Dr Nick

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About Dr Nick

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Art & Design,Computer Science See all
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Teaching Since: May 2017
Last Sign in: 343 Weeks Ago
Questions Answered: 19234
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Education

  • MBA (IT), PHD
    Kaplan University
    Apr-2009 - Mar-2014

Experience

  • Professor
    University of Santo Tomas
    Aug-2006 - Present

Category > Accounting Posted 15 Sep 2017 My Price 14.00

the following exercise.

Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to enter your answers to parts a, b, and c. Then paste the Excel data into a Word document on which you can also write the answer to part d.

Label each exercise or problem clearly. Use APA formatting and citation if needed.

Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed the following:

Cash $10,000

Total "other assets," $106,000

Total liabilities, $88,000

Sand, Capital, $1,200

Mell, Capital, $11,700

Rand, Capital, $15,100

The "other assets" were sold for $ 85,000. Proceeds from the sale of other assets were used to payoff existing liabilities.

Determine the following:

The gain (or loss) realized on the sale of the assets and recording of liabilities' payment.

The balances in the partners' capital accounts after the distribution of this gain or loss to the capital accounts.

Assume that if any capital deficits exist, they are not made up and the deficient partner pays down his or her deficit to zero. How much cash will each of the partners receive in the final liquidation?

Provide an explanation between 200 and 300 words in length of the requirements for liquidating the partnership. What documents will be needed? How will the money be distributed? What other options might there be in place of liquidation?

Answers

Dr Nick
(4)
Status NEW Posted 15 Sep 2017 08:09 AM My Price 14.00

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