Liabilities - 80,000 A Capital - 88,000 B Capital - 62,000 C Capital - 56,000 On the first month of liquidation, certain non-ca
Q: The statement of financial position for. Paraiso and Ligeralde Partnership on June 1, 2016 before…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: The partners of the M & N Partnership started liquidating their business on July 1, 20x5, at which…
A: The question is related to the Partnership Accounting. In the given question all cash realised from…
Q: After several years of operation, the partnership of Raimondo, Rodriguez, and Rosenfeld is being…
A: Liquidation of partnership is a situation where the entity wound up its business by selling off all…
Q: After years of operations, the partnership of De Vera, Dela Cruz, De Jesus is to be liquidated.…
A: Liquidation in finance is the method of bringing a business to a stop and dispensing its assets to…
Q: Calculate the amount of cash withheld for anticipated liquidation expenses.
A: Liquidation is the process through which the company or any partnership business liquidates its…
Q: ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of…
A: The partnership liquidation table is prepared to record the sale of assets, payment of liabilities…
Q: Victory Worship Partnership has the following account balances before liquidation (see attached…
A: The book value of the asset means the value at which the asset is purchased or the amount of the…
Q: After several years of operations, the partnership of Arenas, Dulay and Laurente is to be…
A: Liquidation- This term came when the purpose for which entity established, is completed or all the…
Q: The ETO Partnership is in the process of liquidation. The account balances prior to liquidation are…
A: When two or more people agree to conduct the business operation and sharing the profit and loss in a…
Q: A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: A balance sheet for the partnership of Sanjoe, Bea, and Piolo, who share profits and losses in the…
A: Cash From sale of Assets = 1,92,000 Less: Liquidation Expenses = ( 6000) Less:…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: Three partners decided to liquidate their partnership. In accordance with their 3:2:1 income ratio,…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: Non Cash assets are the assets which does not include the cash like land, furniture, vehicles.…
Q: The balance sheet of Ana, Eva and Nora partnership, just before liquidation on June 4, is as…
A: Partnership: It is a type of business form. Under this business form, two or more individuals…
Q: A condensed balance sheet for a partnership to be liquidated is as follows:(attached)The profit and…
A: Partnership liquidation: A procedure of paying off all the liabilities of the partnership firm,…
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: Pre distribution schedule- Pre-distribution is the idea that the state should try to stop…
Q: SCA partnership has the following account balances before liquidation: Cash 70,000 Liabilities…
A: Partnership Deed is a written agreement signed by each partner on the formation of a partnership…
Q: The statement of financial position for Paraiso and Ligeralde Partnership on June 1, 2015 before…
A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
Q: The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's…
A: Liquidation is an event which occurs when the business becomes insolvent and the business is not…
Q: How much cash is to be distributed to AA?
A: On the time of liquidation the proceeds of sale of assets are distributed among partners
Q: mmediately prior to the process of liquidation, partners Micco, Niccum, and Orwell have capital…
A: Liquidation is the process of closing a business and distributing its assets to claimants in finance…
Q: The year-end balance sheet and residual profit and loss sharing percentages for the Gary, Harold,…
A: During the liquidation of a partnership, payment shall be made according to the following priority:…
Q: A. After several years of operations, the partnership of Arenas, Dulay and Laurente is to be…
A: The statement of partnership liquidation is prepared when partners decide to wind up the partnership…
Q: A balance sheet for the partnership A, B and C, who share profits 2:1:1 respectively, shows the…
A: Allocation of Loss and expenses which took place in the first month: Particulars A B C Total…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: Total Amount Available for Distribution = The amount received by Partner B x 1 / B's shares in…
Q: the statement of financial position of the partnership of Bee, Cee and Dee, who share profits in the…
A: Solution Partnership is a formal arrangement by two or more parties to manage and operate a business…
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: For every company, its liquidation value should be considered. It represents the value of the…
Q: 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash…
A: Partnership according to section 3 (1) of the partnership act 1961 is known as the relation between…
Q: В. Pisces, Leo and Gemini share profits in the ration of 5:3:2, respectively. Capital and loan…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
Q: ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of…
A: Liabilities are paid off at their amount ie. $35,000. Non-Cash assets are sold at a gain of $30,000…
Q: Journalize the entries to record the liquidation outlined below, using “Assets” as the account title…
A:
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: 1.
Q: SCA Partnership has the following account balances before liquidation: Cash P350,000 Liabilities…
A:
Q: ABC, DEF and GHI who share earnings 5:3:2, respectively, decided to liquidate their partnership at…
A: Given that, Cash = 50,000 Liabilities = 60,000 Other assets = 250,000 Sale of other assets =…
Q: On December 31 , 2016 , the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash…
A: Liquidation of partnership means closing down the business of the partnership firm and selling off…
Q: A balance sheet for the partnership of Mavi, Cong and Viy, who share profits in the ratio of…
A: SOLUTION LIQUIDATION MEANS WHEN A BUSINESS CLOSES AND SELL OF ALL ITS MERCHANDISE BECAUSE IT IS…
Q: wing balance just before liquidation: Cash 162, 000…
A: Liquidation refers to the process a company goes through such as transforming its valuable assets…
Q: Victory Worship Partnership has the following account balances before liquidation (see attached…
A: As Given Before dissolution, Victory Worship Partnership had the following account balances. Some…
Q: The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared…
A: A partnership is a type of business where two or more persons come together to commence a business…
Q: The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and…
A:
Q: The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to…
A: 1)
Q: Kershaw, Buehler, and Bauer are partners and agree to share profit and loss in the ratio of…
A: Partnership Firm: A partnership is a form of business where two or more people come together to do…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: On dissolution of the partnership firm, the non-cash assets are liquidated. The liabilities of the…
Q: (The following information applies to the questions displayed below.) The partnership of Butler,…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following…
A: (1) Profit sharing Ratio of A, B, C = 2 : 1 :1 => A = 2/4 th = 1/2 th share => B = 1/4 th =…
Q: A balance sheet for the partnership of KK, LL and MM, who share profits 2:1:1 respectively, shows…
A: First a Realisation account will be created to sell the non-cash assets and pay back the liabilities…
A
Cash - 48,000
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 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.
Step by step
Solved in 4 steps
- 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.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 of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: 48,000 Other Assets: 238,000 Liabilities: 80,000 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 23,000. Liquidation expenses of 4,000 were paid, and additionsl liquidation expenses of 3,200 were 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.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: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 4. 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: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, 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.
- 4. 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. Determine total payment to partners on the initial installment.A balance sheet for the QRS Partnership, which shares profits and losses in the ratio of 5:3:2 shows the following balances just before liquidation: Cash, 30,000; Other assets, 148,750; Liabilities, 50,000; Q, Capital, 55,000; R, Capital, 38,750; S Capital, 35,000. On the first month of liquidation, certain assets are sold for 80,000. Liquidation expenses of 2,500 is paid, and additional expenses are anticipated. Liabilities are paid amounting to 13,500, and sufficient cash is retained to ensure payment to creditors before making payment to partners. On the payments to partners, Q receives 15,625. Calculate the amount of cash withheld for anticipated liquidation expenses.Victory Worship Partnership has the following account balances before liquidation (see attached photo):During December, some non-cash assets were sold for a loss of P1,845. Liquidation expenses of P7,000 were paid and additional expenses amounting to P3,600 were expected to be incurred through the following months of liquidating the partnership. Liabilities to outsiders amounting to P35,000 were paid. What is the book value of non-cash assets sold for Co to receive P22,222?
- Victory Worship Partnership has the following account balances before liquidation (see attached photo):During December, some non-cash assets were sold for a loss of P1,845. Liquidation expenses of P7,000 were paid and additional expenses amounting to P3,600 were expected to be incurred through the following months of liquidating the partnership. Liabilities to outsiders amounting to P35,000 were paid. What is the book value of non-cash assets sold for Co to receive P22,222? A. 83,355 B. 85,200 C. 95,000 D. 93,155A Statement of Financial Position for the partnership of John, Paul and Ryan, who share profits in the ratio of 2:1:1, shows the following balances just before liquidation: Assets Cash Other assets Liabilities and Equity Liabilities 240,000 P 144,000 714,000 John, capital 264,000 186,000 Paul, capital Ryan, capital 168,000 In the first month of liquidation, certain assets are sold for P384,000. Liquidation expenses of P12,000 are paid, and additional expenses are anticipated. Liabilities of P64,800 are paid and sufficient cash is retained for the anticipated liquidation expenses. In the first payment to partners, John receives P60,000. How much is the theoretical losses in the first month of liquidation? PThe statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities? Group of answer choices P1,550 P2,550 P27,650 P29,200