On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows:
Debit Credit
Cash $ 18,200
Accounts Receivable 66,500
Inventory 52,500
Machinery and Equipment (net) 189,500
Accounts Payable $ 53,200
Art, Capital 88,500
Bru, Capital 110,500
Chou, Capital 74,500
Total $ 326,700 $ 326,700
The partners plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows:
January 20X1
Collected $51,400 on accounts receivable; the balance is uncollectible.
Received $38,300 for the entire inventory.
Paid $2,100 liquidation expenses.
Paid $51,200 to creditors, after offset of a $2,000 credit memorandum received on January 11, 20X1.
Retained $10,200 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.
February 20X1
Paid $4,100 liquidation expenses.
Retained $6,100 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.
March 20X1
Received $146,400 on sale of all items of machinery and equipment.
Paid $5,100 liquidation expenses.
Retained no cash in the business.
Required:
Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners. (Round your answers to nearest whole dollar.)
ABC PARTNERSHIP
Statement of Partnership Realization and Liquidation
For the period from January 1, 20X1, through March 31, 20X1
Capital Balances
Cash Other Assets Accounts Payable Art Bru Chou
Balances before liquidation, January 1, 20X1
January transactions:
Collection of accounts receivable at a loss
Sale of inventory at a loss
Liquidation expenses paid
Share of credit memorandum
Payments to creditors
Safe payments to partners
February transactions:
Liquidation expenses paid
Safe payments to partners
March transactions:
Sale of M&Eq. at a loss
Liquidation expenses paid
Payments to partners
Balances at end of liquidation, March 31, 20X1
ABC PARTNERSHIP
Schedule of Safe Payments to Partners
Art 50% Bru 30% Chou 20%
Schedule 1: January 31, 20X1
Capital balances
Potential Loss on noncash assets
Allocation of potential deficit
Safe payment, January 31, 20X1
Schedule 2: February 27, 20X1
Capital balances
Potential Loss on noncash assets
Allocation of potential deficit
Safe payment, February 27, 20X1

Answers

Answer 1
Losses of the ratios art bru Chou trial balance is the parter

Related Questions

A specific dollar amount a plan will pay toward the cost of dental care over a speck period of time is a;

A- Deductible
B- Maximum
C- scheduled of benefits
D- pretermination

Answers

Answer: c

Explanation:

For each of the following, identify whether it would be disclosed as an operating, financing, or investing activity on the statement of cash flows under the indirect method.
a. Purchased buildings SelectFinancingInvestingOperatingItem 1
b. Sold Patents SelectFinancingInvestingOperatingItem 2
c. Net income SelectFinancingInvestingOperatingItem 3
d. Issued Common Stock SelectFinancingInvestingOperatingItem 4
e. Paid cash dividends SelectFinancingInvestingOperatingItem 5
f. Depreciation expense SelectFinancingInvestingOperatingItem 6

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A portfolio consists of three index funds: an equity index, a bond index, and an international index. The portfolio manager changes the weights periodically according to forecasts for each sector. This is an example of __________.

Answers

Answer: IM pretty sure it is False

Explanation:

Why are marketers putting so much emphasis on developing strong brands?

Answers

Explanation:

Beyond just a memorable logo, good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier. ... A brand represents the sum of people's perception of a company's customer service, reputation, advertising and logo

Si se tiene un activo de Q50,000.00 menos un patrimonio de
Q20,000.00, ¿cuál será el pasivo de la empresa?

Answers

Answer:

I think this is an English server, loveee! Sorryyyy

Explanation:

4.
Which one is NOT an advantage of Entrepreneurship:
ut of 1
Select one:
a. Can choose a business of interest
b. Make a lot of money
c. You will make decisions alone
d. You can be creative

Answers

Answer:

C

Explanation:

I chose C because I would like to work with other people.

You will make decisions alone is not an advantage of Entrepreneurship. Hence, option C is correct.

What is the advantage of Entrepreneurship?

Even completely new sectors that serve as the catalysts for future expansion may be founded by entrepreneurs. Entrepreneurs' innovative goods and services open up new markets and generate riches. Moreover, entrepreneurship-related gains in income might contribute to an increase in the country's GDP.

The ability to take the initiative, adapt to change, come up with original ideas, and feel at ease with risk are just a few of the remarkable qualities that define the entrepreneurial mindset.

