Solve problems (a) and (b) completely and correctly please Prior to the distribution of cash to the partners, the accounts in the Carla Vista Company are Cash $ 30,400; Vogel, Capital (Cr.) $20,200; Utech, Capital (Cr.) $ 18,200; and Pena, Capital (Dr.) $ 8,000. The income ratios are 5:3:2, respectively. Carla Vista Companydecides to liquidate the company.(a)Prepare the entry to record (1) Pena's payment of $ 8,000 in cash to the partnership and (2) the distribution of cash to thepartners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and ExplanationDebitCredit(1)(2) (b).Prepare the entry to record (1) the absorption of Pena's capital deficiency by the other partners and (2) the distribution of cash tothe partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and ExplanationDebitCredit(1)(2)

A Journal is made to record all the business transactions in chronological order. It is the first…

Answered: Prior to the distribution of cash to…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5CE

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Prior to the distribution of cash to the partners, the accounts in the Oriole Company are Cash $ 34,000; Vogel, Capital (Cr.) $ 22,0003; Utech, Capital (Cr.) $ 20,000; and Pena, Capital (Dr.) $ 8,000. The income ratios are 5:3:2, respectively. Oriole Company decides to liquidate the company. (a) Prepare the entry to record (1) Pena's payment of $ 8,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2)
Prior to the distribution of cash to the partners, the accounts in the Blossom Company are Cash $32,400; Vogel, Capital (Cr.) $19,200; Utech, Capital (Cr.) $17,200; and Pena, Capital (Dr.) $4,000. The income ratios are 5:3:2, respectively. Blossom Company decides to liquidate the company.
After all noncash assets have been converted to cash in the liquidation of MM Partnership, the ledger contains the following account balances: Debit balances: Cash: P 34, 000; Mae, Capital: P 8, 000; Credit balances: A/P: P 25, 000; Mae, Loan: P 9, 000; Mila, Capital: P 8, 000. After paying the A/P of P25, 000, available cash should be distributed to
Wildhorse Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,800; Oakley, Capital (Cr.) $51,900; Quaney, Capital (Dr.) $17,220; and Ellis, Capital (Cr.) $31,120. The income ratios of the three partners are 2:3:5, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit (To record write-off of capital deficiency)
After liquidating noncash assets and paying creditors, account balances in the Oriole Co. are Cash $17,800: A Capital (Cr.) $7.600; B. Capital (Cr.) $6.600; and C, Capital (Cr.) $3,600. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Sandhill Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,800; Oakley, Capital (Cr.) $48,000; Quaney, Capital (Dr.) $21,420; and Ellis, Capital (Cr.) $39,220. The income ratios of the three partners are 3:4:3, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record write-off of capital deficiency) (To record distribution of cash to the partners) Debit Credit DO NOT
Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners share income equally. Harriet receives $31,400 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automaticàlly indented when the omount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
A. After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P 45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable? B. Using data above, how much is the final settlement to Star? *
After all the non-cash assets have been converted into cash in the liquidation of Sun and Star Partnership, the ledger contains the following account balances: Cash - P141,000; Accounts Payable - P 96,000; Sun, Loan - P 45,000; Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable? how much is the final settlement to Star?
(c) On December 31, the capital balances and income ratios in Bismillah Company are as follows. Capital Balance Tk. 100,000 80,000 50,000 Income Ratio 50% 30% 20% Partner Abu Bakar Umar Usman Instructions (1) Journalize the withdrawal of Usman under each of the following assumptions. (i) Each of the continuing partners agrees to pay Tk. 30,000 in cash from personal funds to purchase Usman's ownership equity. Each receives 50% of Usman's equity. (ii) Umar agrees to purchase Usman's ownership interest for Tk. 35,000 cash. (iii) Usman is paid Tk. 60,000 from partnership assets, which includes a bonus to the retiring partner. (iv) Usman is paid Tk. 42,000 from partnership assets, and bonuses to the remaining partners are recognized.
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, Is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances / loss percent) Decrease highest LAP to next highest: Debit $ 6,800 30,000 22,000 99,700 Decrease LAPS to next highest: $ 158,500 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 30 percent; and Torves, 20 percent. 3. The partners are considering an offer of $108,000 for the firm's accounts receivable, Inventory, and plant and equipment as of June 30. The $108,000 will be paid to creditors and the partners in Installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30,…
In Crane Co, capital balances are frey $37.900 and Pedigo $45.400. The partners share income equally Vernon is admitted to the firm with a 42% interest by an investment of cash of $48,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit

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