Degree Programs | Cor X B Assignments - ACC122-DGA-Sun x CengageNOWv2 | Online teachir x + X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false "o 12-5A, PR 12-6A eBook NKSHEET Statement of Partnership Liquidation (? Instructions Chart of Accounts ANKSHEET bels and Amount Descriptions Statements of Partnership Liquidation | Journal Instructions ANKSHEET On November 1, the firm of Bowes, Simmons, and Ahmed decided to liquidate its partnership. The partners have capital balances of $69,000, $85,000, and $12,000, respectively. The cash balance is $38,000, the book values of noncash assets total $152,000, and liabilities total $24,000. The partners share income and losses in the ratio of 2:2:1. Required: 1. Prepare a statement of partnership liquidation, covering the period November 1-30, for each of the following independent assumptions. a. All of the noncash assets are sold for $185,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners.* b. All of the noncash assets are sold for $65,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners.* Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of liabilities, receipt of deficiency, or cash distribution rows, the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0". 2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Nov. 30 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts Previous Check My Work s: 3/3 items Save and Exit Submit Assignment for Grading nt Score: 69.61% 5:00 PM 6/23/2022 in to stopG Associate Degree Programs | Cor X Bb Assignments - ACC122-DGA-Sun x CengageNOWv2 | Online teachin x + W https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A Q to PR 12-4A, PR 12-5A, PR 12-6A eBook CHART OF ACCOUNTS 1. PR.12.04A.BLANKSHEET Bowes, Simmons, and Ahmed 2. PR.12.05A.BLANKSHEET General Ledger 3. PR.12.06A.BLANKSHEET ASSETS REVENUE 110 Cash 410 Revenues 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 510 Cost of Merchandise Sold 115 Notes Receivable 520 Salary Expense 116 Inventory 521 Advertising Expense 117 Supplies 522 Depreciation Expense-Building 118 Office Supplies 523 Depreciation Expense-Equipment 119 Prepaid Insurance 526 Repairs Expense 120 Land 529 Selling Expenses 123 Building 531 Rent Expense 124 Accumulated Depreciation-Building 533 Insurance Expense 125 Equipment 534 Supplies Expense 126 Accumulated Depreciation-Equipment 535 Office Supplies Expense 129 Asset Revaluations 536 Credit Card Expense 133 Patent 537 Cash Short and Over 538 Property Tax Expense LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 710 Interest Expense Previous Check My Work Progress: 3/3 items Save and Exit Submit Assignment for Grading Assignment Score: 69.61% 5:00 PM 6/23/2022 90 OF Rain to stop-SA, PR 12-6A eBook 538 Property Tax Expense KSHEET LIABILITIES 539 Miscellaneous Expense NKSHEET 210 Accounts Payable 710 Interest Expense 211 Salaries Payable NKSHEET 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Bowes, Capital 311 Bowes, Drawing 312 Simmons, Capital 313 Simmons, Drawing 314 Ahmed, Capital 315 Ahmed, Drawing Labels and Amount Descriptions Labels For Period November 1-30 For the Year Ended November 30 Amount Descriptions Balances after payment of liabilities Check My Work Previous : 3/3 items Save and Exit Submit Assignment for Grading t Score: 69.61% 5:00 PM 6/23/2022 to stop and insertDegree Programs | Cor X B Assignments - ACC122-D6A-Sun x CengageNOWv2 | Online teachir x + O https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false PR 12-4A, PR 12-5A, PR 12-6A "0 eBook For the Year Ended November 30 1. PR. 12.04A.BLANKSHEET Amount Descriptions 2. PR. 12.05A.BLANKSHEET Balances after payment of liabilities Balances after realization 3. PR. 12.06A.BLANKSHEET Balances before realization Capital additions Cash distributed to partners Final balances Less partner withdrawals Net income for the year Payment of liabilities Receipt of deficiency Sale of assets and division of gain Sale of assets and division of loss Statements of Partnership Liquidation 1. a. Prepare a statement of partnership liquidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $185,000 in cash, the creditors paid, and the remaining cash is distributed to the partners. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of liabilities, receipt of deficiency, or cash distribution rows, the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "". Bowes, Simmons, and Ahmed Statement of Partnerchin I inundation Previous Check My Work Progress: 3/3 items Save and Exit Submit Assignment for Grading Assignment Score: 69.61% 5:01 PM 6/23/2022 90 . F Rain to stop insert delete prise home 69Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numb (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of liabilities, receipt of deficiency, or cash distribution rows, the cell can be BLANKSHEET blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0" BLANKSHEET Bowes, Simmons, and Ahmed Statement of Partnership Liquidation For Period November 1-30 Capital, Bowes Cash + Noncash Assets = Liabilities + Capital, Simmons Capital, Ahmed (2/5) + ( 2/5) + (1/5) 2 Balances before realization $38,000.00 $152,000.00 $24,000.00 $69,000.00 $85,000.00 $12,000.00 3 Sale of assets and division of gain 185,000.00 (152,000.00) 4 Balances after realization 5 Payment of liabilities 6 8 . b. Prepare a statement of partnership liquidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $65,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, paymen of liabilities, receipt of deficiency, or cash distribution rows, the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0". Previous Check My Work 3/3 items Save and Exit Submit Assignment for G Score: 69.61% stop1. b. Prepare a statement of partnership liquidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $65,000 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of liabilities, receipt of deficiency, or cash distribution rows, the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "O". Bowes, Simmons, and Ahmed Statement of Partnership Liquidation (Label) Capital, Bowes Capital, Simmons Capital, Ahmed Cash Noncash Assets = Liabilities + (2/5) + ( 2 / 5 ) + (1/5) 8 Balances 9 10 Journal AutoPlay Check My Work Apple iphone Select to choose what happens with this device. 5:01 PM 6/23/20228 Balances 10 Journal 2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Nov. 30 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Previous Check My Work Save and Exit Submit Assignment for Grading 5:02 PM 6/23/2022