can you please help me some more?

Part A

(5 points each for a possible total of 10 points)

1. After several years of business, Abel, Barney, and Cole are liquidating. The

following are post-closing account balances.

Cash 18,000

Inventory 73,000

Other assets 157,000

Accounts Payable 61,000

Abel, Capital 50,000

Barney, Capital 50,000

Cole, Capital 87,000

Noncash assets are sold for $275,000. Profits and losses are shared

equally.

After all liabilities are paid, divide the remaining cash amongst the

partners.

2. The partnership of Brandon and Ryan is being liquidated. All gains and

losses are shared in a 3:1 ratio, respectively. Before liquidation, their

balance sheet balances are as follows:

Cash $10,000

Other Assets 8,000

Liabilities 4,000

Brandon, Capital 7,000

Ryan, Capital 7,000

a. If the Other Assets are sold for $10,000, how much will each partner

receive before paying liabilities and distributing the remaining

assets?

b. If the Other Assets are sold for $8,000, how much will each partner

receive before paying liabilities and distributing remaining assets?

Part B

1. Simon Brothers pays $47,000 into a bond sinking fund each year to

redeem the future maturity of its bonds. During the first year, the fund

earned $3,825. At the time of bond redemption, the fund has a balance

of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize

the following entries.

a. Initial deposit

b. The first year’s interest

c. The redemption of the bonds

2. On January 1, Auctions Online issued $300,000, 9%, 10-year bonds to

lenders at the contract rate. Interest is to be paid semiannually on July 1

and January 1. Journalize the following entries.

a. Issued the bonds

b. Paid first semiannual interest payment

c. Retired the bonds at maturity

Part C

1. Prepare a statement of retained earnings in proper form for White

Corporation for the year ended December 31, 2012, from the following:

Retained Earnings, January 1, 2012 $2,000

Dividends paid during the year 800

Net income for the year 3,000

Correction of prior year error. Purchase

of land recorded as rent expense 1,000

2. Curtis Corporation’s balance sheet included the following:

Common Stock, $5 par value, 5,000 shares issued

and outstanding $25,000

Retained Earnings 20,000

Total Stockholders’ Equity $45,000

Prepare journal entries for the following transactions.

May 3 Issued 500 shares at $6 per share

9 Reacquired 100 shares at $4 per share

15 Reissued 50 of the Treasury shares at $7 per share

17 Reissued 10 of the Treasury shares at $3 per share

SuperTutor

(15)

Status NEW Posted 22 May 2017 04:05 AM My Price 10.00

-----------

Attachments

file 1495428779-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)

• Buy Answer