he partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 60,000 Liabilities $ 40,000 Noncash assets 219,000 Frick, capital (60%) 129,000 Wilson, capital (20%) 35,000
Q: A credit sale of $3.600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...
A: Formula: Cash received = Sales amount - Discount amount
Q: 7. Received Php20,000 for the sale of a lot a. Debit cash, Credit Commission Income b. Debit Cash, ...
A:
Q: On July 1, 2016, Rotan Corporation paid $72,000 cash for a three year insurance premium. What adjust...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Oxmoor Corporation prepared the following adjusted trial balance. ...
A: Income statement forms a part of financial statements and is prepared with a view to ascertain the n...
Q: Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): Comp...
A: Given: Purchased computer software and website development technology - $71,000. A patent purchase...
Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,...
A: Solution: Cash collection is done on the basis of percentages of collection in the respective months...
Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value ...
A: Using LIFO method, the inventory at last would be sold first and old inventory would be in ending in...
Q: Describe two separate and distinct ways to calculate goods available for sale.
A: Goods available for sale is the cost of total units of finished goods (this includes both manufactur...
Q: 16. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendere...
A: 16. Revenue can be recognized as soon as the rights and property in goods has been transferred, the ...
Q: Which of the following statements is true regarding CVP analysis? Select one: A. CVP is only useful ...
A: Fixed Cost: The fixed cost is a a type of cost that remains constant whether the activity level of p...
Q: The Mendholm Company entered into the following transactions:a. Performed services on account, $21,5...
A: Sno. Transaction Assets = Liabilities + Stockholders Equity Cash Accounts Re...
Q: please do all.
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Bounce Back Insurance Company carries three major lines of insurance: auto, workers' compensa- tion,...
A: The process of relating a firm's revenue profit to the profit of a single product is known as produc...
Q: amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring t...
A: Amusement tax refers to the form of tax levied on any source of commercial entertainment services pr...
Q: Valley Hospital measures the in-patient occupancy of the hospital by determining the number of patie...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Problem 23-17 (IAA) retained earnings on December 31, 2020? During the current year, the following c...
A: Unappropriated Retained Earnings are the portion of the retained earnings which are not kept for any...
Q: Question Content Area Break-Even in Units and Sales Dollars, Margin of Safety Drake Company pro...
A: Break Even Point is the level of sales where there is no profits or no losses. Break Even Point (uni...
Q: Partners Mel and Jay each have 200K capital balance and share profit and loss in a ratio of 3:2 resp...
A: Jay's Capital is 220,000 after sale of Noncash assets
Q: Bananas sells gift cards in $15, $25, and $50 increments. Assume Bananas sells $19.5 million in iTun...
A: The cash received for gift cards is to be debited and corresponding credit to be given to deferre...
Q: Please select the correct answer “Communication” a.is when a department is willing to prepare a bu...
A: Communication is the mutual exchange of information between the sender and receiver. Communication i...
Q: If P250,000 is invested for two years, what is the maturity value (disregard withholding tax for #s ...
A: Future Value = Present Value x (1 + r)^n
Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity c...
A: Non current assets are the assets which held by the form for a longer term investment horizon and ge...
Q: A firm purchased 12-years ago a computerized machine worth P 936042. As the life of the machine was ...
A: Sum of Year 's Digit Method: This method is an accelerated depreciation and depreciation is cons...
Q: Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2021. It is ...
A: Cost recovery refers to the deduction of cost of an asset, used in business or for production to gen...
Q: following account balances: Sales - P120,000; Cost of goods sold - P60,00O; Salary expense P10,000; ...
A: The income before tax is calculated as income before deduction of any income tax on the income.
Q: How do you differ a public corporation from a private corporation? give examples-names, purpose or o...
A: Corporation- A corporation is a legal entity with the identity of a legal person that was formed by ...
Q: old X, Inc. uses the following information when preparing their flexible budget: direct materials of...
A: Solution: Flexible budget is the budget which represents budgeted cost at different levels of produc...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: The material used can be calculated by adding up raw material purchased in the beginning inventory a...
Q: calculate the cost of goods manufactured: In S's Direct Materials Used 120 Direct Labor 200 Manufact...
A: Formula: Cost of goods manufactured = Direct materials + Direct labor + Manufacturing overhead + Beg...
Q: Please select the correct answers. 1) ...
A: given that : Georgetown Income before tax. ...
