The amos billings and cleaver partnership had two assets 1

Assignment Help Accounting Basics

Reference no: EM13591222

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:

Amos, capital $45,000
billings, capital $75,000
Cleaver, capital $30,000

Required: If the investment was sold for $80,000, how much cash would each partner have received?

Reference no: EM13591222

Previous Q& A

The partnership incurred losses in recent years and decided

as of january 1 2011 the partnership of canton yulls and garr had the following account balances and percentages for

Prove that if f is differentiable at a and fa 6 0 then f

prove that if f is differentiable at a and fa 6 0 then f is also differentiable at a. give an example to show why the

Royal carpet cleaning provided 90000 of services during

royal carpet cleaning provided 90000 of services during 2011 its first year of operations. all customers paid for the

Rondo and his business associate larry are considering

rondo and his business associate larry are considering forming a business entity called rampl but they are unsure about

Debate the necessity of preparing formal financial

debate the necessity of preparing formal financial statement if all of the data are in the statement columns of the

Show that if f is continuous on the closed interval a b

a show that if f is continuous on the closed interval a b then there is a function g which is continuous on r and

A wire loop of radius 050 m lies so that an external

question a wire loop of radius 0.50 m lies so that an external magnetic field of magnitude 0.30 t is perpendicular to

What is the amount of the overall tax on jabar corps 255000

what is the amount of the overall tax on jabar corp.s 255000 prelease expense income if jabar corp. leases equipment

What is els corps current year ace adjustment assuming its

during the current year els corporation reported the following tax-related informationbull 5000 tax-exempt interest

A 107g object moving to the right at 183 cms makes an

a 10.7g object moving to the right at 18.3 cms makes an elastic head-on collision with a 16.2g object moving in the

Reviews

Write a Review

Message

Similar Q& A

Prepare the companys stockholders equity section

Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $55 per share. Melcher currently holds those shares in treasury. Prepare the co..

Given the following account information for ramos

given the following account information for ramos enterprises prepare a balance sheet in report form for the company as

Problem related to straight-line method of depreciation

ABC Corp. purchased an asset on January 1, 2008, for $10,400. The asset was expected to have a ten-year life and a $1,000 salvage value. ABC Corp. uses the straight-line method of depreciation. On January 1, 2010, ABC Corp. determines that the ass..

For the past several years shane banovich has operated a

for the past several years shane banovich has operated a part-time consulting business from his home. as of october

After 20 years of working for other firms penelope enrolled

after 20 years of working for other firms penelope mark cpa age 43 and john cva age 65 want to leave the firms they

Expected risk and return on individual securities

The expected risk and return on individual securities are two of the most important measures of attractiveness. Precisely and completely explain how the expected return and standard deviation of the returns on individual securities are determined ..

How much will frank have accumulated on the day

How much will Frank have accumulated on the day he retires if he contributes $3,000 a year to (1) a traditional IRA, (2) a Roth IRA, and (3) a regular savings account?

Accounts receivable for new partnership

For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is

What is the amount of the gross profit

During the current year, merchandise is sold for $275,000 cash and $990,000 on account. The cost of the merchandise sold is $950,000. What is the amount of the gross profit?

At the beginning of the current year bonnie and clyde

at the beginning of the current year bonnie and clyde formed the bc partnership with each having a 50 interest. bonnie

Ned has active modified adjusted gross income before

ned has active modified adjusted gross income before passive losses of 170000. he has a loss of 15999 on rental

James gain or loss on the sale

James receives a gift of rare books valued at $10,000. The books have an adjusted basis of $6,000 to the donor. Several months later, James sells the books to a professional collector for $9,000. What is James‘s gain or (loss) on the sale?

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!

Submit Assignment

User Account

All Pages