The ABC partnership reports the following condensed balance
sheet: Cash $ 480,000 Liabilities $2,000,000 Noncash assets...
The ABC partnership reports the following condensed balance
sheet: Cash $ 480,000 Liabilities $2,000,000 Noncash assets
3,160,000 Partner A, capital 290,000 Partner B, capital 1,100,000
Partner C, capital 250,000 Total assets $3,640,000 Total
liabilities and partner capital $3,640,000 The partners wish to
liquidate the partnership. The noncash assets are sold for
$2,300,000 with the loss distributed to the partners in the ratio
of 30%/30%/40% to partner A, B, and C, respectively. The
liabilities are paid in full. Assume that any...
Liquidation schedule—positive capital accounts
The ABC partnership reports the following condensed balance
sheet:
Cash
$200,000
Liabilities...
Liquidation schedule—positive capital accounts
The ABC partnership reports the following condensed balance
sheet:
Cash
$200,000
Liabilities
$300,000
Noncash assets
600,00
Partner A, capital
125,000
Partner B, capital
125,000
Partner C, capital
250,000
Total assets
$800,000
Total liabilities and partner capital
$800,000
The partners wish to liquidate the partnership. The noncash
assets are sold for $450,000 with the loss distributed to the
partners in the ratio of 30%/30%/40% to partner A, B, and C,
respectively. The liabilities are paid in full....
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts as of January 1, 2018:
Assets
$
370,000
Liabilities
$
116,000
Athos, capital
98,000
Porthos, capital
88,000
Aramis, capital
68,000
According to the articles of partnership, Athos is to receive an
allocation of 50 percent of all partnership profits and losses
while Porthos receives 30 percent and Aramis, 20 percent. The book
value of each asset and liability should be considered an accurate
representation...
Following is the current balance sheet for a local partnership
of doctors:
Cash and current assets...
Following is the current balance sheet for a local partnership
of doctors:
Cash and current assets
$
64,000
Liabilities
$
66,000
Land
208,000
A, capital
46,000
Building and equipment (net)
168,000
B, capital
66,000
C, capital
116,000
D, capital
146,000
Totals
$
440,000
Totals
$
440,000
The following questions represent independent
situations:
E is going to invest enough money in this partnership to receive
a 20 percent interest. No goodwill or bonus is to be recorded. How
much should E...
The January 1, 2017, balance sheet of the partnership of Linda
Kingston and Jeannette Allen is...
The January 1, 2017, balance sheet of the partnership of Linda
Kingston and Jeannette Allen is shown below.
Assets
Liabilities and Capital
Cash
$12,000
Liabilities
$34,000
Other assets
108,000
Capital - Kingston
35,600
Capital - Allen
50,400
Total assets
$120,000
Total liabilities and capital
$120,000
The partnership reported revenues of $48,000 and expenses of
$33,000 for 2017. Neither partner withdrew funds from the
partnership during the year. Kingston invested $4,800 in the firm
on June 28, 2017.
(c) The partnership...
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has
the following balance sheet accounts as of January 1, 2015:
Assets . . . . . . . . . . . . . . . . . . . . .
$320,000
Liabilities . . . . . . . . . . . . . . . . . .
$120,000
Athos, capital . . . . . . . . . . . . . ....
The XYZ partnership had the following balance sheet:
Basis
FMV
Cash
$30,000
$30,000
Accounts Receivable
0...
The XYZ partnership had the following balance sheet:
Basis
FMV
Cash
$30,000
$30,000
Accounts Receivable
0
48,000
Land
36,000
93,000
Goodwill
0
15,000
$66,000
$186,000
Capital, X
$22,000
$62,000
Capital, Y
22,000
62,000
Capital, Z
22,000
62,000
$66,000
$186,000
In liquidation of his interest X receives a distribution equal
to 50% of partnership income for each of the first two years after
his retirement. Partnership income was $80,000 in each of those
years. X was a general...
The balance sheet for the Delphine, Xavier, and Olivier
partnership follows:
Cash
$
69,360
Liabilities
$...
The balance sheet for the Delphine, Xavier, and Olivier
partnership follows:
Cash
$
69,360
Liabilities
$
46,500
Noncash assets
126,000
Delphine, capital
58,680
Xavier, capital
53,000
Olivier, capital
37,180
Total assets
$
195,360
Total liabilities and
capital
$
195,360
Delphine, Xavier, and Olivier share profits and losses in the
ratio of 3:4:3, respectively. The partners have agreed to terminate
the business and estimate that $14,600 in liquidation expenses will
be incurred.
What is the amount of cash that safely can...
The balance sheet for the Delphine, Xavier, and Olivier
partnership follows:
Cash
$
69,360
Liabilities
$...
The balance sheet for the Delphine, Xavier, and Olivier
partnership follows:
Cash
$
69,360
Liabilities
$
46,500
Noncash assets
126,000
Delphine, capital
58,680
Xavier, capital
53,000
Olivier, capital
37,180
Total assets
$
195,360
Total liabilities and
capital
$
195,360
Delphine, Xavier, and Olivier share profits and losses in the
ratio of 3:4:3, respectively. The partners have agreed to terminate
the business and estimate that $14,600 in liquidation expenses will
be incurred.
A. What is the amount of cash that safely...