Q: 2021 2022 Units produced 60,000 50,000 Units sold 54,000 54,000 Selling price per unit Variable cost...
A: In variable costing, only fixed manufacturing and other indirect costs are expensed in the period th...
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021. ...
A: Introduction cash flow statement is statement that tells about cash and financial position of compan...
Q: What amount will be paid at the beginning of every month for 10 years if the present value is 200, 0...
A: Payment at the beginning of every month = PV x r / [{1 - (1 + r)^(-n)} x (1 + r)] Here, PV = Present...
Q: Please help me prepare a statement of cash flow for the year ended December 31, 2019
A: Balance sheet, Profit & Loss statement is available for 2019 and 2018 We needs to Prepare Cash F...
Q: 2. What is the capitalized cost of a Sugar MilI Plant w/c requires Php 5,000,000 for construction ,P...
A: Expense The cost that an organization incurs for revenue generation is known as an expense. Accrual ...
Q: eremiah Sugar Company has the policy of valuing inventory at lower of cost and net realizable value....
A: Inventory is value at lower of cost or net realizable value (NRV). NRV is calculated as selling pric...
Q: A payment that a corporation makes to its shareholders out of the profits of a corporation is called...
A: When a corporation earns a profit or surplus, it is able to pay a proportion of the profit as a divi...
Q: total cash received
A: Cash Inflow on, 1. Pledge with Yupy bank = P500000 2. Factoring with Yalong finance = P1300000 - P13...
Q: Which of the following is part of the payments system of the economy? A. currency B. demand deposits...
A: A payment system is any mechanism that settles banking transactions by transferring monetary value. ...
Q: Schylar Pharmaceuticals, Inc., plans to sell 120,000 units of antibiotic at an average price of $18 ...
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...
Q: Wise Photography reported net income of $115,600 for 2020. Included in the income statement were dep...
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...
Q: The following are several transactions for Halpin Advertising Company.a. Purchased $1,000 of supplie...
A: Revenue and costs are recognized and documented as they occur under accrual accounting, but cash bas...
Q: Accounting Budget Fixed FOH=800 Actual HRS=120 Stand HRS=150 Norm HRS= 100 Actual Fixed FOH=815 1.Fi...
A: 1) Fixed Overhead Rate is derived by dividing the total cost pool by unit of basis of allocation us...
Q: 13. Paid monthly telephone bill, Php650. a. Debit, cash, Credit J. Ilagan, capital b. Debit, teleph...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: 22. The account "wages payable" would appear in the income statement True O False 23. Buying goods a...
A: Solution In accrual accounting , expenses and revenues are recognized in the period when they are e...
Q: Termination of employment is often a stressful event for an employee. True or False
A: Termination of employee is considered to be an unsual and unexpected event which is uncomfortable fo...
Q: 52 Gains or losses on changes in fair value of debt investment classified as amortized cost: Group ...
A: As accounting standard Following is the correct answer
Q: Which of the following features of an asset closely links its definition to the scien Economics? A. ...
A: Asset refers to any resource which is owned or controlled through the business and it is anything th...
Q: (a) Briefly explain TWO (2) methods of payment for the issuance of share. (b) MOLLY Berhad decided t...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: a. Prepare a schedule of monthly cash receipts for January, February, and March. b. Prepare a schedu...
A: A cash budget shows the cash receipts and cash payment over the specific period of time.
The
Cash
$ 60,000
Liabilities
$ 40,000
Noncash assets
219,000
Frick, capital (60%)
129,000
Wilson, capital (20%)
35,000
Clarke, capital (20%)
75,000
Total assets
$279,000
Total liabilities and capital
$279,000
Part A
Prepare a predistribution plan for this partnership.
Part B
The following transactions occur in liquidating this business:
Distributed safe payments of cash immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for this computation.
Sold noncash assets with a book value of $94,000 for $60,000.
Paid all liabilities.
Distributed safe payments of cash again.
Sold remaining noncash assets for $51,000.
Paid actual liquidation expenses of $6,000 only.
Distributed remaining cash to the partners and closed the financial records of the business permanently.
Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners.
