The partnership incurred losses in recent years and decided

Assignment Help Accounting Basics
Reference no: EM13591221

As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:

  • Cash 80,000
  • noncash assets 205,000
  • liabilities 47,000
  • canton, capital (30%) 138,000
  • Yulls, capital (40%) 119,500
  • Garr, capital (30%) -19,500

The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.How much of the existing cash balance could be distributed safely to partners at this time?

Reference no: EM13591221

Previous Q& A

  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

  What is the ytm of the competitors bond you may use a

introduction you will assume that you still work as a financial analyst for airjet best parts inc. the company is

Reviews

Write a Review

 

Similar Q& A

  Amy dyken controller at fitzgerald pharmaceutical

amy dyken controller at fitzgerald pharmaceutical industries a public company is currently preparing the calculation

  How would you recommend the service department costs

Surf Beach State College (SBSC) has a business school with 3 products, undergraduate degrees, graduate degrees, and executive education. SBSC has 3 service departments, Computer Support, Career Development, and the Library.

  Balance in accumulated depreciation

On January 1, 2009, Grills and Grates Inc. purchased equipment for $30,000. The company is depreciating the equipment at the rate of $400 per month. At January 31, 2010, the balance in Accumulated Depreciation is

  What effect will this action have on carmack 2012 net income

On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.

  For the current year overhead is estimated at 2250000 and

bubbas crawfish processing company uses a traditional overhead allocation based on direct labor hours. for the current

  Thor has a small australian share portfolio and their

Thor is thinking about leaving Australia in 2014/15 with his father Odin to live in Asgard (Denmark). Thor owns his home in Lyons (Darwin) and he’s wants to know whether for tax purposes he should rent his home to his friend Erik

  By what amount will net income increase

Ajani Company has variable costs equal to 40% of sales. The company is considering a proposal that will increase sales by $10,000 and total fixed costs by $6,000. By what amount will net income increase?

  Photoking transfers old home movies primarily supper 8 film

photoking transfers old home movies primarily supper 8 film and vhs tape to dvd the current years projected sales

  Abc company has three in-house salespeople red white and

abc company has three in-house salespeople red white and blue who all make frequent trips to santa fe new mexico where

  What is canteen''s total us gross income reported as a result

What is Canteen's total US gross income reported as a result of the $8000 cash dividend?

  Blitzen corporation had net income of 200000 and paid

blitzen corporation had net income of 200000 and paid dividends to common stockholders of 50000 in 2014. the weighted

  On january 1 2010 bartley corp paid 800000 for 100000

on january 1 2010 bartley corp. paid 800000 for 100000 shares of oak companys common stock which represents 40 of oaks

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