Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req...

Complete this question by entering your answers in the tabs below.

Req A1

Req A2

Req B

Liquidation expenses are estimated to be $14,000. Prepare a predistribution schedule to guide the distribution of cash.

The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation:


Cash	$	54,000	Liabilities	$	59,500
Noncash assets		294,000	Drysdale, loan		27,500
			Drysdale, capital (50%)		97,000
			Koufax, capital (30%)		87,000
			Marichal, capital (20%)		77,000

Liquidation expenses are estimated to be $14,000. Prepare a predistribution schedule to guide the distribution of cash.

Assume that assets costing $92,000 are sold for $69,000. How is the available cash to be divided?

DRYSLADE, KOUFAX, AND MARICHAL
Distribution of Available Cash
First	Liabilities
	Liquidation expenses
Next		%
Next		%
		%
All remaining cash		%
		%
		%

Assume that assets costing $92,000 are sold for $69,000. How is the available cash to be divided?

	Drysdale	Koufax	Marichal
Reported balances
Assumed loss
Schedule 1
Adjusted balances
Assumed loss
Schedule 2
Adjusted balances

Solutions

Expert Solution

Case-1

Case-2

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Complete this question by entering your answers in the tabs below. Fill in the missing amounts...

Complete this question by entering your answers in the tabs below. Fill in the missing amounts in the following schedules. April May June Sales* $276,000 $207,000 Cash receipts: From cash sales $156,600 From sales on account† 117,300 Total cash receipts Accounts payable, 12/31/x0 €654,000 Purchase of goods and services on account during 20x1 276,000 Payments of accounts payable during 20x1 Accounts payable, 12/31/x1 €872,000 Accounts receivable, 12/31/x0 ¥1,880,000 ‡ Sales on account during 20x1 4,716,000 Collections of accounts receivable...

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete...

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the above schedule of the company’s total costs and costs per unit. (Round the per unit variable cost and fixed cost to 2 decimal places.) Units Produced and Sold 69,000 89,000 109,000 Total costs: Variable costs $213,900 Fixed costs 390,000 Total costs $603,900 $0 $0 Cost per unit: Variable cost Fixed cost Total cost per unit $0.00 $0.00 $0.00

Complete this question by entering your answers in the tabs below. Required 1Required 2Required 3Required 4...

Complete this question by entering your answers in the tabs below. Required 1Required 2Required 3Required 4 Calculate the first production department's equivalent units of production for materials and conversion for May. Materials Conversion Equivalent units of production 304,200 Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning...

I just need A2, A3, and B answered. A1 I have the correct Answers, as well...

I just need A2, A3, and B answered. A1 I have the correct Answers, as well as C. AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 900 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 900 pounds was $140,940, determined as follows: Direct materials (900...

Question in graph theory: 1. Let (a1,a2,a3,...an) be a sequence of integers. Given that the sum...

Question in graph theory: 1. Let (a1,a2,a3,...an) be a sequence of integers. Given that the sum of all integers = 2(n-1) Write an algorithm that, starting with a sequence (a1,a2,a3,...an) of positive integers, either constructs a tree with this degree sequence or concludes that none is possible.

For each part of this question, complete the statement or statements by typing in your answers...

For each part of this question, complete the statement or statements by typing in your answers in the provided spaces: If the probabilities: that event A occurs is .55; that event B occurs is .60; and, that both A and B occur is .35, The probability (up to 4 decimal places if needed) that events A or B (or both) occur is ______ The probability (up to 4 decimal places if needed) that event B occurs given that A occurs...

Directions: Complete the Critical Thinking questions below as fully as possible. Your answers should be your...

Directions: Complete the Critical Thinking questions below as fully as possible. Your answers should be your own and not from a book or the internet. Each response must be at least 3-5 complete sentences in length. What is art? Give your definition, not one you look up in a book or online. Think about what it means to you. Why study art history? Who has the ability and authority to create and/or define art? What continually...

Instructions: Read the problemn and complete all the questions included below. Submit your answers on a...

Instructions: Read the problemn and complete all the questions included below. Submit your answers on a Word (.doc) or Excel (.xls) document Check the Rubric As a consultant for Acme Engineering you have been able to establish the following parameters from their Financial Statements: Item Amount Cash $200,000 Securities $90,000 Accounts Receivable $300,000 Inventories $400,000 Prepaid Expenses $16,000 Accounts Payable $630,000 Other Liabilities $180,000 Calculate the following parameters: Total Assets Total Liabilities Working Capital Current Ratio Acid Test Ratio

Problem 04-3A Applying activity-based costing LO P1, P3, A1, A2, C3 Skip to question [The following...

Problem 04-3A Applying activity-based costing LO P1, P3, A1, A2, C3 Skip to question [The following information applies to the questions displayed below.] Craft Pro Machining produces machine tools for the construction industry. The following details about overhead costs were taken from its company records. Production Activity Indirect Labor Indirect Materials Other Overhead Grinding $ 380,000 Polishing $ 205,000 Product modification 550,000 Providing power $ 245,000 System calibration 560,000 Additional information on the drivers for its production activities follows. Grinding...

Complete the table below. (Note: Round off your answers to the nearest hundredths. Don't use comma)...

Complete the table below. (Note: Round off your answers to the nearest hundredths. Don't use comma) Ra r m t Present Value P 1,100 8% annually 20 years P 2,200 9% semi - annually 15 years P 3,300 10% quarterly 10 years P 4,400 11% monthly 5 years P5,500 12% annually 5 years

Subjects