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....
Liquidation schedule—one negative capital account with no
capital contribution
The ABC partnership reports the following condensed...
Liquidation schedule—one negative capital account with no
capital contribution
The ABC partnership reports the following condensed balance
sheet:
Cash
$580,000
Liabilities
$800,000
Noncash assets
1,200,000
Partner A, capital
450,000
Partner B, capital
450,000
Partner C, capital
80,000
Total assets
$1,780,000
Total liabilities and partner capital
$1,780,000
The partners wish to liquidate the partnership. The noncash
assets are sold for $900,000 with the loss distributed to the
partners in the ratio of 30%/30%/40% to partner A, B, and C,
respectively. The...
The Burr, Clinton and Hamilton partnership is entering into
liquidation with the following account balances:
cash...
The Burr, Clinton and Hamilton partnership is entering into
liquidation with the following account balances:
cash 117,000 liabilities 82,000
noncash assets 305,000 burr, capital 80,000
clinton, capital 100,000
howe, capital 160,000
total 422,000 422,0000
Estimated partnership liquidation expenses were $18,000. The
partners share profits and losses in a ratio of 20:30:50.
What amount of
cash was available for safe payments based on the above
information?
How should the amount of safe cash payments be distributed? Use
format provided below:
Based...
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...
The GAP Partnership has decided to liquidate at December 31,
2019. The capital and loan balances...
The GAP Partnership has decided to liquidate at December 31,
2019. The capital and loan balances of the partners at December 31,
2019 are provided below:
Partner
Capital Balances
Loan Balances
Profit/Loss
Sharing %
George
$210,000
$40,000 account payable
50%
Andrew
140,000
20,000 account receivable
20%
Peter
90,000
30,000 account payable
30%
· Outside liabilities are $50,000.
Liquidation expenses are estimated to be $12,000.
The Loss Absorption Potential (LAP) for the partners are as
follows:
Select one:
a. George $340,000,...
The
GAP Partnership has decided to liquidate at December 31, 2019. The
capital and loan balances...
The
GAP Partnership has decided to liquidate at December 31, 2019. The
capital and loan balances of the partners at December 31, 2019 are
provided below:
Partner
Capital Balances
Loan
Balances
Profit/Loss
Sharing %
George
$210,000
$40,000 account payable
50%
Andrew
140,000
20,000
account receivable
20%
Peter
90,000
30,000
account payable
30%
·
Outside liabilities are $50,000.
Liquidation expenses are estimated to be $12,000.
The
Loss Absorption Potential (LAP) for the partners are as
follows:
Select
one:
a.
George $340,000,...
On November 1, 2016, the firm of Sails, Welch, and Greenberg
decided to liquidate their partnership....
On November 1, 2016, the firm of Sails, Welch, and Greenberg
decided to liquidate their partnership. The partners have capital
balances of $57,800, $72,050, and $10,390, respectively. The cash
balance is $32,470, the book values of noncash assets total
$127,810, and liabilities total $20,040. The partners share income
and losses in the ratio of 2:2:1.
Required:
1.
Prepare a statement of
partnership liquidation, covering the period November 1–30, 2016,
for each of the following independent assumptions:
a.
All of the...
March, April, and May have been in partnership for a number of
years. The partners allocate...
March, April, and May have been in partnership for a number of
years. The partners allocate all profits and losses on a 3:3:2
basis, respectively. Recently, each partner has become personally
insolvent and, thus, the partners have decided to liquidate the
business in hopes of remedying their personal financial problems.
As of September 1, the partnership’s balance sheet is as
follows:
Cash
$
16,000
Liabilities
$
74,000
Accounts receivable
94,000
March, capital
33,000
Inventory
85,000
April, capital
80,000
Land, building,...