Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 8.00

partnership of Denver, Elsie, Fannie, and George

Safe payments schedule

The partnership of Denver, Elsie, Fannie, and George is being liquidated over the first few months of 2011. The trial balance at January 1, 2011, is as follows:

 

Debits

Credits

Cash

$200,000

  

Accounts receivable

56,000

  

Inventory

142,000

  

Equipment (net)

300,000

  

Land

150,000

  

Loan to Denver

20,000

  

Accounts payable

  

$400,000

Denver capital (20%)

  

170,000

Elsie capital (10%)

  

80,000

Fannie capital (50%)

  

140,000

George capital (20%)

  

78,000
 

$868,000

$868,000

ADDITIONAL INFORMATION

1. The partners agree to retain $20,000 cash on hand for contingencies and to distribute the rest of the available cash at the end of each month.

2. In January, half of the receivables were collected. Inventory that cost $75,000 was liquidated for $45,000. The land was sold for $250,000.

REQUIRED: Prepare a schedule of safe payments for the Denver, Elsie, Fannie, and George partnership for January

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 8.00

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