The aptitude and preparedness to create, plan, and manage a business enterprise—along with all of its uncertainties—in order to turn a profit is what is meant by entrepreneurship. The creation of new firms is the most visible illustration of entrepreneurship.

Thus, option C is correct.

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Scientific management approach has lost its relevance. How might today's
organization use it?
Why do you think managers have difficulty delegating?

Answers

Answer:

syntific mamagement loss it relevance its relevs today it will might today it will not lost revalance

What is a brand audit?
A. The response of a local focus group

B. A comparison of your business and your competitors' businesses

C. An annual analysis of customer perceptions versus your branding efforts

D. A government assessment

Answers

Answer:

C

Explanation:

I'm pretty sure its this?

It takes place annually and is a checkup that evaluates your brand's position in the marketplace, its strengths and weaknesses, and how to strengthen it.

C
an annual analysis of customer perception versus your branding efforts

Anyone else having this issue with Spotify with your ''following'' artists? I'm following more as I'm scrolling through but it's still at 33 Following. Anyone knows how to fix this issue or is it common? But no, seriously, please let me know if there's a way to fix it. If at all.

Answers

Answer:

go to page 5

Explanation:

Why you should go for SaaS White Label Solutions?

Answers

Answer:

Many businesses hesitate to go for SaaS white label solutions because they think they would have less control over the product. However, the advantages of white labeling will outweigh the drawbacks.

Increased Brand CredibilitySave TimeSave Money

If you’re planning to start a SaaS company or already have one and want to integrate some tools, a SaaS white label is a good option for you.

An urban economist wishes to estimate the mean amount of time people spend travelling to work. He obtains a random sample of 60 individuals who are in the labour force and finds that the mean travel time is 30.5 minutes. Assuming that the population standard deviation of travel time is 20.5 minutes, construct and interpret a 90% confidence interval for the mean travel time to work. (Note: the standard deviation is large, because some people work at home and thus travel 0 minutes and some people take transit which results in large travel times).

Answers

Answer:

An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)

Explanation:

An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)

The first step of writing process is drafting. Describe what needs to be done during this step.

Answers

Answer:

Writing is a process that involves at least four distinct steps: prewriting, drafting, revising, and editing. It is known as a recursive process. While you are revising, you might have to return to the prewriting step to develop and expand your ideas.

The Goods Available for Sale total is __________.
a) $43,000.
b) $11,000.
c) $97,000.
d) $69,000.

Answers

Answer:

c 97,000

Explanation:

Cost of goods available for sale equals the beginning value of inventory plus the cost of goods purchased.

Russell 2000 Index: Introduction The next few questions refer to the following information. Financial planner Minnie Margin has a substantial number of clients who wish to own a mutual fund portfolio that matches, as a whole, the performance of the Russell 2000 index. Her task is to determine what proportion of the portfolio should be invested in each of the five mutual funds listed below so that the portfolio most closely mimics the performance of the Russell 2000 index.

Answers

Answer I think b)    Use Excel's Solver with "GRG Non-Linear" as the solution algorithm: what is the optimal solution, i.e., what percentages should be invested in each of the five funds?

Explanation:

Janine is conducting a marketing/sales event in a senior center cafeteria. The cafeteria generally provides a dinner meal from 5pm to 6pm. Can Janine conduct her marketing/sales meeting in the cafeteria between 5pm and 6pm?

Answers

The marketing or sales meeting should not be conducted between  5 pm and 6 pm.

Given that,

The meeting is conducted by Janine with respect to the Marketing or sales event.Generally, cafeteria gives the dinner meal between 5 Pm to 6Pm.

As per the above information:

Since the dinner meal should be served between 5 Pm to 6 Pm so the meeting should not be conducted as it is the dinner time.Either she should conduct the meeting before the given time or after the given time.

Therefore we can conclude that The marketing or sales meeting should not be conducted between  5 pm and 6 pm.

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As a manager Mo is very caring and concerned about the feelings of his employees. It's important that his employees know that they are valued. Mo tries to have a work culture that is friendly and supportive. As a leader, Mo would score high on:

Answers

COMMITMENT TO GROWTH:

Mo wants to help the employees achieve their goals in this job ; also gains experience from this and grows from these opportunities



RESPONSIBILITY:

Mo knows it’s his job to make sure the employees feel that they can be open with him and it takes responsibility for a person to take on others stresses while somewhere where they are dealing with their own stresses too


EMOTIONAL INTELLIGENCE:

Mo knows how to make the employees feel as though he is open to them discussing their emotions and thoughts with him. Via doing this he creates a rapport with them - which is proven to effectively create self worth which leads to better work in the long run

PLS GIVE ME A BRAINLIEST IF THIS HELPS THX!

