Partners Thelma Lou and Aunt Bee each have a $50,000 capital balance and share profits and losses in a 2:1 ratio, respectively. The cash balance is $40,000, non-cash assets total $210,000, and liabilities total $150,000. If the non-cash assets are sold for $180,000, what amount will Thelma Lou receive after liquidation? O $40,000 O $70,000 O $30,000 O $50,000
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- Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $50,000, and each partner is personally insolvent, Partner Macki will eventually receive cash of a. $12,000 b. $20,000 c. $0 d. $10,000The financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive?Capital balances in Sama Co. are Saleh $60,000, Sama $45,000, and Sona $40,000. Saleh and Sama agree to pay Sona $30,000 from their personal assets. Saleh and Sama each receive 50% of Sona's equity. The partners share income equally. Saleh's capital balance after recording the withdrawal of Sona is 40000 45000 60000 80000 O O O O
- William and Ardi's capital balances are $12.000 and $8,000, respectively. The partnership firm owes wheeler $3,000 on a note. Profit is divided equally. On liquidation, $4,000 in cash is available for distribution to the two partners. How should this cash be distributed to them?Gigi and Hiedy are partners with P/L ratio of 40:60. Their capital balances are P 75,000 and P 90,000, respectively before liquidation. Using a cash priority program, compute the amount to be received by Partner Heidi assuming that cash available is P 25,000.The partnership of Louie and Mickey has non-cash assets of P 100,000. If loss on realization was recorded at P 20,000 after they have sold 50% of the assets, how much were the cash proceeds from realization?
- John, Jake, and Joe are partners with capital accounts of $88,000, $74,000, and $62,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate, the business has $71,000 in cash, noncash assets totaling $256,000, and $103,000 in liabilities. The noncash assets are sold for $268,000, and the creditors are paid. (a) Your answer is correct. Prepare a schedule of partnership liquidation. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Noncash Capital Balances Cash Assets Liabilities John Jake Joe $ $ $ $ $ $…1.Tom, Greg, and Tim are partners who share profits 50%, 25%, and 25%. Their capital balances were $117,000, $78,000, and $45,000, respectively, before Tim's retirement. Tom and Greg each paid Tim $30,000 from their personal assets to buy half his interest. After Tim has withdrawn, Tom will have a capital balance of $____________. 2.Sarah, Lila, and June are partners who share profits 40%, 20%, and 40%. Their capital balances were $280,000, $120,000, and $80,000, respectively, before June’s retirement. June was paid $56,000 from partnership assets to buy her interest. After June has withdrawn, Sarah will have a capital balance of $____________. 3.Rob and Chrissie are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Dora was admitted to the partnership. Dora contributed $100,000 in cash to the partnership for a 30% interest. After Dora is admitted to the partnership, Rob will have a capital balance of $____________. 4.Lacy and Jenny are…Primo and Quadros are partners who share income in a 1:3 ratio and have capital balances of $60,000 and $180,000 respectively. Book value of total assets is $500 liabilities total $260,000. Sale of all assets results in total available cash of $350,000. The amount to be distributed to Primo upon liquidation is: Select one: O O a. $22,500 b. $60,000 c. $87,500 d. $10,000
- Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. As of June 30, the capital balances of Joan, Joey, and Justin were P100,000, P80,000, and P70,000, respectively. The partners decided to liquidate. They sold non-cash assets for P130,000. After settlement of all liabilities amounting to P30,000, they still had P184,000 cash left for distribution. Justin's share in final cash left for distribution would beThe financial position of the partnership Marie, Shey, Allan and Roi, just prior to liquidation shows: Marie, Loan 25,000 Marie, Capital 137,500 Shey, capital 128,750 Allan, capital 171,250 Roi, Capital 112,500 The partners share profits and losses on a 4:3:2:1 ratio, respectively. Certain assets are sold for P150,000 and is distributed to partners. How much cash should Allan receive? Group of answer choices 67,917 0 82,083 150,000Item Nos. 6 and 7 are based on the following information: The following are the capital balances and profit and loss ratios of the partners Mona, Nona, and Ona: Capital Profit & Loss Ratio Mona- P 20,000 20% Nona 10,000 30% Ona- 5,000 50% Total-- P 35,000 100% After realization of the assets and payment of liabilities, the cash available for distribution was P 18,000. Any capital deficiency is uncollectible. 6. What was the loss on realization? a. P 15,000. C. P 17,000. b. P 16,000. d. P 18,000. 7. How should the cash be distributed? b. a. Mona, P 3,600; Nona, P 5,400; and Ona, P 4,000. Mona, P 6,000; Nona, P 6,000; and Ona, P 6,000. c. Mona, P 15,200; Nona, P 2,800; and Ona, P O. d. Mona, P 18,000; Nona, P 0; and Ona, PO.