Question: please i need help on this 11. The Bailey and Cruz partnership has decided to liquidate. After selling its non-cash assets and paying off its

please i need help on this please i need help on this 11. The Bailey and Cruz partnership

11. The Bailey and Cruz partnership has decided to liquidate. After selling its non-cash assets and paying off its liabilities, the partnership has cash of $55,000. Bailey and Cruz's capital accounts are $22,000 and $33,000, respectively. Bailey and Cruz share umalize the final distribution of cash to be partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Choose from any stor enter any number in the input ids and then continue to the next question ODER

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

The Brown and Cruz partnership has decided to liquidate. After selling its non - cash assets and paying off its liabilities, the partnership has cash of $ 7 0 , 0 0 0 . Brown and Cruz's capital...

The Bennett and Cruz partnership has decided to liquidate. After selling its non-cash assets and paying off its liabilities, the partnership has cash of $50K. Bennett and Cruzs capital accounts are...

1) Scott, Hill and Carter have capital balances of OMR 20,000, OMR 40,000 and OMR 80,000. The partners share profit as 1:1:3. The Partnership had net income of OMR 100,000 for the year. Journalize...

4) The Bennett and Cruz partnership has decided to liquidate. After selling its non cash assets and paying of its liabilities. The partnership has cash of OMR 50,000. Bennett and Cruz capital...

11. The Butler and Cooper partnership has decided to liquidate. After selling its non-cash assets and paying off its liabilities, the partnership has cash of $80,000. Butler and Cooper's capital...

aId wimpy perate a straw doll making company. 2011 Feb. 14 The partnership was formed, Papa Hubert transferred to the partnership$80,000 cash, land worth $80,000, a building worth $480,000, and a...

The Brooks and Cyri partnership has decided to liquidate. After selling its non-cash assets and paying off its liabilities, the partnership has cash of $70,000. Brooks and Cyri's capital accounts are...

Please help with 7,8,9 Question 7 Question 8 QUeSTION 9 The partners of Carla Vista Company have decided to liquidate their business. Noncash assets were sold for $122,740. The income ratios of the...

Hi looking for feedback on the answer The Bennett and Coleman partnership has decided to liquidate. After selling its non-cash assets and paying off its liabilities, the partnership has cash of...

HELLO CAN SOME HELP ME WITH THESE QUESTIONS PLEASE ADVANCE FINANCIAL ACCOUNTING CHAPTER 16 THANKS AS EARLY AS SOME CAN HELP ME WILL BE APPRECIATED CHAPTER 16 ADVANCED FINANCIAL ACCOUNTING QUESTION...

Enabling Technologies the Americans with Disabilities Act prohibits discrimination based on disability about public accommodations and commercial facilities. This act has been interpreted to include...

After operating for a month Shohei Odas DJ services completed the following transactions during July: Jul 3 The business borrowed $25,000 from the bank, signing a note payable. 9 Performed DJ service...

omplete the following table. lote: Using Microsoft Excel, round FVA factors to 3 decimal places and final answers to the nearest whole dollari \ table [ [ Annual Deposit,Rate of Return, \ table [ [...

a=2 b= 0 c= 2 d=0 e=0 f=9 g=3 5. Draw the Network diagram for the following project. Estimate the Earliest start time and Latest finish time for each activity. If every day it cost 200 rials for this...