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Function: SUM; Formula: Multiply, Divide, Add; Cell Referencing Some cells are merged. Using Excel to Account For a Partnership Liquidation Student Work Area PROBLEM Required:
| Function: SUM; Formula: Multiply, Divide, Add; Cell Referencing | |||||||||||||
| Some cells are merged. | |||||||||||||
| Using Excel to Account For a Partnership Liquidation | Student Work Area | ||||||||||||
| PROBLEM | Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. | ||||||||||||
| The partners of MIT Company have decided to liquidate their partnership. Information concerning the MIT Company is presented here. | |||||||||||||
| Complete the following schedule of cash payments for MIT Company. Designate decreases as negative amounts. | |||||||||||||
| Selling price of noncash assets | $ 115,000 | ||||||||||||
| Profit and loss ratios | |||||||||||||
| Morin | 30% | Cash | Noncash Assets | Liabilities | Morin, Capital | Ingils, Capital | Torez, Capital | ||||||
| Inglis | 20% | ||||||||||||
| Torez | 30% | Balances before liquidation | $ 25,000 | $ 80,000 | $ 50,000 | $ 10,000 | $ 22,000 | $ 23,000 | |||||
| Sale of non cash assets and allocation of gain | |||||||||||||
| New balances | |||||||||||||
| Pay liabilities | |||||||||||||
| New balances | |||||||||||||
| Cash distribution to partners | |||||||||||||
| ? | |||||||||||||
| Final balances |
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
4th Edition
1119607515, 978-1119607519
