Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2011, are
Question:
The partners agree to keep a $10,000 contingency fund and to distribute available cash immediately.
REQUIRED
Determine the amount of cash that should be paid to each partner.
Transcribed Image Text:
$120,000 120,000 $240,000 $40,000 85,000 25,000 90,000 $240,000 Cash Other assets Accounts payable Fed capital (30%) Ela capital (30%) Luc capital (40%)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
30 Fed 30 Ela 40 Luc January 1 balances 85000 25000 9...View the full answer
Answered By
Deborah Joseph
My experience has a tutor has helped me with learning and relearning. You learn everyday actually and there are changes that are made to the curriculum every time so being a tutor has helped in keeping me updated about the present curriculum and all.
I have also been able to help over 100 students achieve better grades particularly in the categories of Math and Biology both in their internal examinations and external examinations.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Question Posted:
Students also viewed these Accounting questions
-
Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances: Maness and Joiner share profits and losses in an 8:2 ratio. During the first...
-
The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively....
-
Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances: Maness and Joiner share profits and losses in an 8:2 ratio. During the first...
-
Find the net torque on the wheel in the figure below about the axle through O perpendicular to the page, taking a = 7.00 cm and b = 25.0 cm. (Indicate the direction with the sign of your answer....
-
New York Citys charter authorized the New York City Board of Health to adopt a health code that it declared to have the force and effect of law. The board adopted a code that provided for the...
-
Selected data concerning the past years operations of the Ozarks Manufacturing Company are as follows: Required: 1. What was the cost of raw materials purchased during the year? 2. What was the...
-
What is the objective of OT&E?
-
Kansas Company uses a job costing accounting system for its production costs. The company uses a predetermined overhead rate based on direct labor-hours to apply overhead to individual jobs. The...
-
Cool Kids Ltd has annual turnover of 8 4 , 9 0 0 . 8 5 % of the sales are standard rated and 1 5 % are zero rated. Standard rated expenses are 1 4 , 1 0 0 . All figures are exclusive of VAT. The...
-
Tim Markus, Vice President of Phone Lines, earned $92,000 in salary last year. In addition to his salary, he also received low-interest loans from his employer. Tim's interest rate on these loans is...
-
After closing entries were made on December 31, 2011, the ledger of Mac, Nan, and Obe contained the following balances: Cash .................................... $39,000 Inventory...
-
The partnership of Ali, Bev, and Cal became insolvent during 2011, and the partnership ledger shows the following balances after all partnership assets have been converted into cash and all available...
-
Define decision style and describe why it is important to consider in the decision making process.
-
Rensch left two diamond rings for cleaning at Riddles Mall in Rapid City, South Dakota. Riddles had advertised free ring cleaning to the public. When Rensch returned for the rings, he found that a...
-
A tenants voluntary surrender of possession of leased premises. a. abandonment b. assignment c. condition d. covenant e. eviction f. lease g. lessee h. lessor i. periodic tenancy j. quiet enjoyment...
-
The requirement that a contract cannot violate the law. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f. executory c ontract g....
-
The promises exchanged by parties to a contract. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f. executory c ontract g....
-
Indicate whether each of the following statements is true or false by writing T or F in the answer column. Workers compensation laws are designed to ensure that all employees are paid fairly.
-
Problem refer to the following experiment: 2 balls are drawn in succession out of a box containing 2 red and 5 white balls. Let R i be the event that the ith ball is red, and let W i be the event...
-
Complete problem P10-21 using ASPE. Data from P10-21 Original cost ................................................................. $7,000,000 Accumulated depreciation...
-
What is the accounting concept of a business combination?
-
Is dissolution of all but one of the separate legal entities necessary in order to have a business combination? Explain.
-
Is dissolution of all but one of the separate legal entities necessary in order to have a business combination? Explain.
-
Milden Company is a merchandiser that plans to sell 4 1 , 0 0 0 units during the next quarter at a selling price of $ 5 9 per unit. The company also gathered the following cost estimates for the next...
-
How do organizational learning theories, such as the learning organization concept and knowledge management practices, contribute to sustained competitive advantage and organizational resilience in...
-
Harbert, Incorporated had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its...
Study smarter with the SolutionInn App