Prepare journal entries to record liquidation transaction, Financial Accounting

The following transactions transpire during the liquidation of the Marks, Norris, Smith, and Savannah partnership:
• Collected 90 percent of the total accounts receivable with the rest judged to be uncollectible.
• Sold the land, building, and equipment for $175,000.
• Made safe capital distributions.
• Learned that Savannah, who has become personally insolvent, will make no further contributions.
• Paid all liabilities.
• Sold all inventory for $96,000.
• Made safe capital distributions again.
• Paid liquidation expenses of $14,000.
• Made final cash disbursements to the partners based on the assumption that all partners other than Savannah are personally solvent.
Prepare journal entries to record these liquidation transactions.

Posted Date: 2/20/2014 2:58:06 AM | Location : United States

Related Discussions:- Prepare journal entries to record liquidation transaction, Assignment Help, Ask Question on Prepare journal entries to record liquidation transaction, Get Answer, Expert's Help, Prepare journal entries to record liquidation transaction Discussions

Write discussion on Prepare journal entries to record liquidation transaction
Your posts are moderated
Related Questions
During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $

If you inherited $45,000 today and invested all of it in a security that paid a 7 percent rate of return, how much would you have in 25 years?

On January 1, 2011, Doty Co. redeemed its 15-year bonds of $2,500,000 par value for 102. They were originally issued on January 1, 1999 at 98 with a maturity date of January 1, 201

Q. What are the financial statements? Significant Accounts - An account is significant if there is more than a remote likelihood that account could include misstatements which

Calculating Present Value [LO1]  An investment will pay you $43,000 in 10 years.  If the appropriate discount rate is 7 percent compounded daily, what is the present value?

1. Suppose that the one-period rate is 4% and that the two-period rate is 6%. What sort of expectation for the one-period rate next period makes this situation an equilibrium? 2

Using the profitability index, which of the following projects should be accepted? Project M:  NPV = $60,000     NINV =    $200,000 Project N:  NPV = $10,000     NINV =     $

As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize

The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca

The cash flow as well as other benefits of factoring was discussed earlier. Invoice discounting as well offers cash flow advantages. Here selected invoices of superior quality are