An agile team collects the iteration metrics they have agreed upon during which part of the team retrospective?

Answers

The Quantitative review

You're doing a monthly bank reconciliation and have the following information:
Current book balance: $19,250
Balance per bank statement: $15,000
Outstanding checks: $2,000
Bank fees: $250
Deposits in transit: $6,000
What is the reconciled cash amount?
A) 13,250
B) 17,000
C) 19,000
D) 20,750
E) 21,250

Answers

The reconciled cash amount is $19,000.

Bank reconciliation statement:

Current book balance $19,250

Less: Bank fee ($250)

Reconciled cash amounts $19,000

Balance per bank statements $15,000

Add:Deposit in transit $6,000

Less:Outstanding Checks ($2,000)

Reconciled Cash Balance $19,000

Therefore we can conclude that The reconciled cash amount is $19,000.

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critically explain the Adam Smith wealth definition?

Answers

Wealth definition of Adam Smith was criticised on the following grounds:

Materialistic Concept: This definition laid too much emphasis on wealth and did not consider human welfare.

Stressed on the concept of Economic Man: This definition is based on the concept of Economic man that emphasised the main motive of a man is to acquire wealth. However, other motivations of a man like feeling affection, emotions etc. are neglected.

Ambiguous: the definition of wealth is not very clear. In earlier days, wealth included only material goods such as money, gold, silver, land, sugar, tea and ghee which are visible. Non-material goods were not included. Hence, non-material goods such as services of teachers, doctors and engineers are not considered ‘wealth’ under this definition.

In the circular flow diagram, what do households receive from factor markets?
O income
O revenue
O goods and services
O factors of production

Answers

Answer:

the first one "income" I think

Income and goods & services are what household received from factor market

A typically circular flow diagram is used to depict the flow of income in an economy in a simple model.

A circular flow diagram contains information about the households, firms, factors of production etc

From the diagram attached below, we will observe that the household received income (wages, salaries) and goods & services from the factor market.

Therefore, in conclusion, the Correct answer is Option A and C.

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What are the main features of an oligopolistic market?

Answers

Answer:

Few firms: ADVERTISEMENTS: ...Interdependence: Firms under oligopoly are interdependent. ...Non-Price Competition: ...Barriers to Entry of Firms: ...Role of Selling Costs: ...Group Behaviour: ...Nature of the Product: ...Indeterminate Demand Curve

Explanation:

pls mark brainliest

The main features of an oligopolistic market include:

Few firms control the market High barriers to entryInterdependence of price

What are oligopolistic markets like?

In an oligopolistic market, you find that there are a few firms who control the market as a whole. This is because there are high barriers to entry which prevent other firms from coming in.

Because these firms in the market are few, they have interdependence in terms of price such that the price charged by one firm, is based on the price charged by the other firms.

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Business leaders will be more effective if they are first able to prevent

A.Necessary attrition

B.Poor Training

C.Wage increases

D.legal issues

Answers

C Wage Increased And D But mostly C

Business leaders will indeed be much more effective if they can prevent B. Poor Training.

Being an effective business leader.Need to be able to strategize effectively.Need to be supported by a good workforce.

If the employees are poorly trained , they will lack the requisite skills required to properly back up their leaders. If these leaders can therefore limit this poor training, they would be much more effective.

In conclusion, option B is correct.

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Everything else held constant, a decrease in the value of the dollar relative to all foreign currencies means that the price of foreign goods purchased by Americans
A) increases
B) decreases.
C) remains unchanged.
D) either increases, decreases, or remains unchanged.

Answers

Answer :B
B or C
Explained :)
It is decreased
I guess because the value of dollar is decreased....!
It may remain unchanged ?

With regard to fiduciary duties in mortgage lending, the borrower is the _____, and the broker is the _____.

