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Category > Accounting Posted 28 Apr 2017 My Price 5.00

Prepare a schedule of cash payments

The partners in Tallis Company decide to liquidate the firm when the balance sheet shows the following.

 

TALLIS COMPANY

  
 

Balance Sheet

    
 

April 30, 2012

    

Assets

  

Liabilities and Owners’ Equity

Cash

$30,000

Notes payable

$20,000

Accounts receivable

25,000

Accounts payable

30,000

Allowance for doubtful accounts

(2,000)

Salaries and wages payable

2,500

Inventory

35,000

Laszlo, capital

28,000

Equipment

20,000

Alaya, capital

13,650

Accumulated depreciation—equipment

(8,000)

Octavian, capital

5,850

Total

$100,000

Total

$100,000

The partners share income and loss 5 : 3 : 2. During the process of liquidation, the transactions below were completed in the following sequence.

1. A total of $57,000 was received from converting noncash assets into cash.

2. Gain or loss on relization was allocated to partners.

3. Liabilities were paid in full.

4. Cash was paid to the partners with credit balances.

Instructions

(a) Prepare a schedule of cash payments.

(b) Prepare the entries to record the transactions.

(c) Post to the cash and capital accounts.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 28 Apr 2017 04:04 PM My Price 5.00

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Attachments

file 1493398348-Answer.docx preview (244 words )
T-----------he -----------par-----------tne-----------rs -----------in -----------Tal-----------lis----------- Co-----------mpa-----------ny -----------dec-----------ide----------- to----------- li-----------qui-----------dat-----------e t-----------he -----------fir-----------m w-----------hen----------- th-----------e b-----------ala-----------nce----------- sh-----------eet----------- sh-----------ows----------- th-----------e f-----------oll-----------owi-----------ng.----------- T-----------ALL-----------IS -----------COM-----------PAN-----------Y B-----------ala-----------nce----------- Sh-----------eet----------- Ap-----------ril----------- 30-----------, 2-----------012----------- As-----------set-----------s L-----------iab-----------ili-----------tie-----------s a-----------nd -----------Own-----------ers-----------’----------- Eq-----------uit-----------y -----------Cas-----------h $-----------30,-----------000----------- No-----------tes----------- pa-----------yab-----------le -----------$20-----------,00-----------0 -----------Acc-----------oun-----------ts -----------rec-----------eiv-----------abl-----------e 2-----------5,0-----------00 -----------Acc-----------oun-----------ts -----------pay-----------abl-----------e 3-----------0,0-----------00 ----------- Al-----------low-----------anc-----------e f-----------or -----------dou-----------btf-----------ul -----------acc-----------oun-----------ts -----------(2,-----------000-----------) S-----------ala-----------rie-----------s a-----------nd -----------wag-----------es -----------pay-----------abl-----------e 2-----------,50-----------0 -----------Inv-----------ent-----------ory----------- 35-----------,00-----------0 L-----------asz-----------lo,----------- ca-----------pit-----------al -----------28,-----------000----------- E-----------qui-----------pme-----------nt -----------20,-----------000----------- Al-----------aya-----------, c-----------api-----------tal----------- 13-----------,65-----------0
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