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 Other assets Total assets $ 49,000 135,000 $ 184,000 Required A Required B Safe payments Liabilities Miller, capital Tyson, capital Watson, capital 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 other assets be sold so that each partner receives some amount of cash in a liquidation? Complete this question by entering your answers in the tabs below. Total liabilities and capital Miller Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. Tyson $ 39,000 63,000 63,000 19,000 $184,000 Watson
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- The following condensed balance sheet is for the partnership of Ludolf, Sambal, and Urad, who share profits and losses in the ratio of 6.2.2, respectively. Cash Other assets Total assets Required A $ 52,000 152,000 Required $ 204,000 Required: 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 other assets be sold so that each partner receives some amount of cash in a liquidation? Complete this question by entering your answers in the tabs below. Liabilities Ludolf, capital Sambal, capital Urad, capital Total liabilities and capital Other assats must be sold For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? $ 38,000 72,000 72,000 22,000 $ 204,000 < Required A BYThe 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: $ 50,000 75,000 75,000 21,000 $ 54,000 167,000 Cash Liabilities Miller, capital Tyson, capital Watson, capital Other assets Total Total liabilities and $221,000 $221,000 assets capital 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 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 profits and losses in the ratio of 6:2:2, respectively: For 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 profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.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 $ 63,000 Liabilities $ 53,000 Other assets 160,000 Miller, capital 75,000 Tyson, capital 75,000 Watson, capital 20,000 Total assets $ 223,000 Total liabilities and capital $ 223,000 a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time. Miller Tyson Watson Safe payments b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation? other assets must be sold (for an amount less than) or (for an amount over)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 Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital
- After Non-Cash Assets have been sold and liabilities paid, the final step in the liquidation process is to distribute the balance of Cash to the partners. Consider the following: Cash $20 A, Capital Balance $8 B, Capital Balance $12 Gains and losses are shared equally between the partners. Which of the following is correct? Group of answer choice a.B would receive$12 as the final payment of cash. b. B would receive $10 as the final payment of cash. c. B would receive $8 as the final payment of cash. d. B would receive $20 as the final payment of cash.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,…The capital balances of the partners are presented to you before the retirement of Y: X, P40,000; Y, P35,000; Z, P25,000. P/L ratio, equally. After the retirement of Y, the capital balance of X was P42,000. How much was the cash settlement to Y? A. P31,000 B. P33,000 C. P37,000 D. P39,000
- A condensed balance sheet for a partnership to be liquidated is as follows:(attached)The profit and loss percentages for Partners A, B, and C are 50%, 30%, and 20%, respectively. For each of the following independent scenarios, determine how much of the available cash, with the exception of $10,000, would be distributed to Partner B.1. Assume that the receivables and the inventory were liquidated for $140,000 cash.2. Assume that all noncash assets other than equipment were sold for $53,000 cash.3. Assume that noncash assets with a book value of $300,000 were sold for $250,000 cash and that a distribution to Partner A was made in order to pay off the loan payable to them.The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 132,000 51,000 310,000 230,000 220,000 $943,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & CapitalThe following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 80,000 750,000 31,000 Beginning balances Sold assets $ 861,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital