and losses in the ratio of 1:2:3. If they decide to liquidate the partnership and the available cash as initial settlement is P350,000, who among the partners will receive first?
Chapter 15 Solutions
Advanced Accounting
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. 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. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29P
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- The following are the capital balances and share in each profit of Ring Partnership:Aragorn 150 40%Legolas 250 40%Gimli 300 20% 9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied goodwill was recorded?11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P20?12. If Gimli withdrew from the firm and received P360, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.13. If the partnership was liquidated and P250 is ready for distribution, how much will Gimli received?14. If the partnership was liquidated and Gimli received P210, how much did Legolas received?…arrow_forwardChoose the correct.The capital balance for Messalina is $210,000 and for Romulus is $140,000. These two partners share profits and losses 60 percent (Messalina) and 40 percent (Romulus). Claudius invests $100,000 in cash in the partnership for a 20 percent ownership. The bonus method will be used. What are the capital balances for Messalina, Romulus, and Claudius after this investment is recorded?a. $216,000, $144,000, $90,000b. $218,000, $142,000, $88,000c. $222,000, $148,000, $80,000d. $240,000, $160,000, $100,000arrow_forwardThe following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 30,000 Liabilities $ 40,000 Land 180,000 A, capital 20,000 Building and equipment (net) 100,000 B, capital 40,000 C, capital 90,000 D, capital 120,000 Totals $ 310,000 Totals $ 310,000 The following questions represent independent situations: E contributes $42,000 in cash to the business to receive a 20 percent interest in the partnership. Goodwill is to be recorded. The four original partners share all profits and losses equally. After E makes this investment, what are the individual capital balances?arrow_forward
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