Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $258,800; total liabilities, $216,000; Jake, Capital, $9,600; Sacha, Capital, $11,600; and Brianne, Capital, $21,600. The cash proceeds from selling the assets were sufficient to repay all but $61,000 to the creditors. Jake and Sacha are general partners and Brianne is a limited partner. How much of the remaining $61,000 liability should be paid by each partner? (Negative amounts should be indicated by minus sign. Leave no cell blank. Enter "0" when the answer is zero.) Cash to be paid to each partner Jake Sacha $ Brianne 0 $ Total 0

Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $258,800; total liabilities, $216,000; Jake, Capital, $9,600; Sacha, Capital, $11,600; and Brianne, Capital, $21,600. The cash proceeds from selling the assets were sufficient to repay all but $61,000 to the creditors. Jake and Sacha are general partners and Brianne is a limited partner. How much of the remaining $61,000 liability should be paid by each partner? (Negative amounts should be indicated by minus sign. Leave no cell blank. Enter "0" when the answer is zero.) Cash to be paid to each partner Jake Sacha $ Brianne 0 $ Total 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fitzee, Chesher and Klotia have a partnership. They share income on the basis of the following ratio: 2:3:5. Each partner has the following capital balances respectively $220,000, $250,000, and $145,000. They decided to liquidate their business on July 3 because they wanted to pursue other interests. They had a big liquidation sale and they sold all non-cash assets for $445,000. They have the following accounts: Cash $200,000 Supplies $50,000 Equipment $150,000 Truck $65,000 Building $300,000 AP $200,000 Prepare all of the journal entries to close this business General Journal Page Date Particulars PR Debits Credits
Hershey, Inigo, Jessa and Kyle are partners who share profits and losses in the ratio of 3:2:1:4. As of the current date, the partners become insolvent so they decide to liquidate their business. The capital balance of each partner amount to P30,000, P35,000, P20,000 and P50,000 to Hershey, Inigo, Jessa and Kyle respectively. At this time, total liabilities of the partnership amount to P180,000. From the data above, answer the following independent questions: 14. If the partnership received P185,000 from the sale of all non-cash assets of the partnership, determine the amount of cash that Hershey is to receive assuming there is no cash balance before realization and all partners are insolvent at the time of liquidation. A. P9,000 C. PO B. P2,000 D. P1,500 15. If Kyle receives P12,000 as settlement of his interest, how much were the non-cash assets sold assuming there is no cash balance before realization? A. P220,000 B. P95,000 C. P315,000 D. P180,000
Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3.5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $239,300; total liabilities, $201.000, Jake, Capital, $8,100; Sacha, Capital, $10,100; and Brianne, Capital, $20,100. The cash proceeds from selling the assets were sufficient to repay all but $46,000 to the creditors. Calculate the loss from selling the assets. (Round the final answer to the nearest dollar.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total liabilibushould be paid by each partner. (Round the final answers to the nearest dollar.
Anna, Ben, and Carl's partnership did not go well so the partners decided to liquidate on March 31, 2022. Capital balances of the partners after closing the loss incurred for the first quarter showed: Anna P170,000; Ben, P120,000; Carl, P105,000. Liabilities to outside creditors amounted to P150,000. All are sharing profits and losses equally. The non-cash assets were sold for P160,000 and the creditors were paid. Remaining cash for distribution to partners after the liabilities were paid amounted to P26,000. Deficient partners are solvent. How much is the carrying amount of the non-cash assets prior to realization?
to eBook TOT akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $49,000 and equipment with a cost of $175,000 and accumulated depreciation of $97,000. The partners agree that the equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,500 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,000 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank. a. b. Allowance for Doubtful Accounts Cash Paused Equipment Tim,…
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