Question: After liquidating non cash assets and paying creditors account
After liquidating non-cash assets and paying creditors, account balances in the Kidz Co. are Cash $19,000, A Capital (Cr.) $8,000, B Capital (Cr.) $7,000, and C Capital (Cr.) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners.
Answer to relevant QuestionsBeta Co. capital balances are: Ace $30,000, Bly $25,000, and Gumpus $20,000. The partners share income equally. Rhoop is admitted to the firm by purchasing one-half of Gumpus’s interest for $13,000. Journalize the ...K. Billie, S. Piper, and E. Rose are forming a partnership. Billie is transferring $50,000 of personal cash to the partnership. Piper owns land worth $15,000 and a small building worth $80,000, which she transfers to the ...K. Gillan, C. Coduri, and C. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Cap Harkness is admitted to the partnership.InstructionsPrepare the journal ...On December 31, the capital balances and income ratios in SAR Company are as follows.Instructions(a) Journalize the withdrawal of Ruscoe under each of the following assumptions.(1) Each of the continuing partners agrees to ...On June 1, Donkey Inc. issues 3,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
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