Answers

(1) principal (2) agent

Andy has been asked to report at a war zone to serve as an officer in the army. Which of the following statements is true in the context of the given situation?
a) Andy's employer can require him to take three weeks of paid vacation while he is deployed.
b) Andy's employer is required by federal law to pay him the difference between his military pay and his civilian pay.
c) Andy's employer is required to give him military leave. But, if Andy has been called for training, he should use his personal vacation days rather than take leave.
d) Andy's employer is not required by law to continue to pay him either in total or in part.

Answers

D, and A, are extremely INCORRECT!

The correct answer is C.

 Andy's employer is required by federal law to pay him the difference between his military pay and his civilian pay is true in the context of the given situation. Thus, option B is correct.

What is a report at a war?

When requesting permission to speak with your commanding general, typically in her workplace, reporting is the formal approach to make an announcement of your presence.

In basic training, it's likely that you won't have the opportunity to talk with your superior general in her office—assuming you don't get in serious trouble for performing something incredibly. You must instead appear before your training trainer at her desk.

In order to serve as an army officer in a combat zone, Andy has been instructed to report there. It is accurate to say that Andy's employer must reimburse him for the disparity between his pension payments and his normal wage under the circumstances.

Therefore, option B is the correct option.

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Each wholesale bag of flour is sold in 25kg bags. Using this information, calculate a new column of data of that works out how many kilograms in total were sold as retail i.e. visitor sales. in the excel sheet give me whole sale 33 and visitor 120 person also 3 type of flour white 602 Rye 207 Gluten free 204 what is the answer how I calculate the retail kg?

Answers

Answer:

I know the answer

Explanation:

Which of the following accounts would the income statement of a merchandise and service company contain?

a. Asset and Liability
b. AR and Inventory
c. Inventory and Unearned Revenue
d. Inventory and COGS

Answers

Answer:

It is option d: Inventory and COGS.

Explanation:

Hope it helps

Inventory and Cost of Goods Sold (COGS) would appear in the income statement of a merchandise and service company.


What Is an Inventory?

Both the raw materials used in production and the finished commodities that are offered for sale are included in the definition of inventory. One of a company's most valuable assets is its inventory because it is one of the main sources of revenue generation and, consequently, a source of profits for the company's shareholders. There are three different categories of inventory: finished commodities, work-in-progress, and raw materials. On the balance sheet of a company, it is listed as a current asset.

To consign their inventory, several producers work with merchants in partnerships. Inventory held by a customer but owned by the supplier or producer (often a wholesaler) is known as consignment inventory (generally a retailer). Once the inventory has been sold to the final buyer or has been consumed, the customer purchases it (e.g., to produce their own products).

The fact that the client promotes and makes the provider's goods easily accessible to end consumers is advantageous to the supplier. The customer benefits because they wait to spend money until it is lucrative for them. This implies that they only buy it when the customer does, or until they need the inventory for their operations.

What is cost of goods sold?

The cost of goods sold is a measure of the "direct cost" involved in producing any goods or services. It is directly related to revenue and includes material costs, direct labor costs, and direct factory overheads. The expenses incurred by the company in producing the products or rendering the services it offers are included in the cost of goods sold. These expenses may include the variable costs related to producing items, such as labor and raw materials.

Additionally, depending on the applicable accounting principles, they may also include fixed costs such as factory overhead, storage charges, and occasionally depreciation expenditure.

It excludes general selling costs like managerial salaries and marketing expenditures.


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three reasons except politics for the looting of shops,malls and the destruction of business property in Gauteng and KwaZulu Natal

Answers

one reason could be people wasn’t justice. another one could be people want to show their anger and the last reason is they could be giving them a “taste of their own medicine” for destroying something that is special to them so now they are doing that to them

Briefly explain the weaknesses of the RSA's Industrial Development Zones?

Answers

Revenue losses because of the various tax exemptions and incentives.Many traders are interested in SEZ, so that they can acquire at cheap rates and create a land bank for themselves.The number of units applying for setting up EOU's is not commensurate to the number of applications for setting up SEZ's leading to a belief that this project may not match up to expectations.

Organism X is a brand new species to science. It lives deep in caves and thrives by absorbing carbon from other organisms. This organism is likely a:__________

a. chemoautotroph
b. photoheterotroph
c. photoautotroph
d. chemoheterotroph

Answers

Answer:

d. chemoheterotroph

Explanation:

chemoheterotrophs "are organism deriving energy by ingesting intermediates or building blocks that it is incapable of creating on its own. "

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