3. Partners Macky, Joey and Vico share profits and losses in the ratio of 5:3:2. At...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. Partners Macky, Joey and Vico share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Macky Joey Vico P22,000 24,900 15,000 The liabilities accumulate to P30,000, including a loan of P10,000 from Macky. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. (Hint: Use cash priority program) a. If Joey received P2,000 from the first distribution of cash, how much did Macky and Vico receive at that time? b. If Macky received a total of P20,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets? C. If Vico received P6,200 on the first installment of cash, how much did Joey receive at that time? 3. Partners Macky, Joey and Vico share profits and losses in the ratio of 5:3:2. At the end of a very unprofitable year, they decided to liquidate the firm. The partner's capital account balances at this time are as follows: Macky Joey Vico P22,000 24,900 15,000 The liabilities accumulate to P30,000, including a loan of P10,000 from Macky. The cash balance is P6,000. All the partners are personally solvent. The partners plan to sell the assets in installment. (Hint: Use cash priority program) a. If Joey received P2,000 from the first distribution of cash, how much did Macky and Vico receive at that time? b. If Macky received a total of P20,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets? C. If Vico received P6,200 on the first installment of cash, how much did Joey receive at that time?
Expert Answer:
Answer rating: 100% (QA)
Accounting for the liquidation of a partnership involves four steps as follows Sell non cash assets ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Harley Company requires a minimum cash balance of $5,000. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to...
-
Hoppy Company requires a minimum cash balance of $3,500. When the company expects a cash deficiency, it borrows the exact amount required on the first of the month. Expected excess cash is used to...
-
The production manager of Rordan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter...
-
Christine has three cars that must be overhauled by her ace mechanic, Megan. Given the following data about the cars, use least slack per remaining operation to determine Megans scheduling priority...
-
Harmony, Inc., an exempt organization, reports unrelated business income of $7,500 and unrelated business expenses of $4,000. Calculate Harmony's UBIT.
-
The following table shows data for further benchmarks. Find the increase in CPU time if the number of instructions of the benchmark is increased by 10% and the CPI is increased by 5%. a. b. Name...
-
\(18 <20\) Determine if the comparison is true or false.
-
The following items are from Taperline Corporation on December 31, 2010. Assume a flat 40% corporate tax rate on all items, including the casualty loss. Sales .................. $670,000 Rental...
-
. Required Calculate the following ratios for Year 1 and Year 2. Since opening balance numbers are not presented do not use averages when calculating the ratios for Year 1. Instead, use the number...
-
Westley Fong, manager of The Lucky 88 Motel, has a contract with Appraisers Associates to appraise his 150-room motel, which is located in beautiful downtown Wahiawa. The consultant on the job has...
-
In the context of global economic development, which scenario best illustrates the concept of "conditional convergence"? a ) A developing country rapidly grows its economy after adopting policies and...
-
The rate of change of the population of Calcville can be modeled by the function P'(t) = 8.1e0.014t where t is the number of years since 1960. In 1980, the population of Calcville was 394096. Find...
-
Forest Products Inc. was looking for a lumber sales representative. Austin responded to its online ad, advising Forest Products he had extensive experience in the industry and was currently operating...
-
You ar the financial manager of a construction company and you boss asks you calculate the Net Present of a new investment opportunity. the project incolves the construction of a new sports facility...
-
Consider a 2-month American put whose exercise price is $101.The current stock price is $100. Let's assume that = 1.0594 and d = 0.9439.The risk-free rate is 5% per annum continuously compounding.Now...
-
You are trying to determine how much it will cost to import screwdrivers from a factory in Hong Kong. Luckily all of the associated costs are provided in Canadian dollars (CAD) so you won't have to...
-
Nash Company is well known for its high-quality men's shoes. It manufactures all of its products in regional facilities throughout North America, trying to source DM locally when possible. Managers...
-
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
-
Mail 4 You Corporation generated excess cash and invested in securities as follows: Jul. 2 Purchased 3,400 shares of Bravo, Inc. common stock at $11.00 per share. Mail 4 You holds the stock in its...
-
Garson Company sells a product for $90 per unit. Variable costs are $60 per unit, and fixed costs are $800 per month. The company expects to sell 540 units in September. Calculate the contribution...
-
On September 1, Top Taste Salad Dressings creates a petty cash fund with an imprest balance of $300. During September, Michael Martell, the fund custodian, signs the following petty cash tickets: On...
-
Question: Eric mails glossy brochures to 25,000 people, offering to sell them a one-month time-share in a stylish apartment in Las Vegas. The brochure depicts an imposing building, an opulent...
-
14. ROLE REVERSAL Write a multiple-choice question about defamation in which one and only one element is missing from the plaintiff's case. Choose a set of answers that forces the student to isolate...
-
Take a look at http://response.restoration.noaa.gov/. What are some of the long-term problems associated with oil spills? View some of the photos in the "gallery." Are punitive damages for oil spills...
Study smarter with the SolutionInn App