User Account

All Pages

What would be the minimum amount for which the noncash

Assignment Help Accounting Basics
Reference no: EM13482343

The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:

  • Cash 90,000 Liabilities 170,000
  • Non cash assets 300,000 Perry Capital 70,000
  • Quincy's Capital 50,000
  • Renquist Capital 100,000
  • total 390,000 390,000

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?

 

Reference no: EM13482343

Questions Cloud

Record the adjusting entries assuming that the company uses : what are the adjusting entries for the following?a company uses a calendar year. the following figures are
Compute for the companys break-even point in sales dollars : exercise compute the break-even point lo6maxson products distributes a single product a woven basket whose selling
Brian and charlie are brothersanswer each of the following : jbc corporation is owned 20 percent by john 30 percent by bryan 30 percent by charlie and 20 percent by zcorporation. z
Kentucky motors has manufactured compressor parts at its : kentucky motors has manufactured compressor parts at its plant in pitcairn indiana for the past 18 years. an outside
What would be the minimum amount for which the noncash : the following account balances were available for the perry quincy and renquist partnership just before it entered
What amount can derek deduct on his 2008 tax return as : derek purchases a small business from arton september 1 2008. he paid the following amounts for the business.fixed
If the current rate of interest on comparable debt is : a bond has the following features coupon rate of interest 8 principal 1000 term to maturity 10 yearsa. what will the
Compute the following variances indicate whether each : livingstoncorporation recently implemented a standard cost system. the companys cost accountant has provided the
Wright corporation began its operations on september 1 of : wright corporation began its operations on september 1 of the current year. budgeted sales for the first three months

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would the following errors affect the account balances

accounting errors-transaction errors how would the following errors affect the account balances and the basic

  Reinvestment rate of each method

In what sense is a reinvestment rate assumption embodied in the NPV, IRR, and MIRR methods? What is the assumed reinvestment rate of each method?

  Determine the taxpayer gross income

Determine the taxpayer's gross income for tax purposed in each of the following situations:

  Is olivia liable for any penalties for failure to file

Olivia, a calendar year taxpayer, does not file her 2010 return until December 12, 2011. At this point, she pays the $40000 balance due on her 2010 tax liability of $70000.

  Direct material cost 54500 direct labor cost 66000

the following information is available for sappys surgical shears for the fiscal year ending december 31 20xx.

  What other criteria impact the decision

What are some obstacles to discerning a precise hurdle rate at Big Red Trucking, or in your business or industry? In what ways might you Red Trucking, or in your business or industry?

  Adjustments made under accrual basis accounting

Net profit margin takes this tradeoff into account, and indicates the company"s ability to generate sales while controlling expenses. Pro forma- numbers show what a company"s result would have been had certain events not occurred. Relevant- Does t..

  Problem on total variable maintenance cost

At an activity level of 7,900 machine-hours in a month, Manchester Corporation's total variable maintenance cost is $430,550 and its total fixed maintenance cost is $417,120.

  Write down a 1000- to 1400-word paper determining the

write a 1000- to 1400-word paper identifying the specific cost accounting system your organization utilizes and how it

  Activity in your financial statements

At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?

  Result of management fraud

During the course of the audit of FF Financial, you find that some accounting entries have been altered. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial stat..

  Is company cs cash flow statement cause for any concern on

the following are summary cash flow statements for three roughly equal sized companies millionsnet cash flows from

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