Maurice Tutor

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Category > Accounting Posted 22 Jul 2017 My Price 10.00

Asure, Ramirez, and Soney

Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows.

ASURE, RAMIREZ,AND SONEY

Balance Sheet

January 18

Assets

 

Liabilities and Equity

 

Cash             

$174,300

Accounts payable               

$171,300

Equipment         

308,600

Asure, Capital                  

150,200

 

 

Ramirez, Capital                

97,900

Total assets        

$482,900

Soney, Capital                         

63,500 $482,900

 

 

Total liabilities and equity

 

Required

Prepare journal entries for (a) the sale of equipment, (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: Equipment is sold for (1) $325,000; (2) $265,000; (3) $100,000 and any partners with capital deficits pay in the amount of their deficits; and (4) $75,000 and the partners have no assets other than those invested in the partnership. (Round amounts to the nearest dollar.)

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 10.00

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