Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatlcally Indented when amount Is entered. Do not Indent manually.)
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- Sandhill Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,800; Oakley, Capital (Cr.) $48,000; Quaney, Capital (Dr.) $21,420; and Ellis, Capital (Cr.) $39,220. The income ratios of the three partners are 3:4:3, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record write-off of capital deficiency) (To record distribution of cash to the partners) Debit Credit DO NOTPrior to the distribution of cash to the partners, the accounts in the Blossom Company are Cash $32,400; Vogel, Capital (Cr.) $19,200; Utech, Capital (Cr.) $17,200; and Pena, Capital (Dr.) $4,000. The income ratios are 5:3:2, respectively. Blossom Company decides to liquidate the company.After liquidating noncash assets and paying creditors, account balances in the Sandhill Co. are Cash $17,200; A, Capital (Cr.) $7,700; B, Capital (Cr.) $5,500; and C, Capital (Cr.) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
- After liquidating noncash assets and paying creditors, account balance in the Pharoah Co. are cash $17,000; A, Capital (Cr.) $8,000; B, Capital (Cr.) $5,300; and C, Capital (Cr.) $3,700. The partners share income equally. Journalize the final distribution of cash to the partners.Lewis, Clark, and Sacagewea have income ratios of 5:3:2 and capital balances of $36,040, $32,860, and $29,680, respectively. Noncash assets are sold at a gain and allocated to the partners. After creditors are paid, $109,180 of cash is available for distribution to the partners. How much cash should be paid to Clark?Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are Which of the following statements is true? The first available $2,000 will go to Hoehn. Carney will be the last partner to receive any available cash. The first available $3,000 will go to Menton. Carney will collect a portion of any available cash before Hoehn receives money.
- AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are Carney, capital $ 79,000 Pierce, capital 32,700 Menton, capital 62,000 Hoehn, capital 25,700 Which of the following statements is true? (1)Carney will collect a portion of any available cash before Hoehn receives money. (2)The first available $7,700 will go to Hoehn. (3)The first available $10,600 will go to Manton. (4) Carney will be the last partner to receive any available cash.Prior to the distribution of cash to the partners, the accounts in the Oriole Company are Cash $ 34,000; Vogel, Capital (Cr.) $ 22,0003; Utech, Capital (Cr.) $ 20,000; and Pena, Capital (Dr.) $ 8,000. The income ratios are 5:3:2, respectively. Oriole Company decides to liquidate the company. (a) Prepare the entry to record (1) Pena's payment of $ 8,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2)
- ABC Corporation currently has $7,000 in cash, $15,000 in noncash assets, and liabilities of $8,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $8,000, $2,000, and $4,000, respectively. The partners share a profit and loss ratio of 3:2:1. The noncash assets were sold for $3,000. Any capital deficiencies are absorbed by the remaining partners. Complete the liquidation chart below. Statement of Partnership Liquidation Cash Noncash Assets Liabilities Capital Adrian Batch Crenshaw Balances before realization Sale of assets and division of loss or gain Balances after realization Payment of liabilities Balances after payment of liabilities Receipt of deficiency Balances Cash distributed to partners…Alfa Company is liquidating. It has the following account balances: Cash $5,000, Non-cash assets $60,000, Liability $31,000, A Capital $15,000, B Capital $17,800, and C Capital $1,200. The company sold its non-cash assets for $84,000 and the income ratios of the partners are 3:2:1 respectively. The balance of C, Capital after paying liabilities is: (Show your calculation)Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The profit and loss agreement is 60% for Charles and 40% for Clement. The partners decided to liquidate the partnership. The firm's liabilities amount to P 36,000, including P 4.000 owing to Charles and P 3,500 owing to Clement on loans. After realization of assets, the cash on hand amounts to P 37,500. How much is the total loss on realization? in the settlement to partners, how much did Charles receive? in the settlement to partners. how much did Clement receive?