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.
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Lewis, Zapata, and Fowler share equally in net income and net losses. After the
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.
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- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.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.Matthews, Williams, and Shen 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: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr. a. What term is applied to the debit balance in Shen’s capital account? b. What is the amount of cash on hand? c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. Liquidating partnerships— capital deficiency
- 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 -A partnership is liquidating. The partners share profits and losses equally. After liquidating the assets and paying the liabilities, cash of $77,000 remains and the partners' capital accounts are as follows: (refer to image attached) How much cash will Fleet receive?Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing profits and losses equally. The partnership is liquidated. After all assets are converted into cash and all liabilities are paid, P 520,000 cash remains available for distribution to the partners. Kia and Lia have capital balances of P 400,000 and P 300,000, respectively. Mia has a debit balance of P 180,000 in her capital account. 26. If Mia is personally solvent, how much cash will be distributed to Kia? P 340,000. a. P 260,000. C. b. P 310,000. d. P 400,000. 27. If Mia is personally insolvent, how much cash will be distributed to Kia? a. P 260,000. c. P 340,000. b. P 310,000. d. P 400,000. 28. If the capital of Kia prior to realization is P425,000, what is the loss on realization? a. P 25,000. Pplw-C. c. P 75,000. d. P 100,000. b. P 50,000. Item Nos. 29 and 30 are based on the following information: Noly, Ollie, and Poly are partners with capital balances of P 350,000, P 250,000, and P…
- The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 80,000 750,000 31,000 Beginning balances Sold assets $ 861,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & CapitalThe ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership as well as all required journal entries. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up for the capital deficiency.) Instructions Use the above information. a. Prepare a complete Schedule of Cash Payments. b. Prepare all necessary journal entries on the journal page below. ABC PARTNERSHIP Schedule of Cash Payments Balances Before Liquidation: Item Cash $25,000 + Noncash Assets $150,000 = Liabilities $50,000 + Alexa Capital $25,000 + Bitsy Capital $35,000 + Coco Capital $65,000The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
- Francis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners have decided to liquidate the partnership. Their capital accounts show the following balances: Francis -P60,000 credit: Gary-P 90,000 credit: Joel-P30.000 debit. How much is the cash available for distribution?Prepare separate journal entries to record the transfer of each proprietorship’s assets and liabilities to the partnership. Further, it is agreed that Sorensen will invest an additional $5,100 in cash, and Lucas will invest an additional $19.400 in cash. Journalize the additional cash investment by each partner. Prepare a classified balance sheet for the partnership on January 1, 2022.Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000.a. What is the amount of a gain or loss on realization?b. How should the gain or loss be divided between Hewitt and Patel?c. How should the cash be divided between Hewitt and Patel?