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i dont have much time The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the following capital balances: Samar $340,000
i dont have much time The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the following capital balances: Samar $340,000 and Qatar $350,000. The Firm is liquidated and $700,000 in cash is received for the non-cash assets, Samar & Qatar income ratios 65%and 35% respectively. The journal entry for the sale of non-cash assets is: a. Debit Cash 750,000 and credit both Non-cash assets 700,000 and Realization gain 50,000 Ob Debit both Cash 250,000 and Realization foss 500,000 and credit Non cash assets 750,000 Debit Cash 700,000 and credit both Realization loss 50,000 and Non-cash assets 750,000 Od: Debit Cash 950,000 and credit both Non cash assets 750,000 and Realization gain 200,000 Clear my choice The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the following capital balances: Samar $340,000 and Qatar $350,000. The Firm is liquidated and $700,000 in cash is received for the non-cash assets, Samar & Qatar income ratios 65%and 35% respectively. The journal entry for the sale of non-cash assets is: a. Debit Cash 750,000 and credit both Non-cash assets 700,000 and Realization gain 50,000 Ob Debit both Cash 250,000 and Realization foss 500,000 and credit Non cash assets 750,000 Debit Cash 700,000 and credit both Realization loss 50,000 and Non-cash assets 750,000 Od: Debit Cash 950,000 and credit both Non cash assets 750,000 and Realization gain 200,000 Clear my choice
i dont have much time
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