Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $73,500 Cr.; Zapata, $41,000 Cr.; Fowler, $17,000 Dr. What is the amount of cash on hand? Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances.

Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $73,500 Cr.; Zapata, $41,000 Cr.; Fowler, $17,000 Dr. What is the amount of cash on hand? Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $34,000 Cr.; Zapata, $74,800 Cr.; Fowler, $21,800 Dr. Question Content Area a. What term is applied to the debit balance in Fowler's capital account? b. What is the amount of cash on hand?$fill in the blank 28030402ff86fa0_2 Question Content Area c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -
Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $73,500 Cr.; Zapata, $41,000 Cr.;Fowler, $17,000 Dr.a. What term is applied to the debit balance in Fowler’s capital account?b. What is the amount of cash on hand?c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances.
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