Assets Liabilities and Capital
Jason, Kelly , and Rice are partners who share profits 5:3:2, respectively, The partners mutually agree that their association should be dissolved. A condensed balance sheet before realization of assets following balances:
Assets Liabilities and Capital
Cash $16,500 Liabilities $21,000
A/R $28,000 Jason, Capital $69,000
Inventory $20,500 Kelly, Capital $47,000
Equipment-Net$101,000 Rice, Capital $43,000
Loan to Jason $14,000Â Â Â Â Â Â Â Â
Total $180,000Â Â Total:Â Â Â $180,000
Cash is distributed at the end of each month, with $5,000 remained for possible contingencies.
Â
Asset realization is accomplished as follows. Liquidation expense per month is $2.,000.
Date  Asset Sold Book Value Sales Price
January Accounts Receivable 28,000 25,000
February Inventory 20,500 18,000
 Equipment-net 101,000 90,000
Additional liabilities of $3,000 weqre discorevered in February. All cash was then distributed in a final liquidation.
Â
Question: Prepare a summary in columnar form of the partnership realization and liquidation. You should prepare supporting schedules of safe payments before each cash distribution.
Answers
Status NEW
Posted 09 May 2017 08:05 AM
My Price 10.00
-----------
Attachments
file 1494317394-Solutions file.docx preview (56 words )
S-----------olu-----------tio-----------ns -----------fil-----------e
-----------Hel-----------lo -----------Sir-----------/Ma-----------dam-----------
T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e.
-----------
H-----------YPE-----------RLI-----------NK -----------&qu-----------ot;-----------htt-----------p:/-----------/wo-----------rkb-----------ank-----------247-----------.co-----------m/&-----------quo-----------t; -----------\t -----------&qu-----------ot;-----------_bl-----------ank-----------&qu-----------ot;-----------
-----------Tha-----------nk -----------you-----------
-----------
Not Rated(0)