The partners in Carla Vista Partnership decided to liquidate the partnership on June 30, 2024, when...
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The partners in Carla Vista Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows: Accounts Item Cash Receivable Equipment Accumulated Depreciation A. Accounts Walker, Payable Capital Capital K. Allen, Balances before liquidation $39,200 $33,680 $58,440 $20,200 $36,320 $50,640 $22,600 The partners share profit and loss 5:3:2 for Walker, Allen, and King, respectively. Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated Depreciation $ Accounts Payable 20200 $ 36320 $ A. Walker, Capital 50640 $ K. Allen, Capital 22600 -20200 0 0 36320 0 -36320 0 0 50640 0 0 50640 0 0 -50640 0 0 0 0 22600 0 22600 -22600 0 Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ Accounts Payable 36320 $ A. Walker, Capital 50640 $ 0 36320 50640 -36320 0 0 50640 0 -50640 0 0 K. Allen, Capital 22600 $ 22600 D. King, Capital 1560 0 1560 0 0 22600 1560 -22600 -1560 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Equipment Accumulated Depreciation 58440 $ A. Walker, Capital 36320 $ 50640 Accounts Payable 20200 $ -58440 0 -20200 0 36320 0 0 -36320 0 0 0 -8960 41680 0 0 41680 0 0 0 41680 0 0 0 -41680 0 0 0 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Accounts Payable 36320 0 36320 -36320 A. Walker, Capital K. Allen, Capital 50640 $ -8960 41680 0 0 41680 0 0 0 41680 0 -41680 0 0 22600 $ -5376 17224 0 17224 D. King, Capital 1560 -3584 -2024 0 -2024 0 2024 17224 -17224 0 0 0 Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) $ Equipment Accumulated Depreciation Accounts Payable 58440 $ 20200 $ 36320 $ A. Walker, Capital 50640 -58440 0 -20200 0 36320 0 0 -36320 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) $ Accounts Payable A. Walker, Capital 36320 $ K. Allen, Capital 50640 $ 22600 $ D. King, Capital 1560 0 36320 -36320 0 0 0 0 0 The partners in Carla Vista Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows: A. K. D. Accounts Item Cash Receivable Equipment Accumulated Accounts Depreciation Payable Walker, Allen, King, Capital Capital Capital efore liquidation $39,200 $33,680 $58,440 $20,200 $36,320 $50,640 $22,600 $1,560 The partners share profit and loss 5:3:2 for Walker, Allen, and King, respectively. Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item Cash Balances before liquidation $ 39200 $ Sale of noncash assets 71920 111120 Accounts Receivable 33680 $ -33680 0 Equipment 58440 -58440 0 Payment of liabilities -36320 0 0 74800 0 0 Allocation of cash -74800 0 0 0 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Item Balances before liquidation Cash 39200 Sales of noncash assets and loss on sale of assets 54000 Payment of liabilities 93200 Accounts Receivable 33680 $ -33680 0 -36320 0 56880 0 Payment of deficiency 2024 0 58904 0 Allocation of cash -58904 0 0 0 E Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Item Balances before liquidation Cash Accounts Receivable 39200 $ 33680 $ Sales of noncash assets and loss on sale of assets 36000 Payment of liabilities 75200 -33680 0 -36320 0 38880 0 Transfer of deficiency -34440 0 73320 0 Allocation of cash -73320 0 0 0 E The partners in Carla Vista Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows: Accounts Item Cash Receivable Equipment Accumulated Depreciation A. Accounts Walker, Payable Capital Capital K. Allen, Balances before liquidation $39,200 $33,680 $58,440 $20,200 $36,320 $50,640 $22,600 The partners share profit and loss 5:3:2 for Walker, Allen, and King, respectively. Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated Depreciation $ Accounts Payable 20200 $ 36320 $ A. Walker, Capital 50640 $ K. Allen, Capital 22600 -20200 0 0 36320 0 -36320 0 0 50640 0 0 50640 0 0 -50640 0 0 0 0 22600 0 22600 -22600 0 Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ Accounts Payable 36320 $ A. Walker, Capital 50640 $ 0 36320 50640 -36320 0 0 50640 0 -50640 0 0 K. Allen, Capital 22600 $ 22600 D. King, Capital 1560 0 1560 0 0 22600 1560 -22600 -1560 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Equipment Accumulated Depreciation 58440 $ A. Walker, Capital 36320 $ 50640 Accounts Payable 20200 $ -58440 0 -20200 0 36320 0 0 -36320 0 0 0 -8960 41680 0 0 41680 0 0 0 41680 0 0 0 -41680 0 0 0 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Accounts Payable 36320 0 36320 -36320 A. Walker, Capital K. Allen, Capital 50640 $ -8960 41680 0 0 41680 0 0 0 41680 0 -41680 0 0 22600 $ -5376 17224 0 17224 D. King, Capital 1560 -3584 -2024 0 -2024 0 2024 17224 -17224 0 0 0 Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) $ Equipment Accumulated Depreciation Accounts Payable 58440 $ 20200 $ 36320 $ A. Walker, Capital 50640 -58440 0 -20200 0 36320 0 0 -36320 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) $ Accounts Payable A. Walker, Capital 36320 $ K. Allen, Capital 50640 $ 22600 $ D. King, Capital 1560 0 36320 -36320 0 0 0 0 0 The partners in Carla Vista Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows: A. K. D. Accounts Item Cash Receivable Equipment Accumulated Accounts Depreciation Payable Walker, Allen, King, Capital Capital Capital efore liquidation $39,200 $33,680 $58,440 $20,200 $36,320 $50,640 $22,600 $1,560 The partners share profit and loss 5:3:2 for Walker, Allen, and King, respectively. Complete the schedule assuming the noncash assets were sold for $71,920, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item Cash Balances before liquidation $ 39200 $ Sale of noncash assets 71920 111120 Accounts Receivable 33680 $ -33680 0 Equipment 58440 -58440 0 Payment of liabilities -36320 0 0 74800 0 0 Allocation of cash -74800 0 0 0 0 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Item Balances before liquidation Cash 39200 Sales of noncash assets and loss on sale of assets 54000 Payment of liabilities 93200 Accounts Receivable 33680 $ -33680 0 -36320 0 56880 0 Payment of deficiency 2024 0 58904 0 Allocation of cash -58904 0 0 0 E Complete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Item Balances before liquidation Cash Accounts Receivable 39200 $ 33680 $ Sales of noncash assets and loss on sale of assets 36000 Payment of liabilities 75200 -33680 0 -36320 0 38880 0 Transfer of deficiency -34440 0 73320 0 Allocation of cash -73320 0 0 0 E
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Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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