What would be the minimum amount for which the noncash

Assignment Help Accounting Basics
Reference no: EM13482101

Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.
All partners were solvent.

What would be the minimum amount for which the noncash assets must have been sold, in order for quincy to receive some cash from the liquidation? show work

Reference no: EM13482101

Questions Cloud

What is the actual wage rate per hour compute the labor : a popular product of loring glassworks is a hand-decorated vase.the companys standard cost system calls for .75 hours
A company estimates the cost of its physical inventory at : a company estimates the cost of its physical inventory at nov. 30 for use in an interim financial statement. managemnt
If the consultant labor cost on an engagement is 25000 what : mackenzie consulting computes the cost of each consulting engagement by adding a portion of firm wide support costs to
Why is net profit always greater in absorption costing than : why is net profit always greater in absorption costing than indirect costing? why cost accountants use two types of
What would be the minimum amount for which the noncash : inlcuded in perrys capital balance is a 20000 partnership loan owed to perry. perry quincy and renquist shared profits
If the historical cost of product x is 64 the selling price : if the historical cost of product x is 64 the selling price product x is s90 the costs to sell product x are s14 the
Give four examples of overhead expenses which may be common : give four examples of overhead expenses which may be common infactory overheads as well as in administrative overheads
On historical data from other franchise stores and a : steven farrow is considering opening a franchise liquor store next to a new retail shopping center based on historical
Assume that a marketing survey shows that a 7500 monthly : a company has two product lines shoes and hats. costand revenue for each line for the current month

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Explain the main difference between financial accounting

1.describe the main difference between financial accounting and managerial accounting.2.list 3 different users

  Identifying the tax issues

Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.

  Expected return and standard deviation

Suppose Asset A has an expected return of 10% and a standard deviation of 20%. Asset B has an expected return of 16% and a standard deviation of 40%. I f the correlation between A and B is 0.35, what are the expected return and standard deviation ..

  Park city boutique brewery management forecasts that if

park city boutique brewery management forecasts that if the firm sells each case of special homebrewed for 20 dollars

  Prepare the journal entry to record the purchase

Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.

  Brandywine homecare a not-for-profit business had revenues

brandywine homecare a not-for-profit business had revenues of 12 million in 2011. expenses other than depreciation

  What are consolidated sales and cost of goods sold for 2011

There were no sales from Pot to Skillet.Intra-entity sales had the same markup as sales to outsiders. Pot still had40% of the intra-entity sales as inventory at the end of 2011. What areconsolidated sales and cost of goods sold for 2011?

  What was the total amount of the company merchandise

Haan Inc. is a merchandising company. Last month the company's cost of goods sold was $66,500. The company's beginning merchandise inventory was $12,900 and its ending merchandise inventory was $17,200. What was the total amount of the company's m..

  Write down a paper of no more than 750 words in which you

managerial accounting is all about making informed decisions. cost-volume-profit cvp analysis is one of the most

  Identify databases of public records

Research and locate the business information of an energy company. The investigation team has assigned to you the task of identifying databases that are repository of public records, and that may be used for investigating the following:

  Gain on the sale of investments

On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:

  Specific prices over general price level

Inflation was 8 percent during the most recent year and your organization's investment in land rose 12 percent. If the beginning appraised land value was $1,000,000, what increase in specific prices over general price level would be reported, stat..

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