Part C
Prepare
*please show all work with calculations please***
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 70,000 Liabilities $ 38,000 Noncash assets 297,000 Frick, capital (60%) 180,000 Wilson, capital (20%) 48,000 Clarke, capital (20%) 101,000 Total assets $ 367,000 Total liabilities and capital $ 367,000 Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: Distributed safe payments of cash immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $120,000 for $70,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $64,000. Paid actual liquidation expenses of $8,000 only. Distributed remaining cash to the…The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 69,000 Liabilities $ 40,000 Noncash assets 279,000 Frick, capital (60%) 168,000 Wilson, capital (20%) 45,000 Clarke, capital (20%) 95,000 Total assets $ 348,000 Total liabilities and capital $ 348,000 Part A Prepare a predistribution plan for this partnership. Prepare a predistribution plan for this partnership. Frick, Capital Wilson, Capital Clarke, Capital Beginning balances $168,000 $45,000 $95,000 Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balancesThe partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 64,000 Liabilities $ 44,000 Noncash assets 225,000 Frick, capital (60%) 132,000 Wilson, capital (20%) 36,000 Clarke, capital (20%) 77,000 Total assets $ 289,000 Total liabilities and capital $ 289,000 Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: Distributed safe payments of cash immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $96,000 for $64,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $52,000. Paid actual liquidation expenses of $7,000 only. Distributed remaining cash to the…
- The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash Noncash assets $ 66,000 273,000 Liabilities Bauer, capital (60%) Ohtani, capital (20%) Souza, capital (20%) $ 37,000 165,000 44,000 93,000 Total assets $ 339,000 Total liabilities and capital $ 339,000 Required: Part A Prepare a predistribution plan for this partnership. Part B es The following transactions occur in liquidating this business: 1. Distributed safe payments of cash immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $112,000 for $66,000. 3. Paid all liabilities.. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $60,000. 6. Paid actual liquidation expenses of $8,000 only. 7. Distributed remaining cash to the partners and closed the financial records…The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash - $66,000 Noncash - $231,000 Liabilities - $46,000 Frick, capital (60%) - $135,000 Wilson, capital (20%) - $37,000 Clarke, capital (20%) - $79,000 The following transactions occured in liquidating its business: Distributed safe payments of cash immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $98,000 for $66,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $53,000. Paid actual liquidation expenses of $8,000 only. Distributedremainingcashtothepartnersandclosedthefinancialrecordsofthebusinesspermanently. Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of…ABC Co. is undergoing liquidation. The following are the account balances after all the non-cash assets were sold: 50,000 Liabilities A, Capital (30%) B, Capital (30%) C, Capital (40%) Cash 120,000 90,000 (60,000) (100,000) The personal assets and liabilities of the partners are as follows: Personal assets 80,000 100,000 192,000 Personal liabilities 90,000 61,000 80,000 A B C wants to make an additional contribution of only P70,000, which A is refuting. If the doctrine of marshaling of assets is followed, how much of A's P90,000 equity would appear to be recoverable? a. 90,000 b. 79,000 c. 81,000 d. 0
- The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash - $66,000 Noncash - $231,000 Liabilities - $46,000 Frick, capital (60%) - $135,000 Wilson, capital (20%) - $37,000 Clarke, capital (20%) - $79,00 Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.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…On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: Cash Accounts receivable Inventory Equipment Total 80,000 Accounts payable 120,000 240,000 Payable to B 480,000 A, Capital (20%) 1,200,000 B, Capital (30%) 2,000,000 C, Capital (50%) 80,000 400,000 600,000 800,000 Information on the conversion of non-cash assets is as follows: • P200,000 was collected on accounts receivable; the balance is uncollectible. P280,000 was received for the entire inventory. The equipment was sold for P1,000,000. P8,000 liquidation expenses were paid. How much did C receive from the settlement of his interest in the partnership?
- On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. 80,000 240,000 480,000 1,200,000 2,000,000 Cash Accounts receivable Inventory Equipment Total Accounts payable to B Payable A, Capital (20%) B, Capital (30%) C, Capital (50%) 800,000 Total 2,000,000 Information on the conversion of non-cash assets is as follows: 120,000 80,000 400,000 600,000 • $40,000 was collected on accounts receivable; the balance is uncollectible. $20,000 was received for the entire inventory. . The equipment was sold for $200,000./ $8,000 liquidation expenses were paid. • • #108,000 was paid to outside creditors, after offset of a 12,000 credit, memorandum received on January 2, 20x1. All of the partners are personally solvent. How much did B receive from the settlement of his interest in the partnership?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.A. After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Sale of all non-cash assets 2. Distribution of gain on realization to the partners 3. Payment of the liabilitites 4. Distribution of cash to the partners