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In: Accounting
Sameer , Daoud and Narmen owned partnership has total assets of $480,000 ( cash 100000, account...
Sameer , Daoud and Narmen owned partnership has total assets of $480,000 ( cash 100000, account receivables 100000, inventory 60000, and equipment 220000). Capital balances for partners Sameer , Daoud and Narmen are $130,000, $50,000, and $120,000, respectively. The profit/loss percentages for partners Sameer , Daoud and Narmen are 50%,20%, and 30%, respectively. Included in the liabilities is a $20,000 loan payable to Sameer and in receivables loan from Daoud 10,000. The partnership has elected to liquidate over the next several months and expect to pay $20,000 as liquidation expenses. Required: Prepare vulnerability ranking, losses absorption and cash distribution plane Prepare cash distribution schedule Assuming total account receivables was sold for 80,000 in the first month, in second month equipment with a book value of $120,000 was sold for $90,000 and in the third month all inventory sold for 50,000; prepare statement of realization and liquidations with necessary entries.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Sameer , Daoud and Narmen owned partnership has total assets of $480,000 ( cash 100000, account...
Sameer , Daoud and Narmen owned partnership has total assets of
$480,000 ( cash 100000, account receivables 100000, inventory
60000, and equipment 220000). Capital balances for partners Sameer
, Daoud and Narmen are $130,000, $50,000, and $120,000,
respectively. The profit/loss percentages for partners Sameer ,
Daoud and Narmen are 50%,20%, and 30%, respectively. Included in
the liabilities is a $20,000 loan payable to Sameer and in
receivables loan from Daoud 10,000. The partnership has elected to
liquidate over the next...
A partnership has the following account balances at the date of termination: Cash, $96,000; Noncash Assets,...
A partnership has the following account balances at the date of
termination: Cash, $96,000; Noncash Assets, $740,000; Liabilities,
$494,000; Bell, capital (50 percent of profits and losses),
$160,000; Mann, capital (30 percent), $110,000; Scott, capital (20
percent), $72,000. The following transactions occur during
liquidation:
Noncash assets with a book value of $580,000 are sold for
$480,000 in cash.
A creditor reduces his claim against the partnership from
$160,000 to $130,000, and this amount is paid in cash.
The remaining noncash...
A partnership has the following account balances: Cash, $95,000; Other Assets, $665,000; Liabilities, $305,000; Nixon (50...
A partnership has the following account balances: Cash, $95,000;
Other Assets, $665,000; Liabilities, $305,000; Nixon (50 percent of
profits and losses), $215,000; Cleveland (30 percent), $150,000;
Pierce (20 percent), $90,000. The company liquidates, and $20,500
becomes available to the partners. Who gets the $20,500? Determine
how much of this amount should be distributed to each
partner.(Do not round intermediate
calculations.)
A partnership has the following account balances: Cash, $76,000; Other Assets, $570,000; Liabilities, $258,000; Nixon (50...
A partnership has the following account balances: Cash, $76,000;
Other Assets, $570,000; Liabilities, $258,000; Nixon (50 percent of
profits and losses), $180,000; Cleveland (30 percent), $130,000;
Pierce (20 percent), $78,000. The company liquidates, and $16,500
becomes available to the partners. Who gets the $16,500? Determine
how much of this amount should be distributed to each partner. (Do
not round intermediate calculations.)
Nixon Cleveland Pierce
Safe payments:
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the
following account balances:
Beck, loan
$
9,000
Cisneros, capital (40%)
4,800
Beck, capital (20%)
(9,600
)
(deficit)
Sadak, capital (10%)
(10,400
)
(deficit)
Emerson, capital (20%)
15,600
Page, capital (10%)
(15,000
)
(deficit)
The partners split profits and losses as follows: Cisneros, 40
percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent;
and Page 10 percent.
Assuming that all partners are personally insolvent except for
Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances: The partners split...
A partnership has liquidated all assets but still reports the following account balances:
The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent.
Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership?
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the
following account balances:
Beck, loan
$
5,500
Cisneros, capital (40%)
3,600
Beck, capital (20%)
(12,200
)
(deficit)
Sadak, capital (10%)
(8,200
)
(deficit)
Emerson, capital (20%)
15,500
Page, capital (10%)
(6,200
)
(deficit)
The partners split profits and losses as follows: Cisneros, 40
percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent;
and Page 10 percent.
Assuming that all partners are personally insolvent except for
Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the
following account balances:
Beck, loan
$
6,000
Cisneros, capital (40%)
3,900
Beck, capital (20%)
(12,300
)
(deficit)
Sadak, capital (10%)
(8,300
)
(deficit)
Emerson, capital (20%)
15,000
Page, capital (10%)
(6,300
)
(deficit)
The partners split profits and losses as follows: Cisneros, 40
percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent;
and Page 10 percent.
Assuming that all partners are personally insolvent except for
Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has
liquidated all assets but still reports the following account
balances:
Beck, loan
$
6,000
Cisneros,
capital (40%)
3,600
Beck, capital
(20%)
(13,200
)
(deficit)
Sadak, capital
(10%)
(9,200
)
(deficit)
Emerson, capital
(20%)
18,000
Page, capital
(10%)
(7,200
)
(deficit)
The partners split
profits and losses as follows: Cisneros, 40 percent; Beck, 20
percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10
percent.
Assuming that all
partners are personally insolvent except for Sadak and Emerson, how...
Oriole Company is owned by Rachel Oriole. The company had total assets of $885,000 and total...
Oriole Company is owned by Rachel Oriole. The company had total
assets of $885,000 and total liabilities of $500,000 at the
beginning of the year. Answer each of the following independent
questions:
(a) During the year, total assets increased by
$121,000 and total liabilities decreased by $77,000. What is the
amount of owner's equity at the end of the year?
Owner's equity
$
(b) Total liabilities decreased by $87,000 during
the year. The company incurred a loss of $60,000. R....
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