Reference no: EM132217561
Question: Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:
Cash $ 37,000
Liabilities $ 68,000
Accounts receivable 104,000
Rodgers, loan 57,000
Inventory 123,000
Wingler, capital (30%) 153,000
Land 96,000
Norris, capital (10%) 110,000
Building and equipment (net) 179,000
Rodgers, capital (20%) 85,000
Guthrie, capital (40%) 66,000
Total assets $ 539,000
Total liabilities and capital $ 539,000
When the liquidation commenced, liquidation expenses of $21,000 were anticipated as being necessary to dispose of all property. Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: Collected 85 percent of the total accounts receivable with the rest judged to be uncollectible. Sold the land, building, and equipment for $161,000. Made safe capital distributions. Learned that Guthrie, who has become personally insolvent, will make no further contributions. Paid all liabilities. Sold all inventory for $78,000. Made safe capital distributions again. Paid actual liquidation expenses of $12,000 only. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Prepare journal entries to record these liquidation transactions.
|
Confirm the bond issue price
: Bonds Payable: On January 1, 2016 Baker Corporation issued $800,000 of 20-year, 11% bonds for $739,815, yielding a market (yield) rate of 12%.
|
|
Does scott have a duty to ask moos brothers
: Does Scott have a duty to ask Moos Brothers about additional income from the facility or a duty to request written copies of its Forms 1099? Explain?
|
|
How you will decide issues of materiality
: Outline and describe how you will decide issues of materiality and how these shall/should be reported, analyzed, and acted upon by the firm being audited.
|
|
How does the pcaob define the term specialist
: Access the PCAOB's proposed rule on the use of specialists? Provide examples of activities that require the use of specialists.
|
|
Prepare journal entries to record liquidation transactions
: When the liquidation commenced, liquidation expenses of $21,000 were anticipated as being necessary to dispose of all property.
|
|
Calculate the full ip address of node 2050 in this network
: Given that the network ID is 192.168.12.0 provide the physical network identity in CIDR notation.
|
|
What is the pension expense
: What is the pension expense for 2018? What is the balance of Plan Assets and of the PBO at December 31, 2018?
|
|
Prepare document flowchart for materials requisition system
: FreeFall, Inc manufactures parachutes and uses material requisition forms to control the release of raw materials into production. After reviewing a job order.
|
|
Consider the largest positive number that could be stored
: The XYZ Computer Company made a commercially-unsuccessful computer which used 9-bit memory words. It used the 2's complement system.
|