User Account

All Pages

What is the amount of cash on hand

Assignment Help Accounting Basics
Reference no: EM131126003

1. Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr.

(a) What term is applied to the debit balance in Shen's capital account?

(b) What is the amount of cash on hand?

(c) Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. 

Reference no: EM131126003

Questions Cloud

The principle of opportunity cost : The Principle of Opportunity Cost1) The opportunity cost of something is A) the cost of the labor used to produce it. B) what you sacrifice to get it.C) the price charged for it. D) the search cost required to find it.
Functions of neurons and neuroglia : Contrast the histological characteristics and the functions of neurons and neuroglia. Describe what Wallerian degeneration refers to. Describe the difference between spatial and temporal summation in a postsynaptic neuron
What are advantages in separating the enzymes : what are advantages in separating the enzymes for these major carbohydrate degradation pathways in different cellular compartments?
Draw a diagram showing regulation of metabolic pathway : Draw a diagram showing regulation of this metabolic pathway. - why is it advantageous for each of the two products to inhibit two enzymes in the pathway?
What is the amount of cash on hand : Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances.
Ancient mesopotamian and greek cultures : Who do you think should shoulder the blame for the fate of the Xhosa in the aftermath of the cattle-killing? Why - Summarize what this indicates about differences between ancient Mesopotamian and Greek cultures in their ideals and expectations.
Why binding of kininogen to gag is less sensitive to ph : Why kininogen binds to glycosaminoglycans more easily? - why this binding of kininogen to GAG is less sensitive to PH??
If the partners share income and losses equally : Jason Bradley and Abdul Barak, with capital balances of $26,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $76,000 of cash remaining.
How would you go about doing this : It is 1986, and Boston Beer is beginning its growth after hiring Pittsburgh Brewery to produce its beer. Jim Koch has charged you with coordinating the efforts at Pittsburgh Brewery, paying particular attention to assuring that your quality standards..

Reviews

Write a Review

Accounting Basics Questions & Answers

  The board of directors of gifford corporation

The board of directors of Gifford Corp. declared cash dividends of $260,000 during the current year. If dividends payable was $85,000 at the beginning of the year and $90,000 at the end of the year, how much cash was paid in dividends during the year..

  Take a look at the financial statements what is your

1. find the discussion of depreciation methods in the notes section in your 10-k. what methods are used? discuss why

  The equipment consisted of two machine machine a and

in the 30 june 2009 annual report of bruce ltd. the equipment was reported as follows equipment at cost

  Sles variable expense fixed expense profits 26q 18q

sales variable expense fixed expense profits 26q 18q 56000 8000. 8q 64000 q 8000 units cm ratio 826.00 0.31

  Number of nonzero-valued variables

In linear programming, why is it so critical that the number of nonzero-valued variables exactly equals the number of constraints at corners of the feasible space?

  A new cardiac catheterization lab was constructed at have a

a new cardiac catheterization lab was constructed at have a heart hospital. the investment for the lab was 450000 in

  Determining the demand analysis

The demand for housing is often described as being highly cyclical  and very sensitive to housing prices and interest rates. Given these characteristics, describe the effect of each of the following in terms of whether it would increase or decreas..

  Determining the carrying amount of investment

Saxe uses the straight-line method of amortization and intends to hold the notes to maturity. In its October 31, 2001 balance sheet, the carrying amount of this investment should be

  Write a 700- to 1050-word paper in which you do the

write a 700- to 1050-word paper in which you do the following bull identify the four basic financial statements. bull

  Avant designs designs and manufactures polished-nickel

avant designs designs and manufactures polished-nickel fashion bracelets. it offers two bracelets aztec and mayan. the

  Upon computing the above ratios the internal auditors found

vampiresrus was the worlds leading company in extracting blood.nbsp it had a number of charity and paid blood drives

  Management of modugno corporation is considering whether to

management of modugno corporation is considering whether to purchase a new model 370 machine costing 464000 or a new

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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