Chrome CengageNOWv2 Online teaching and learning resource fr

Chrome- CengageNOWv2| Online teaching and learning resource from Cengage Learning -?? e Securehttps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; CH 12 HW eBook Print Item 1. EX.12-01.ALGO InstructionsCha Chart of Accounts Labels and Amount Descriptions 2. EX.12-03.ALGO Instructions 3. EX.12-04 ALGO On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership. The partners have capital balances of $57,860, $72,160, and S9,510 respectively The cash balance is $31,560, the book values of noncash assets total $128,340, and liabilities total $20,370. The partners share income and losses in the ratio of 2:2:1 4. EX.12-05.ALGO 5. EX.12.09.BLANKSHEETAL . Required: 6. EX.12-11 AL.. 1. Prepare a statement of parmership liquidation, covering he period November 1-30, for each of he following independent assumptons: 7. EX.12-21.ALGO a. All of the noncash assets are sold tor $156,000 in cash, the creditors are paid, and the remaining cash is distrlbuted to me partners. b. All of the noncash assets are sold for $55,320 in cash, the creditors are paid, the partner with the debit capital balance pays the amount 8. EX.12-24.ALGO owed to them, and heemaining cash is distributed to he partners. 9. PR.12-02A 10 PR 12-04 BLANKSHEETA 11. PR 12-06 BLANKSHEETA. Refer to ne lists of Labels and Amount Descripvons for the exact wording ofhe answer choices for sextenries. For those boxes in which you must enrer subuacted or negadive numbers (balance detciencies, payments, cash distributions, divisions ofloss), use a minus sign·lfthere is no armount IO be reported for sale of assets, payment of liabilities, receipt of deficien the cell can be left bfank. However, in the balance rows, a balance of zero MUST De indicated by enering o. . o be reporied for sale nt of liabiives, receipt of deicien cy, or cash distribution rows, ? 2. Assume the pamer wih te capital denciency in part (b) declares bankrupicy and is unable to pay the deficiency. Journalize te enties on Nov. 30 o (a) allocate he partner\'s deiciency and (b)disribune he remaining cash. Refer o he Chart of Accounts for exact wording of account Ddes. Check My Work 5 more Check My Work uses remaining Previous Progress: 11/11 items 10:26

Solution

Sitaution 1 Statement Of Partnership Liquidation Capital Cash Non Cash assets Liabilities Sail (2/5) Welch (2/5) Greenberg (1/5) Balance before Realization $31,560 $128,340 $20,370 $57,860 $72,160 $9,510 Sale of assets for cash 156000 -128340 Division of Gain (156650-128340) in ratio of 2:2:1 11064 11064 5532 Balance after Realization $187,560 $0 $20,370 $68,924 $83,224 $15,042 Payment of all Liabilities ($20,370) ($20,370) Balance after payment of liabilities $167,190 $0 $0 $68,924 $83,224 $15,042 Cash distribution to partners ($167,190) ($68,924) ($83,224) ($15,042) Balance 0 0 0 0 0 0 Sitaution 2 Statement Of Partnership Liquidation Capital Cash Non Cash assets Liabilities Sail (2/5) Welch (2/5) Greenberg (1/5) Balance before Realization $31,560 $128,340 $20,370 $57,860 $72,160 $9,510 Sale of assets for cash $55,320 ($128,340) Division of Loss in 2:2:1 (128340-55320) -29208 -29208 -14604 Balance after Realization $86,880 $0 $20,370 $28,652 $42,952 ($5,094) Payment of all Liabilities -20370 ($20,370) Balance after payment of liabilities $66,510 $0 $0 $28,652 $42,952 ($5,094) Receipts of deficiency $5,094 $5,094 Balances $71,604 $0 $0 $28,652 $42,952 $0 Cash distribution to partners ($71,604) ($28,652) ($42,952) Balance $0 $0 $0 $0 $0 $0 Accounts Title Dr Cr Sails capital 2547 Welch, Capital 2547 Greenberg, capital 5094 Sails capital $28,652 Welch, Capital $42,952 Cash $71,604 (being cash distributed to partners)