Required: Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with a minus sign. BELL, HARDY, DENNARD, AND SUDDATH PARTNERSHIP Statement of Partnership Liquidation (Hypothetical) Cash Assets Liabilities Bell, Capital 40% Hardy, Capital 30% Dennard, Capital 20% Suddath, Capital 10% Balances $ 106,000 $ 91,000 $ 12,000 $ 102,000 Sale of assets Subtotal $ 106,000 91,000 12,000 102,000 0 0 0 Pay liabilities Subtotal $ 106,000 $ 91,000 $ 12,000 $ 102,000 $ 0 $ 0 $ 0 Allocate deficit Subtotal $ 106,000 $ 91,000 $ 12,000 $ 102,000 $ 0 $ 0 $ 0 Distribute cash Ending balances $ 106,000 $ 91,000 $ 12,000 $ 102,000 $ 0 $ 0 $ 0
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- Help me pleaseThe net equities and income-sharing ratio for the R, S, T U Partnership before liquidation were as follows: R S T U Net equity in partnership $36,000 $32,400 $8,000 $(100) Income-sharing ratio 3 4 2 1 A) Prepare a program showing how cash should be distributed if the liabilities are $15,000.B) Make the journal entry to distribute $90,000 cash.k The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances/loss percent) Decrease highest LAP to next highest Debit $ 7,808 34,000 24,808 99,908 Decrease LAPs to next highest: $ 164,908 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $110,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $110,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30, 20X1,…
- In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. partner capital c. loan to partner d. Liquidation expenses 000Before liquidation, the following is the financial position of the partnership W, X, Y and Z: W, capital 275,000 W, loan 50,000 X, capital 225,000 Y, capital 257,500 Z, capital 342,500 P&L ratio is 4:3:2:1, respectively. 300,000 was received from certain assets are sold and are distributed to partners. What cash amount should Z receive? a. 300,000 b. 0 c. 135,834 d. 166,166The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, Is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances / loss percent) Decrease highest LAP to next highest: Debit $ 6,800 30,000 22,000 99,700 Decrease LAPS to next highest: $ 158,500 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 30 percent; and Torves, 20 percent. 3. The partners are considering an offer of $108,000 for the firm's accounts receivable, Inventory, and plant and equipment as of June 30. The $108,000 will be paid to creditors and the partners in Installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30,…
- The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company. DO IT! 3a: Partnership Liquidation No Capital Deficiency (Solution) Gafton Company Schedule of Cash Payments \table [[Item, Cash,+, \table[[Noncash], [Assets]],, Liabilities,, \table [[Numbers 16, 17 and 18 (Partnership Liquidation – Installment Liquidation) On December 31, 2018, the Statement of Financial Position of ABC Partnership with profit or loss ratio of 5:3:2 of respective partners A, B and C. showed the following information: Cash Noncash assets 1,600,000 1,400,000 Total Liabilities 2,000,000 100,000 A, Capital В, Сарital С, Сарital 500,000 400,000 On January 1, 2019, the partners decided to liquidate the partnership in installment. All partners are legally declared to be personally insolvent. As of January 31, 2019, the following transactions occurred: Noncash assets with a carrying amount P1,000,000 were sold at a gain of P100,000. Liquidation expenses for the month of January amounting to P50,000 were paid. It is estimated that liquidation expenses amounting to P150,000 will be incurred for the month of February, 2019. • 20% of the liabilities to third persons were settled. Available cash was distributed to the partners. As of February 28, 2019, the…The CDG Carlos, Dan, and Gall Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: Assets Cash Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital $138,000 68,000 78,000 Personal assets Personal liabilities Personal net worth $ 34,000 93,000 118,000 336,000 $581,000 $297,000 284,000 $581,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Gail $ 268,000 $310,000 $368,000 (239,000) (231,000) (340,000) $ 87,000 $ 28,000 $ 29,000 2. Carlos, Dan, and Gall share profits and losses in the ratio 15:45:40, 3. CDG sold all noncash assets on December 10, 20X6, for $276,000.
- Problem 2. During liquidation, the Partnership of Pateno, Bautista and Apalisoc became insolvent. On Jan. 17, 2021, after all non-cash assets had been realized and all available cash had been distributed to creditors, the statement of financial position of the partnership is as follows: Liabilities and Partners' Capital: Accounts payable - Trade P60,000 120,000 Pateno, Capital Bautista, Capital -160,000 Apalisoc, Capital -20,000 P-0-1 Total liabilities & partners' capital The partners share profits and losses (including gains and losses in liquidaion) in the ratio 20 %, 50% and 30%, respectively. On Jan. 17, 2021, the personal financial positions of the partners were as shown below: Partner Assets Liabilities Pateno P60,000 P80,000 200,000 Bautista 280,000 Apalisoc 250,000 240,000 Required: Determine the receipt of cash from Bautista and Apalisoc, the appropriate distribution of cash, and the completion of the partnership liquidation.Problem 4: The balance sheet of the partnership of ABCD Co just before liquidation is presented below: A, loan 5,000 27,500 A, capital (40%) B. capital (30%) HA 25,750 34,250 22,500 C, capital (20%) D, capital (10%) Certain assets are sold for P30,000 and this is distributed to the partners. How much cash should C receive?The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash Noncash assets a Maximum amount b Distributed $ 51,000 136,000 This partnership is being liquidated. Hendrick and Mitchum are each entitled to 30 percent of all profits and losses with the remaining 40 percent going to Redding. Hendrick Mitchum Liabilities Hendrick, capital Mitchum, capital Redding, capital a. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance? b. How should the $10,000 cash that is presently available in excess of liabilities be distributed? c. If the noncash assets are sold for a total of $51,000, what is the minimum amount of cash that Hendrick could receive? (Do not round intermediate calculations.) Redding C Minimum amount $ 41,000 91,000 71,000 (16,000)