Question
In: Accounting
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share...
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
| Cash | $ | 87,000 | Accounts payable | $ | 112,000 | |||
| Other assets | 785,000 | Ferris, loan | 48,000 | |||||
| Hardwick, loan | 38,000 | Hardwick, capital | 320,000 | |||||
| Saunders, capital | 220,000 | |||||||
| Ferris, capital | 210,000 | |||||||
| Total assets | $ | 910,000 | Total liabilities and capital | $ | 910,000 | |||
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $100,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share...
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:
Cash
$ 98,000
Accounts payable
$ 78,000
Other assets
840,000
Ferris, loan
59,000
Hardwick, loan
49,000
Hardwick, capital
360,000
Saunders, capital
250,000
Ferris, capital
240,000
Total assets
$ 987,000
Total liabilities and capital
$ 987,000...
The following condensed balance sheet is for the partnership ofMiller, Tyson, and Watson, who share...
The following condensed balance sheet is for the partnership of
Miller, Tyson, and Watson, who share profits and losses in the
ratio of 6:2:2, respectively: Cash$ 48,000 Liabilities$ 46,000 Other assets148,000 Miller, capital66,000 Tyson, capital66,000 Watson, capital18,000 Total assets$196,000 Total liabilities and
capital$196,000For how much money must the other assets be sold so that each
partner receives some amount of cash in a liquidation?
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share...
The following condensed balance sheet is for the partnership of
Miller, Tyson, and Watson, who share profits and losses in the
ratio of 6:2:2, respectively:
Cash
$
41,000
Liabilities
$
29,000
Other assets
101,000
Miller, capital
51,000
Tyson, capital
51,000
Watson, capital
11,000
Total assets
$
142,000
Total liabilities and capital
$
142,000
a. Assuming no liquidation expenses, calculate
the safe payments that can be made to partners at this point in
time.
b. For how much money must the...
Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share profits or...
Following is the condensed balance sheet of Martinez, O'Neill
and Clemens, partners who share profits or losses in the ratio of 2
: 3 : 5.
Cash
$50,000
Liabilities
$200,000
Other assets
1,050,000
Capital - Martinez
100,000
Capital - O'Neill
300,000
Capital - Clemens
500,000
Total assets
$1,100,000
Total liabilities and capital
$1,100,000
Required
(a) Assume that the partnership’s assets and liabilities are
fairly valued as shown. The partners wish to admit Jeter as a
partner with a 40 percent...
SB The following condensed balance sheet is... The following condensed balance sheet is presented for the...
SB The following condensed balance sheet is...
The following condensed balance sheet is presented for the
partnership of D, E, and F who share profits and losses in the
ratio of 5:3:2, respectively:
Cash
$
100,000
Other Assets
480,000
$
580,000
Liabilities
$
160,000
D, Capital
200,000
E, Capital
130,000
F, Capital
90,000
Total
$
580,000
The partners agreed to liquidate the partnership after selling the
other assets.
TB MC Qu. 16-12 Refer to the above information. If the
other......
The ABC partnership reports the following condensed balance sheet: Cash $250,000 Liabilities $600,000 Noncash assets 1,200,000...
The ABC partnership reports the following condensed balance
sheet:
Cash
$250,000
Liabilities
$600,000
Noncash assets
1,200,000
Partner A, capital
300,000
Partner B, capital
450,000
Partner C, capital
100,000
Total assets
$1,450,000
Total liabilities and partner capital
$1,450,000
The partners wish to liquidate the partnership. The noncash
assets are sold for $800,000 with the loss distributed to the
partners in the ratio of 30%:20%:50% to partner A, B, and C,
respectively. The liabilities are paid in full. Assume that any
partners...
The following balance sheet was prepared for ABC Partnership, whose partner’s share net income and losses...
The following balance sheet was prepared for ABC
Partnership, whose partner’s share net income and losses in the
ratio of 3:1:1 respectively:
Cash
$
40,000
Liabilities $
70,000
Other assets
140,000
Abe, Capital
50,000
Ben, Capital
50,000
Cher,
Capital
10,000
Totals
$180,000
$180,000
=======
=======
The partners liquidate the partnership. Other assets are
realized for $80,000.
Prepare a working paper to compute the amount of cash
that may be paid to creditors and to partners at this...
Assume the following data on January 1, 2019 for KLM Partnership had the following condensed balance...
Assume the following data on January 1, 2019 for KLM Partnership
had the following condensed balance sheet:
Assets
Liabilities and Capital
Cash
P60,000
Liabilities
P12,000
Non-cash
assets
48,000
K, Capital
(30%)
36,000
Loans receivable –
K
6,000
L, Capital
(50%)
48,000
M, Capital
(20%)
18,000
Total
P114,000
P114,000
The percentages in parentheses after partner’s capital balances
represent their respective interests in profits and losses. On May
1, 2019, K retires from the partnership. The net income of...
The following condensed balance sheet is for Bach Company for the current fiscal year. The current...
The following condensed balance sheet is for Bach Company for
the current fiscal year. The current year sales total $600,000 and
net income is $30,000. Bach’s dividend payout ratio is
40%.
Cash $50,000 A/Payable $75,000
A/Receivable 80,000 Accruals 10,000
Inventories 60,000 Notes Payable 25,000
Total Current Assets $190,000 Total Current Liabilities
$110,000
Fixed assets, net 110,000 Long-term Debt 50,000
Common Stock 80,000
Retained Earnings 60,000
Total Assets $300,000 Total Liab. & Equity $300,000
For the coming fiscal year, the company...
Perry Magic Shoppe had the following condensed balance sheet at the end of operation for...
Perry Magic Shoppe had the following condensed balance sheet at the
end of operation for 2017:
Perry Magic Shoppe
Balance Sheet
December 31, 2017
Cash
$30,000
Current Liabilities
$25,000
Other current assets
60,000
Long-term Notes Payable
38,000
Total current assets
$90,000
Bonds Payable
50,000
Investments
$25,000
Capital Stock
147,000
Fixed assest (net)
90,000
Retained earnings
65,000
Land
$120,000
Total assets
$325,000
Total Liabilities and Equity
$325,000
During 2018, the following
occurred
Perry sold some of its investments for $12,300...
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