Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Russo had capital accounts of $21,000 and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Russo had capital accounts of $21,000 and $83,000, respectively. The partnership assets were sold for $38,000. The partnership had no liabilities. Pepper and Russo share income and losses equally. Required: a. Determine the amount of Pepper's deficiency. $ b. Determine the amount distributed to Russo, assuming Pepper is unable to satisfy the deficiency. $ Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Russo had capital accounts of $21,000 and $83,000, respectively. The partnership assets were sold for $38,000. The partnership had no liabilities. Pepper and Russo share income and losses equally. Required: a. Determine the amount of Pepper's deficiency. $ b. Determine the amount distributed to Russo, assuming Pepper is unable to satisfy the deficiency. $
Expert Answer:
Answer rating: 100% (QA)
Answer a The amount of peppers deficiency 38000 sale of assets Carrying value of assets ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What are the main challenges in managing a supply chain?
-
What does this case study suggest, are the main challenges for different stages of introducing a wiki or other Web 2.0 approaches in a large organization?
-
What are the main challenges for independent auditors in providing assurance services in relation to greenhouse gas emissions?
-
General-equilibrium effects with labor complementarity. Consider an economy comprised of 100 cities. Each city initially contains 1 million each of high school dropouts, high school graduates,...
-
Visit a local shopping mall or shopping area. List each store that you see and determine what degree of com-petition it faces in its immediate environment. For example, if there is only one store in...
-
Patz Company has just received a franchise to distribute air conditioners. The company began business on January 1 with the following assets: Cash...
-
For what reason does an auditor test a client's final priced inventory?
-
A project has four activities (A, B, C, and D) that must be performed sequentially. The probability distributions for the time required to complete each of the activities are as follows: a. Provide...
-
For each of the following, state the journal that should be used - Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal, General Journal. 1) Invested cash in business,...
-
The following adjusted revenue and expense accounts appeared in the accounting records of Pashi, Inc., an accrual basis taxpayer, for the year ended December 31, Year 2. Revenues Net sales $3,000,000...
-
Fig.Q1 is a modified Howland voltage controlled current source (VCCS). Analyse the circuit to obtain an expression for the transconductance gain and the relative resistor values needed for the...
-
1. [10] Given an MIPS instruction: Label: beq $s0, $s1, Label. Assume the processor is the same as the one shown in Figure 4.24 in the textbook. a) What is the value of control bit "ALUSrc"? What...
-
Hide Assignment Information Instructions For this assignment I would like you to explore Video Case 10: GoPro: Making All of Us Heroes with Exciting New Products. This case study is located on pages...
-
6. Plot the curve given by the equations below using a 3D line plot: x = sin e y = cose Let theta be your third variable and let it vary from 0 to 10 pi in .1 steps. Include your code and properly...
-
a.) You need to store an integer value that could be as large as ten to the twentieth power. ( Can a long data type in Java store a number that large? b.) Search the Java documentation from Oracle...
-
Below is an image of the Converse Chuck Taylor All Star Sneaker. It sells for approximately R1200 and can be purchased at retailers like, Edgars, Sport Scene, Total sports, Superbalist and other...
-
A high proportion of young male cattle bones at an archaeological site would indicate that the cultural group was transitioning to herding cattle rather than hunting them. Explain
-
An example of prescriptive analytics is when an action is recommended based on previously observed actions. For example, an analysis might help determine procedures to follow when new accounts are...
-
Entrepreneurs are important because of the impact they have on the world around them. List and explain the different ways that Fifteen benefits its community.
-
Why is strong culture likely to have a greater influence on employees compared to weak culture?
-
What is communication and how can a manager ensure proper communication exists in the organization?
-
Identify and briefly explain management's financial statement assertions, and explain the relationship among assertions, audit objectives, and audit procedures.
-
Explain the terms sufficient, competent, and evidential matter as used in the third standard of field work.
-
An auditor attempts to obtain the most persuasive evidence available. What general criteria can an auditor apply to evaluate the competence of evidence?
Study smarter with the SolutionInn App