The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $40,000 Liabilities $25,000 Other Assets 50,000 Parks, Loan 10,000 Cook, Capital 30,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $90,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash. B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000. Please dont provide solution with image thank you

The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $40,000 Liabilities $25,000 Other Assets 50,000 Parks, Loan 10,000 Cook, Capital 30,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $90,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash. B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000. Please dont provide solution with image thank you

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5CE

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The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $37,000 Liabilities $24,000 Other Assets 52,000 Parks, Loan 9,000 Cook, Capital 31,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $89,000 Total $89,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. (a) The partners wish to distribute the $37,000 in cash. Record in journal entry form the distribution of the available cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit…
The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash $40,000 Liabilities $25,000 Other Assets 50,000 Parks, Loan 10,000 Cook, Capital 30,000 Parks, Capital 10,000 Argo, Capital 15,000 Total $90,000 Total $90,000 The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent. Required: A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash. B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000.
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 41,000 229,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $46,500 21,000 77,500 67,500 57,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $20,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $79,000 are sold for $62,500. How is the available cash to be divided?
Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 Non-cash Assets 1,600,000 Liabilities 560,000 E, Loan 40,000 E, Capital 180,000 F, Capital 420,000 G, Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any…
F Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 1,600,000 Non-cash Assets Liabilities 560,000 40,000 E, Loan E, Capital 180,000 F, Capital 420,000 G. Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any capital deficiency is made good by the deficient partner, since all three partners are personally solvent. 12. How much was the loss on realization? 13. How much would F receive in final settlement of his interest? 14. How much would G receive in final settlement of his interest?
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 59,000 Liabilities $ 54,500 Noncash assets 319,000 Drysdale, loan 40,000 Drysdale, capital (50%) 104,500 Koufax, capital (30%) 94,500 Marichal, capital (20%) 84,500 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $19,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $97,000 are sold for $71,500. How is the available cash to be divided?
A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.
A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000 Other assets: 238,000 Liabilities: 80,000 A, Capital: 88,000 B, Capital: 62,000 C, Capital: 56,000 On the first month of liquidation, certain non- cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine total payment to partners on the initial installment.
A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine total payment to partners on the initial installment.
A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the following balances just before liquidation: Cash - 48,000Other Assets - 238,000Liabilities - 80,000A Capital - 88,000 B Capital - 62,000C Capital - 56,000On the first month of liquidation, certain non-cash assets were sold resulting to a loss of 23,000. Liquidation expense of 4,000 were paid, and additional liquidation expenses of 3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received 13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ 52,000 284,000 $ 59,000 Cash Liabilities Noncash assets Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 25,000 94,000 84,000 74,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $90,000 are sold for $68,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2.…
ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3: 2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation as follows: Equipment Accumulated Depreciation Inventory Account Receivable Cash Total ABC Firm Financial Position Statement May 31 2018 (in $) 42,000 Ateng, Capital (11,000) Bagio, Capital 99,000 Cecep, Capital 44,000 Liability 25,000 199,000 Total 50,000 30,000 20,000 99,000 Cash is used for payment of obligations and the remainder distributed to allies on each end of the month except $3,000 just in case. . If there are allies who have a capital deficit assumed t is capable of paying Non-cash realization as follows: a. June: equipment whose acquisition price is $ 22,000 and book value is $ 16,000 is sold with price $ 12,000. Inventory whose acquisition price is $ 50,000 is sold for $ 35,000 c. September: remaining inventory sold for $ 30,000; paid load liquidation $5,000 199,000 b.…