Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 15, Problem 4P
To determine
Identify the correct option for the amount of money that each of the partners should receive.
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A local partnership is liquidating and is currently reporting the following capital balances:Barley, capital (50% share of all profits and losses) . . . . $ 44,000 Carter, capital (30%) . . . . . . . . . 32,000 Desai, capital (20%) . . . . . . (24,000)
Desai has indicated that a forthcoming contribution will cover the $24,000 deficit. However, the two remaining partners have asked to receive the $52,000 in cash that is currently available. How much of this money should each of the partners receive? Choose the correct.a. Barley, $22,000; Carter, $30,000.b. Barley, $32,000; Carter, $20,000.c. Barley, $29,000; Carter, $23,000.d. Barley, $32,500; Carter, $19,500.
A local partnership is liquidating and is currently reporting the following capital balances:
Desai has indicated that a forthcoming contribution will cover the $24,000 deficit. However, the two remaining partners have asked to receive the $52,000 in cash that is currently available. How much of this money should each of the partners receive?
Barley, $22,000; Carter, $30,000.
Barley, $32,000; Carter, $20,000.
Barley, $29,000; Carter, $23,000.
Barley, $32,500; Carter, $19,500.
(for this question you do not need to show your work) A local partnership was in the process of liquidating
and reported the following Capital account balances:
Justice, capital (40% of all profits and losses) $26,000
Zobart, capital (35%)
Douglass, capital (25%)
20,000
(15,000)
Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the
two remaining partners asked to receive the $31,000 that was then in the cash account.
1. How much of the $31,000 in the cash account should Justice receive?
2. How much of the $31,000 in the cash account should Zobart receive?
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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