After liquidating noncash assets and paying creditors, account balances in the Pharoah Co. are Cash $18,100;...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
After liquidating noncash assets and paying creditors, account balances in the Pharoah Co. are Cash $18,100; A, Capital (Cr.) $8,500; B, Capital (Cr.) $6,400; and C, Capital (Cr.) $3,200. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation > Debit Credit A, Capital A, Drawings Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts B, Capital B, Drawings C, Capital C, Drawings Cash Depreciation Expense Equipment Gain on Realization Income Summary Inventory Loss on Realization Net (Loss) Income Notes Payable A, Capital A, Drawings Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts B, Capital B, Drawings C, Capital C, Drawings Cash Depreciation Expense Equipment Gain on Realization Income Summary Inventory Loss on Realization Net (Loss) Income Notes Payable Salaries Expense After liquidating noncash assets and paying creditors, account balances in the Pharoah Co. are Cash $18,100; A, Capital (Cr.) $8,500; B, Capital (Cr.) $6,400; and C, Capital (Cr.) $3,200. The partners share income equally. Journalize the final distribution of cash to the partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation > Debit Credit A, Capital A, Drawings Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts B, Capital B, Drawings C, Capital C, Drawings Cash Depreciation Expense Equipment Gain on Realization Income Summary Inventory Loss on Realization Net (Loss) Income Notes Payable A, Capital A, Drawings Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts B, Capital B, Drawings C, Capital C, Drawings Cash Depreciation Expense Equipment Gain on Realization Income Summary Inventory Loss on Realization Net (Loss) Income Notes Payable Salaries Expense
Expert Answer:
Answer rating: 100% (QA)
Journal Entry for Final Distribution of Cash A Drawings 7900 ... View the full answer
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these finance questions
-
Which ratio does not help answer the question of adequate operating profitability generated by the firm's assets? O operating profit margin O operating retu on assets O return on common equity O...
-
Revenue from contract sales $ 302,000 Expenses other than depreciation $ 222,000 Depreciation (straight-line basis) 40,000 262,000 Increase in net income from contract work $ 40,000
-
when developing a strategy for product distribution, which is not commonly consider? A . How exclusive should the distribution network be ? B . How intensive the distribution network be ?
-
Dwights preferences over beer and whiskey satisfy more is better, but are concave (thus violating the usual assumption of convexity). a. On a diagram, sketch what such indifference curves would look...
-
a. Explain why it is easy to see why shopping overseas is so popular with wealthy Chinese shoppers. b. Who pays most of the Chinese luxury tax: sellers or buyers? Explain your answer. c. Explain how...
-
Consider Example 7.4.6. Suppose that R1 = R, R2 = 3R, A1 = A, and A2 = 2A. Find the transfer function H1(s)/Qmi(s) and the characteristic roots.
-
C/d and bid are abbreviations for: a. Carried down and Brought down b. Carried down and Balance down c. Correctly drawn and Badly drawn d. Cash deposit and Bank deposit
-
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2011, Rhone-Metro leased equipment to Western Soya Co. for a non cancelable stated lease term of four years...
-
Cost Model Find a linear regression model for the weekly cost data, using as the independent variable. C(x)=mx+k Round m to 1 decimal place, and round & to the nearest integer. Use this cost model to...
-
Raghav can swim 23 km with the flow in 2 hours. Against the current, he covers 10.5km in 3 hours. Under certain circumstances, the speed of the flow got reduced by 1.5 km/hr. Find the time taken by...
-
Consider a permanent decrease in labor supply (a shift of the labor supply curve up and to the left).Statehow each of the variables will change (if at all) once the economy moves to its new long run...
-
(a) (b) (c) Build a binary search tree for the quota "If you think you are too small to make a difference, try sleeping with a mosquito" using alphabetical order. (7 marks) Use the Huffman coding to...
-
ok t ht Imperial Jewelers manufactures and sells a gold bracelet for $406.00. The company's accounting system says that the unit product cost for this bracelet is $260.00 as shown below: Direct...
-
What is meant by content marketing with suitable case studies in content marketing? Apply content marketing fundamentals principles to develop a basic content marketing strategy and plan including:...
-
2. Art Grunnion wants to start a company which would build open-ocean speedboats of the highest possible quality. He would put $1 million into the company on October 1, 1993. Even with all its...
-
How to check if a business strategy is vertical or not?
-
Which of the following raises the credibility of areport? Which of the following raises the credibility of a report? Multiple Choice avoiding predictions avoiding the use of cause-effect statements...
-
Bristle Brush Company operates in a state where corporate taxes and workers' compensation insurance rates have recently doubled. Bristle's president has just assigned you the task of preparing an...
-
Martinez Toys has examined the market for toy train locomotives. It believes there is a market niche in which it can sell locomotives at \($80\) apiece. It estimates that 10,000 of these loco-...
-
The April 21, 1997, issue of Forbes includes an article by Toni Mack entitled "The Tiger Is on the Prowl Instructions Read the article and answer the following questions. (a) What have been the...
Study smarter with the SolutionInn App