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: 61% (13 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...
-
Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as...
-
Douglas Singletary purchased a mobile home from P&A Investments, Inc. d/b/a Andys Mobile Home and Land Sales. On November 17, 2007, Singletary entered in a sales agreement with Andys to purchase a...
-
Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours....
-
1. Solve the following using convolution and correlation a. Let I={0, 0, 1, 0, 0} & Let k (mask) = {3, 2, 8} 3 3 b. Let I = & Let k (mask) = 3 3 1 24 3 4
-
The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follows. CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash $ 503,000 Taxes receivable...
-
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...
-
Vision is blurred if the head is vibrated at 29 Hz because the vibrations are resonant with the natural frequency of the eyeball in its socket. If the mass of the eyeball is 7.5 g, a typical value,...
-
assessment activity At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline,...
-
Suppose an investor makes an uncovered interest arbitrage investment in the USD by borrowing JPY 14,200,000 in Japan at 0.75%, then converting to dollars at a rate of 142JPY = 1 USD and investing in...
-
Newco had a Net Profit Margin of 40% and an Inventory Turnover Ratio of 5. The Net Income was $800,000, Cost of Goods Sold was $1,000,000, Payables were $220,000 and Receivables were $350,000. What...
-
1)What price would a fund manager be prepared to purchase a 60 day T Note ,if the current yield is 8.25% annum with $1000 face value? 2)what is the present value of an annuity of $500 paid annually...
-
Discussion Board: Look Beyond the Book - Finding Other Nervous and Endocrine Disorders Overview In this module, you were introduced to diseases and disorders related to the endocrine and nervous...
-
Why are dividends paid to a firms owners not a tax-deductible expense?
-
An 8.0 kg crate is pulled 5.0 m up a 30 incline by a rope angled 18 above the incline. The tension in the rope is 120 N, and the crates coefficient of kinetic friction on the incline is 0.25. a. How...
-
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.
-
Use the statement from the Federal Reserve's May 3, 2023, FOMC meeting to answer the following questions. Here is a link to the statement:...
-
As a medium of exchange, how does the Invention of Money facilitate Exchange, division of labor, specialization, and productivity? Your answers need to be academic. Please explain, step-by-step, how...
-
Critically analyse the impact of China's trade surplus on global trade and determine the implications of this for countries such as South Africa.
Study smarter with the SolutionInn App