Prepare journal entries-day of liquidation

Assignment Help Accounting Basics
Reference no: EM13154880

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows Prepare journal entries for

(a) the sale of inventory,

(b) the allocation of its gain or loss,

(c) the payment of liabilities at book value, and

(d) the distribution of cash in each of the following separate cases

Reference no: EM13154880

Questions Cloud

How many grams of co are needed : How many grams of CO are needed to react with an excess of Fe2O3 to produce 209.7g Fe? Fe2O3(s) + 3CO(g) -> 3CO2(g) + 2Fe(s)
Makaela took a spanish exam : Makaela took a spanish exam; her grade was 79. The distribution was normally shaped with xobt =70 and s = 12. Jaun took a history exam; his grade was 86
What is the unemployment rate among the surveyed people : What is the unemployment rate among the 500 surveyed people? Consider the following price information: Year 1 Year 2 Cup of coffee $ .50 $1.00 Glass of milk $1.00 $2.00
What is the volume of the gaseous water collected : If 8.6 L of H2 reacted with 4.3L of O2 at STP,  what is the volume of the gaseous water collected (assuming that none of it condenses)? 2H2(g) + O2(g) -> 2H2O(g)
Prepare journal entries-day of liquidation : Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows Prepare journal entries for
How many moles of water will be produced : If 8.00 mol of NH3 reacted with 14.0 mol of O2, how many moles of H20 will be produced?
He thinks that students should study : He thinks that students should study 30 hours a week to have time to absorb material. This is his most important goal. Haroon feels that students need at most 7 hours sleep per night on average and that this goal is number 2. He believes that goal nu..
Lockhart corporation is a calendar-year corporation. : Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnin..
How many moles of co will be produced : If a total of 13.5 mol NaHCO3 and 4.5 mol of C6H8O7 react, how many moles of COs and NA3C6H5O7 will be produced? 3NaHCO3(aq) + C6H8O7(aq) -> 3CO2(g) + 3H2O(s) + Na3C6H5O7(aq)

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Set-up or dismantling costs

Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.

  Present value of the investment opportunity

The expected life and salvage value each are four years and $15,000 respectively. Lake Shuttle has an average cost of capital of 14%. A. Calculate the net present value of the investment opportunity.

  Find diff sales journal and accounts receivable master file

what is the difference between the sales journal and the accounts receivable master file? Why are they both important?

  Presenting annual report

What are the basic factors that must be considered in presenting annual report?

  Which statements is accurate with respect to transaction

Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest.

  How many units should be scheduled for production

Assume that the division is using absorption costing and that the divisional manager is giben an annual bonus based on divisional operating income. If Mr Cavalas wants to maximize his division's operating income for the year,how many units should ..

  Journalize entry to record transactions of oliver company

Journalize the entry to record the following selected transactions of Oliver Co. Purchased $10,000 of Kruse Co. 8% bonds at 102 plus accrued interest of $2,000.

  Qualitative characteristics of relevance and reliability

Explain clearly why each of the qualitative characteristics discussed in the IASB conceptual framework is important. Which characteristic or characteristics do you think are the most important? Why?

  What is a contingent liability

What is a contingent liability? How is one reflected in the financial statements and the footnotes? How is this accounting treatment consistent with the concept of a liability?

  Maximum depreciation expense problem

Litman LLC placed in service on July 29, 2009 machinery and equipment (7 year property) with a basis of $400,000. Litmans income for the current year before expensing was $100,000. Calculate the maximum depreciation expense including section 179 (..

  What amount of ordinary business income is allocated

XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.

  Reese earnings per common share

Net income for the year ended December 31, 2004 was $775,000. What should be Reese's 2004 earnings per common share?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd