Ruff, Tuff, and Duff are parners sharing profits and losses 30/30/40 respectively. Their balance sheet is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ruff, Tuff, and Duff are parners sharing profits and losses 30/30/40 respectively. Their balance sheet is below: Cash Receivable from Ruff Property & Equipment $200,000 10,000 500,000 $710,000 Payables to Creditors Payable to Tuff Ruff, Capital Tuff, Capital Duff, Capital Prepare a Cash-Predistribution Schedule, assuming $30,000 of liquidation expenses. $240,000 40,000 180,000 100,000 150,000 $710,000 Ruff, Tuff, and Duff are parners sharing profits and losses 30/30/40 respectively. Their balance sheet is below: Cash Receivable from Ruff Property & Equipment $200,000 10,000 500,000 $710,000 Payables to Creditors Payable to Tuff Ruff, Capital Tuff, Capital Duff, Capital Prepare a Cash-Predistribution Schedule, assuming $30,000 of liquidation expenses. $240,000 40,000 180,000 100,000 150,000 $710,000
Expert Answer:
Answer rating: 100% (QA)
Answer Liquidation of a Partnership Accounting for the L... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Posted Date:
Students also viewed these accounting questions
-
Flow, Slow, and Crow are partners sharing profits and losses 40/30/30 respectively. The business is doing poorly, and they decide to go out of business. Their balance sheet is below: Cash Receivable...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
Prepare the Consolidated Balance Sheet following the relevant IAS and IFRS (Show the necessary workings) Balance Sheets As at 30 September 2016 Mashrafe Ltd Mortaza Ltd Koushik Ltd Assets 000 000 000...
-
1. Our Play has (14.4/9.86) days of sales tied up in receivables, which is much (higher/lower) than the industry average. It takes Our Play (less/more) time to collect cash from its customers than it...
-
A leading author in accounting and finance, Alfred Rappaport focuses in his work on the importance of a firms management continually taking steps that increase shareholder value. In a recent article...
-
3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of $855 million. If 3M purchased $3,646 million of raw materials during the year, what is the...
-
Denise Oxley and Charles Tatum agreed to liquidate their partnership on May 31 of the current year. On that date, after financial statements were prepared and closing entries were posted, the general...
-
The town of Dry Gulch needs an additional supply of water from Pine Creek. The town engineer has selected two plans for comparison: a gravity plan (divert water at a point 10 miles up Pine Creek and...
-
Complete the one-variable data table in cells E3:F8 to calculate the breakeven sales point for varying owner withdrawal amounts. The formula has been entered for you in cell E3. It references the...
-
For 3 generations, the Shipman family has sent its children to Yale University, preparing them for successful professional careers. The Wilma Shipman Trust was established in the 1950s by Amys late...
-
A company is at capacity and has to decide whether to make or buy a new non-patentable product. Below you will see that the controller of the company prepared an in-house cost estimate: Labor...
-
An L = 47.0 cm wire is moving to the right at a speed of v = 7.90 m/s across two parallel wire rails that are connected on the left side, as shown in the figure. The whole apparatus is immersed in a...
-
How do central banks' monetary policies, such as interest rate adjustments and reserve requirements, influence the deposit-taking behavior of commercial banks, and what are the broader implications...
-
Project Description: The ever-changing world and the development of new technologies have led to the emergence of new types of leadership as well as theories to explain their nature and psychological...
-
How do modern deposit accounts incorporate advanced technological features, such as mobile banking, biometric authentication, and contactless transactions, to enhance customer convenience and...
-
A 120 kg refrigerator, 2.00 m tall and 85.0 cm wide, has its center of mass at its geometrical center. You are attempting to slide it along the floor by pushing horizontally on the side of the...
-
In the MovieRunnerWithFilters class, call the method printAverageRatingsByDirectorsAndMinutes using the files ratedmoviesfull.csv and ratings.csv and the number of minimal raters set to 3 and the...
-
Evenflow Power Co. is considering a new project that is a little riskier than the current operations of the company. Thus, management has decided to add an additional 1.5% to the company's overall...
-
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation...
-
MWC Corp. is currently in the sixth year of its existence (2020). In 20152019, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2015: ($ 70,000)...
-
How is the savers credit computed?
-
The weekly payroll for employees of Ryan Company, who work a five-day week, amounts to \(\$ 20,000\). All employees are paid up-to-date at the close of business each Friday. If December 31 falls on...
-
At year-end the adjusting entry to reduce the Unexpired Insurance account by the amount of insurance premium applicable to the current period was accidentally omitted. Which items in the income...
-
Do all transactions involving revenue or expenses require adjusting entries at the end of the accounting period? If not, what is the distinguishing characteristic of those transactions that do...
Study smarter with the SolutionInn App