Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

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

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

partnership of Alice, Betty, and Carle

Statement of partnership liquidation

The partnership of Alice, Betty, and Carle became insolvent during 2011, and the partnership ledger shows the following balances after all partnership assets have been converted into cash and all available cash distributed:

 

Debit

Credit

Accounts payable

  

$ 30,000

Alice capital

  

20,000

Betty capital

$120,000

  

Carle capital

  

70,000
 

$120,000

$120,000

Profit and loss sharing percentages for the three partners are Alice, 30 percent; Betty, 40 percent; and Carle, 30 percent. The personal assets and liabilities of the partners are as follows

 

Alice

Betty

Carle

Personal assets

$60,000

$110,000

$60,000

Personal liabilities

50,000

60,000

40,000

REQUIRED: Prepare a schedule to show the phaseout of the partnership and final closing of the books if the partnership creditors recover $30,000 from Betty.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)