Question
In: Accounting
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: 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?
Assume that assets costing $92,000 are sold for $69,000. Prepare loss allocation table.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash...
The Drysdale, Koufax, and Marichal partnership has the following
balance sheet immediately prior to liquidation:
Cash
$
44,000
Liabilities
$
44,500
Noncash assets
244,000
Drysdale, loan
27,500
Drysdale, capital (50%)
82,000
Koufax, capital (30%)
72,000
Marichal, capital (20%)
62,000
a. Liquidation expenses are estimated to be $23,000. Prepare a
predistribution schedule to guide the distribution of cash.
b. Assume that assets costing $82,000 are sold for $64,000. How
is the available cash to be divided?
A partnership has the following balance sheet prior to liquidation (partners’ profit and loss ratios are...
A partnership has the following balance sheet prior to liquidation (partners’ profit and loss ratios are in parentheses):
Cash
$
33,000
Liabilities
$
50,000
Other assets
100,000
Playa, capital (40%)
24,000
Bahia, capital (30%)
29,000
Arco, capital (30%)
30,000
Total
$
133,000
Total
$
133,000
During liquidation, other assets are sold for $80,000, liabilities are paid in full, and $15,000 in liquidation expenses are...
The Karim, Lina, and Mazen partnership had the following balance sheet just before entering liquidation: Cash...
The Karim, Lina, and Mazen partnership had the following balance
sheet just before entering liquidation: Cash $10,000 Noncash
300,000 Liabilities 130,000 Karim capital 60,000 Lina capital
40,000 Mazen Capital 80,000 Karim, Lina, and Mazen share profits
and losses in a ratio of 4:4:2. Noncash assets were sold for
$180,000. Liquidation expenses were $10,000.Assume that Lina was
personally insolvent and could not contribute any assets to the
partnership, while Karim and Mazen were both solvent. What amount
of cash would Karim...
The XYZ Partnership has the following balance sheet at January 1, 2018, prior to the admission...
The XYZ Partnership has the following balance sheet at January
1, 2018, prior to the admission of new partner, E.
Assets
Amount $
Liabilities + Capital
Amount $
Cash & CA
49,000
Liabilities
592,000
Land
534,000
A capital
55,000
PPE
394,000
B capital
32,000
C capital
107,000
D capital
191,000
977,000
977,000
E contributes $25,000 into the partnership for interest which is
30% of PPE as agreed. The four original partners share profits and
losses equally. Use the bonus method...
The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:
The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:Cash$115,000Liabilities$45,000Noncash assets230,000Keller, Capital100,000Long, Capital70,000Mason, Capital130,000Total$345,000Total$345,000Keller, Long, and Mason share profits and losses in a ratio of 2:4:4. Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?KellerLongMasonA)$14,000$28,000$28,000B)$37,000$74,000$74,000C)$63,833$0$57,667D)$0$0$121,500E)$57,833$12,000$51,667
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 39,000...
The partnership of Winn, Xie, Yang, and Zed has the following
balance sheet:
Cash
$
39,000
Liabilities
$
51,000
Other assets
256,000
Winn, capital (50% of profits
and losses)
69,000
Xie, capital (30%)
87,000
Yang, capital (10%)
49,000
Zed, capital (10%)
39,000
Zed is personally insolvent, and one of his creditors is
considering suing the partnership for the $14,000 that is currently
owed. The creditor realizes that this litigation could result in
partnership liquidation and does not wish to force...
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 39,000...
The partnership of Winn, Xie, Yang, and Zed has the following
balance sheet:
Cash
$
39,000
Liabilities
$
51,000
Other assets
256,000
Winn, capital (50% of profits
and losses)
69,000
Xie, capital (30%)
87,000
Yang, capital (10%)
49,000
Zed, capital (10%)
39,000
Zed is personally insolvent, and one of his creditors is
considering suing the partnership for the $14,000 that is currently
owed. The creditor realizes that this litigation could result in
partnership liquidation and does not wish to force...
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 34,000...
The partnership of Winn, Xie, Yang, and Zed has the following
balance sheet:
Cash
$
34,000
Liabilities
$
45,000
Other assets
240,000
Winn, capital (50% of profits and losses)
64,000
Xie, capital (30%)
87,000
Yang, capital (10%)
44,000
Zed, capital (10%)
34,000
Zed is personally insolvent, and one of his creditors is
considering suing the partnership for the $9,000 that is currently
owed. The creditor realizes that this litigation could result in
partnership liquidation and does not wish to force...
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 34,000...
The partnership of Winn, Xie, Yang, and Zed has the following
balance sheet:
Cash
$
34,000
Liabilities
$
45,000
Other assets
240,000
Winn, capital (50% of profits and losses)
64,000
Xie, capital (30%)
87,000
Yang, capital (10%)
44,000
Zed, capital (10%)
34,000
Zed is personally insolvent, and one of his creditors is
considering suing the partnership for the $3,000 that is currently
owed. The creditor realizes that this litigation could result in
partnership liquidation and does not wish to force...
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 33,000...
The partnership of Winn, Xie, Yang, and Zed has the following
balance sheet:
Cash
$
33,000
Liabilities
$
36,000
Other assets
223,000
Winn, capital (50% of profits and losses)
63,000
Xie, capital (30%)
81,000
Yang, capital (10%)
43,000
Zed, capital (10%)
33,000
Zed is personally insolvent, and one of his creditors is
considering suing the partnership for the $5,000 that is currently
owed. The creditor realizes that this litigation could result in
partnership liquidation and does not wish to force...
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