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Category > Accounting Posted 22 Jul 2017 My Price 9.00

Simple Liquidation

Simple Liquidation

The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below.

Cash

$40,000

Liabilities

$25,000

Other Assets

50,000

Parks, Loan

10,000
   

Cook, Capital

30,000
   

Parks, Capital

10,000
   

Argo, Capital

15,000

Total

$90,000

Total

$90,000

The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent.

Required:

  1. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash.
  2. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for $15,000.

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Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 05:07 PM My Price 9.00

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