How do i fix these? How should i get the right answer?
Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Accounts payable Kendra, Capital Cogley, Capital Assets $ 70,900 549,600 $246, 000 74,900 168,525 Cash Inventory Mei, Capital 131,075 Total liabilities and equity $620,50e Total assets $620, 500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions, (Do not round intermediate calulations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $607200, (2) Inventory is sold for $466,800. (3) Inventory is sold for $315,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $251,400 and the partners have no assets other than those invested in the partnership. O Answer is not complete. Complete this question by entering your answers in the tabs below. Required 3 Inventory Required 4 Inventory Required 1 Inventory Required 2 Inventory Required 1 GJ Required 2 GJ Required 3 GJ Required 4 GJ Prepare journal entrles to record the Inventory Is sold for $607,200. No Transaction General Journal Debit Credit 607,200 O (a) Cash 549,600 O Inventory 57,600 O Gain on sale of inventory Gain on sale of inventory 57,600 O (b) O Kendra, Capital 28,800 19.200 O Cogley, Capital Mei, Capital 9,600 O Accounts payable 246,000 3 (c) 246,000 O Cash 462,050 X Kendra, Capital (d) Cogley, Capital 308,033 x Mel, Capital 154,017 X 432,100 O Cash Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Assets $ 70,900 $246,000 74,900 168,525 131,075 Cash Inventory 549,600 $620,500 Total assets Total liabilities and equity $620,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $607,200. (2) Inventory is sold for $466,800. (3) Inventory is sold for $315,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $251,400 and the partners have no assets other than those invested in the partnership. O Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 1 Inventory Required 3 GJ Required 1 GJ Required 2 GJ Required 4 GJ * ............................. .............................. .......................... Prepare journal entrles to record the Inventory Is sold for $315,600 and any partners with capltal deflcits pay In the amount of their deficits, Transaction No General Journal Debit Credit (a) Cash 315,600 234,000 O Loss on sale of inventory 549,600 Inventory -117,000 X Kendra, Capital (b-1) -78,000 x Cogley, Capital Mei, Capital -39,000 x -234,000 x Loss on sale of inventory -42,100 X Cash (b-2) -42,100 X Kendra, Capital 246,000 O Accounts payable 4. (c) 246,000 O Cash 90,525 O Cogley, Capital (d) 92,075 O Mei, Capital 182,600 O Cash Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Assets $ 70,900 $246,000 74,900 168,525 131,075 Cash Inventory 549,600 Total liabilities and equity Total assets $620, 500 $620, 500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $607,200. (2) Inventory is sold for $466,800. (3) Inventory is sold for $315,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $251,400 and the partners have no assets other than those invested in the partnership. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 4 GJ Required 2 GJ Required 1 GJ Required 3 GJ Prepare journal entries to record the Inventory Is sold for $251,400 and the partners have no assets other than those Invested in the partnership. Debit No Transaction General Journal Credit 251,400 O (a) Cash Loss on sale of inventory 298,200 549,600 O Inventory Kendra, Capital 149,100 O (b-1) 99,400 O Cogley, Capital Mei, Capital 49,700 O 298,200 O Loss on sale of inventory -49,467 x (b-2) Cogley, Capital Mei, Capital -24,733 -74,200 X Kendra, Capital 246,000 O Accounts payable (c) 246,000 O Cash Cogley, Capital Mei, Capital 19,658 O 5 (d) 56,642 O 76,300 O
