Question
In: Accounting
The DSV Partnership decided to liquidate as of June 30, 20X5. Its balance sheet as of this date follows DSV PARTNERSHIP Balance Sheet At June 30, 20X5 Assets Cash Accounts Receivable (net) Inventorie...
The DSV Partnership decided to liquidate as of June 30, 20X5.
Additional Information
1. The personal assets (excluding partnership loan and capital interests) and personal liabilities of each partner as of June 30, 20X5 follow:
2. The DSV Partnership was liquidated during the months of July, August, and September. The assets sold and the amounts realized follow
Assume the following cash amounts were received during the months of July, August, and September from the sale of DSV Partnership's noncash assets
July $390,00
August 22,000
September 55,000
The partnership wishes to keep $10,000 of cash on hand at the end of both July and August to pay for unexpected liquidation expenses. It paid liquidation expenses of $2,500 at the end of each month, July, August, and September. D, S, and V share profits and losses in the ratio 50:30:20, respectively.
Required
a. Prepare a statement as of June 30, 20X5, showing how cash will be distributed among partners as it becomes available.
b. Prepare schedules showing how cash is distributed at the end of July, August, and September 20X5.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Hamby Corporation Balance Sheet June 30 Assets Cash $ 71,000
Accounts receivable 131,000 Inventory 45,500 Plant and equipment,
net of depreciation 215,000 Total assets $ 462,500 Liabilities and
Stockholders’ Equity Accounts payable $ 76,000 Common stock 307,000
Retained earnings 79,500 Total liabilities and stockholders’ equity
$ 462,500 The company managers have made the following additional
assumptions and estimates: Estimated sales for July, August,
September, and October will be $260,000, $280,000, $270,000, and
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Illini Company, Inc. Balance Sheet as of 12/31/20X0 Assets Current Assets: Cash $1,500,000 Accounts receivable, net...
Illini Company, Inc.
Balance Sheet
as of 12/31/20X0
Assets
Current Assets:
Cash
$1,500,000
Accounts receivable, net
18,000
Inventory
50,000
Total current assets
1,568,000
Equipment
90,000
Goodwill
20,000
Total assets
$1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par
$20,000
Additional paid-in capital
280,000
Retained earnings
1,378,000
Total shareholders' equity
1,678,000
Total liabilities and shareholders' equity
$1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
The Balance Sheet of the Illini as of 12/31/20X0: Assets Current Assets: Cash 1,500,000 Accounts receivable,...
The Balance Sheet of the Illini as of
12/31/20X0:
Assets
Current Assets:
Cash 1,500,000
Accounts receivable, net 18,000
Inventory 50,000
Total current assets 1,568,000
Equipment 90,000
Goodwill 20,000
Total assets $1,678,000
Liabilities and shareholders' equity
Shareholders' equity:
Common stock, 20,000 shares outstanding, $1 par 20,000
Additional paid-in capital 280,000
Retained earnings 1,378,000
Total shareholders' equity 1,678,000
Total liabilities and shareholders' equity 1,678,000
Note that all additional paid-in capital (APIC) sub accounts
(e.g., APIC-options and APIC-treasury stock), if any, are tracked...
SMC, Inc. Balance Sheet December 31, 2017 Assets Cash ......................................................................................................... $34,500 Accounts receivable ...................................................................
SMC, Inc. Balance Sheet December 31, 2017
Assets Cash
.........................................................................................................
$34,500
Accounts receivable
................................................................................
25,000
Inventory
..................................................................................................
10,000
Supplies
...................................................................................................
200
Total
assets..............................................................................................
$69,700
Liabilities and Stockholders’ Equity
Liabilities: Accounts payable
.............................................................................
$12,000
Salaries payable
...............................................................................
1,000 Income
taxes payable
......................................................................
3,675
Total
liabilities..........................................................................................
$16,675
Stockholders’ equity: Capital stock (10,000 shares
outstanding).................................... $25,000
Retained earnings
............................................................................
28,025
Total stockholders’ equity
.......................................................................
53,025
Total liabilities and stockholders’
equity................................................ $69,700
SMC, Inc. Income Statement For the Year Ended
December31,2017
Sales revenue
.............................................................................................
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash
$
44,800
Marketable securities
126,000
Accounts receivable, net
154,000
Inventory
175,000
Prepaid expenses
19,600
Total current assets
$
519,400
Accounts payable
$
99,000
Other accrued liabilities
24,200
Short-term debt
44,000
Total current liabilities
$
167,200
a. Calculate the working capital, current
ratio, and acid-test ratio for Tibbetts Company as of September 30,
2016. (Round "Ratio" answers to 2 decimal
places.)
b. Summarized here are the...
Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2019, are as follows:
Cash
$
41,600
Marketable securities
117,000
Accounts receivable, net
143,000
Inventory
162,500
Prepaid expenses
18,200
Total current assets
$
482,300
Accounts payable
$
81,000
Other accrued liabilities
19,800
Short-term debt
36,000
Total current liabilities
$
136,800
Required:
Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2019.
Summarized here are the transactions/events that took place
during the fiscal year...
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash $ 44,800
Marketable securities 126,000
Accounts receivable, net 154,000
Inventory 175,000
Prepaid expenses 19,600
Total current assets $ 519,400
Accounts payable $ 108,000
Other accrued liabilities 26,400
Short-term debt 48,000
Total current liabilities $ 182,400
Required:
a. Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2016. (Round "Ratio"
answers to 2 decimal places.)
b. Summarized here are...
Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2019, are as follows:
Cash
$
32,000
Marketable securities
90,000
Accounts receivable, net
110,000
Inventory
125,000
Prepaid expenses
14,000
Total current assets
$
371,000
Accounts payable
$
90,000
Other accrued liabilities
22,000
Short-term debt
40,000
Total current liabilities
$
152,000
Required:
Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2019.
Summarized here are the transactions/events that took place
during the fiscal year...
Squash Delight Inc. has the following balance sheet: Assets Cash $ 60,000 ' Accounts receivable 287,000...
Squash Delight Inc. has the following balance sheet:
Assets
Cash $ 60,000 '
Accounts receivable 287,000
Fixed assets 775,000
Total assets $ 1,122,000
Liabilities
Accounts payable $ 275,000
Notes payable 53,000
Common stock (120,000 shares @ $2 par) 240,000
Capital in excess of par 100,000
Retained earnings 454,000
Total liabilities & owners' equity $ 1,122,000 The firm’s
stock sells for $10 a share.
a. Show the effect on the capital accounts of a two-for-one
stock split. (Do not round intermediate...
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