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...
-
This chapter considers the economics of discrimination by employers, customers, and governments. Now consider discrimination by workers. Suppose that some brunette workers did not like working with...
-
Erin Behlen has a three stock portfolio and is interested in estimating its overall return next year. She has $25,000 invested in Forms Corp., which has a beta of 1.3, $75,000 in Crete Corp. with a...
-
If the terms such as those in Problems 7 and 8 appear in the flow equations solved by an RANS method, do they need closure models? Explain your answer.
-
Comparative balance sheet accounts of Sharpe Company are presented below. Additional data:1. Equipment that cost $10,000 and was 60% depreciated was sold in 2012.2. Cash dividends were declared and...
-
Question 3 You have $1 million to invest, and you must invest all your money. The following are assets you can invest: Expected Return Beta Risk-free asset 6% Not given Stock X 30% 1.8 Stock Y 20%...
-
Today is May 17, 2023, and you, CPA, are a Senior Tax Associate at Borden & Laurier LLP. Sylvie Condurache, Tax Manager, has called you into her office to discuss a long-time client: "I just got out...
-
(2) Mr. Tee earns over $100,000 per year and his marginal tax rate on interest is 45%. He is considering whether to start an RRSP. He plans to put $10,000 per year in the RRSP, to be invested in a...
-
The Devon Motor Company produces automobiles. On April 1, the company had no beginning inventories, and it purchased 6,290 batteries at a cost of $95 per battery. It withdrew 5,800 batteries from the...
-
Answer the following for the function f(x)=3x +5 Part A - Find the average rate of change from x = 1 to x = 4 Part B Find the instantaneous rate of change at x=3
-
The servicescape elicits internal responses and behavioral responses in the customer. Give examples of these customer responses in the context of hospitality, and explain how each of the responses...
-
Honest to Goodness Merchandising was registered as a Single Proprietorship by May Mendoza, the owner in the Department of Trade and Industry. Selected transactions for the month of July, 2019 are...
-
Varsity Furniture began June with merchandise inventory of 41 sofas that cost a total of $29,110. During the month, the company purchased and sold merchandise on account as follows: June 7 June 14...
-
??????? The company \( \mathrm{Y} \) is considering a new five-year expansion project that requires an initial fixed asset investment of \( \$ 2,400,000 \) and \( \$ 240,000 \) for additional...
-
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?
-
1.8 Krisianto's Competing Job Offers. Krisianto, after an intensive post-graduation job search, has received job offers from three multinational companies. Each posi- tion is based in a different...
-
1.10 Blundell Biotech. Blundell Biotech is a U.S.-based biotechnology company with operations and earn- ings in a number of foreign countries. The company's profits by subsidiary, in local currency...
-
1.9 Comparing Cheap Dates Around the World. Com- parison of prices or costs across different country and currency environments requires translation of the local currency into a single common cur-...
Study smarter with the SolutionInn App