Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

Quick, Drake, and Sage

Quick, Drake, and Sage share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.

QUICK, DRAKE,AND SAGE

Balance Sheet

May 31

Assets

 

Liabilities and Equity

 

Cash             

$ 90,400

Accounts payable               

$122,750

Inventory          

268,600

Quick, Capital                  

46,500

 

 

Drake, Capital                  

106,250

Total assets        

$359,000

Sage, Capital                    

83,500

 

 

Total liabilities and equity         

 $359,000

Required

Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inventory is sold for (1) $300,000; (2) $250,000; (3) $160,000 and any partners with capital deficits pay in the amount of their deficits; and (4) $125,000 and the partners have no assets other than those invested in the partnership. (Round to the nearest dollar.)

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 7.00

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