Question
In: Accounting
Required information SB Bill, Page, Larry, and Scott have decided... Bill, Page, Larry, and Scott have...
Required information
SB Bill, Page, Larry, and Scott have decided...
Bill, Page, Larry, and Scott have decided to terminate their
partnership. The partnership's balance sheet at the time they
decide to wind up is as follows:
| Cash | $ | 100,000 | Accounts payable | $ | 100,000 | |
| Noncash Assets | 300,000 | Bill, Capital | 25,000 | |||
| Page, Capital | 110,000 | |||||
| Larry, Capital | 100,000 | |||||
| Scott, Capital | 65,000 | |||||
| $ | 400,000 | Total | $ | 400,000 | ||
During the winding up of the partnership, the other assets are sold
for $150,000 and the accounts payable are paid. Page and Larry are
personally solvent, but Bill and Scott are personally insolvent.
The partners share profits and losses in the ratio of 3:2:1:4.
TB MC Qu. 16-11 Based on the preceding information, what...
Based on the preceding information, what amounts will be
distributed to Page and Larry upon liquidation of the
partnership?
| Page | Larry | ||||||
| A) | $ | 0 | $ | 0 | |||
| B) | $ | 80,000 | $ | 85,000 | |||
| C) | $ | 74,286 | $ | 82,143 | |||
| D) | $ | 70,000 | $ | 80,000 | |||
Please explain using math steps how to get the bolded answers thank you so much
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Bill, Page, Larry, and Scott have decided to terminate their partnership. The partnership's balance sheet at...
Bill, Page, Larry, and Scott have decided to terminate their
partnership. The partnership's balance sheet at the time they
decide to wind up is as follows:
ASSETS:
Cash $100,000
Noncash assets 300,000
LIABILITIES:
Payables $100,000
CAPITAL ACCOUNTS:
Bill, capital $25,000
Page, capital 110,000
Larry, capital 100,000
Scott, capital 65,000
During the winding up of the partnership, the other assets are sold
for $250,000 and the accounts payable are paid. Page and Larry are
personally solvent, but Bill and Scott are...
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for several years as a regional manager for a national retailing organization , Scott Parry decided...
for several years as a regional manager for a national retailing
organization , Scott Parry decided to open his own business . Susan
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into business for herself . Together they formed S & S , Inc. ,
to sell appliances and consumer electronics devices . Scott and
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for several years as a regional manager for a national retailing organization , Scott Parry decided...
for several years as a regional manager for a national retailing
organization , Scott Parry decided to open his own business . Susan
Gonzalez , one of his district managers , had also wanted to go
into business for herself . Together they formed S & S , Inc. ,
to sell appliances and consumer electronics devices . Scott and
Susan decided to pursue a “ clicks and bricks " strategy . They
began by renting a large and attractive...
Larry, Moe, and Curly who share in income and losses in the ratio of 2:3:5, decided...
Larry, Moe, and Curly who share in income and losses in the
ratio of 2:3:5, decided to discontinue operations as of April 30,
2013, and liquidate their partnership. After the accounts were
closed on April 30, 2013, the following trial balance was
prepared:
Larry, Moe, and Curly Post-Closing Trial Balance April 30,
2013
DEBIT
Cash 8,000 Noncash Assets 107,800
CREDIT
Liabilities 35,700 Larry, Capital 13,140 Moe, Capital 25,110
Curly, Capital 41,850
Totals: $115,800 $115,800
Between May 1 and May 18,...
Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists...
Bill Graham and Larry Miller incorporated B&L Landscapes,
Inc. on July 1, 2014. The business consists of lawn care and
sprinkler system installations. In addition, they also sell two
types of fertilizer.
Bill and Larry are concerned about ensuring a steady supply of
high-quality PVC pipe for the sprinkler installations jobs they do
and have come up with a plan to issue bonds to several of their
family members. These funds will enable them to acquire a
significant portion of...
Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists...
Bill Graham and Larry Miller incorporated B&L Landscapes,
Inc. on July 1, 2014. The business consists of lawn care and
sprinkler system installations. In addition, they also sell two
types of fertilizer.
During 2015, B&L Landscapes, Inc. acquired a 30% interest in
Crestline Pipe. The president of Crestline has been expressing
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to help and have volunteered your services to provide some
managerial reporting for Crestline.
Crestline Pipe distributes high-quality...
DIVIDENDS.... Are they even required? How are dividends decided?
DIVIDENDS....Are they even required?How are dividends decided?And what policy should a company purse here in YOUR view, of
declaring dividends or not, and if so how
much..
I have 3 grammars A - S→ a T ∣ S b ∣ ϵ T→ Sb...
I have 3 grammars
A -
S→ a T ∣ S b ∣ ϵ
T→ Sb ∣ b
B -
S→ ϵ ∣ aSb ∣ aSbb
C-
S→T ∣ a S b b
T→ ϵ ∣ a T b
Find me the sublanguage relation
e.g [(A,A) ,(B,B),(C,C), ...... ]
Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have...
Required information
[The following information applies to the questions
displayed below.]
Demarco and Janine Jackson have been married for 20 years and have
four children who qualify as their dependents (Damarcus, Janine
Jr., Michael, and Candice). The couple received salary income of
$103,000 and qualified business income of $17,500 from an
investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $237,500 and
they sold it for $287,500. The gain...
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