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Kendra. Cogley, and Mel share income and loss in a 3 2 1 ratio. The partners have declded to liquidate their partnership. On the day of liguidation thelr balance sheet appears as follows. Balance Sheet Assets Liabilities and Equity $101,680 Accounts payable 542,48 Kendra, Capital Cash $259,e00 77,800 173,250 134 750 $644,008e Triventory Cogley, Capital Mei, Capital Total assets 3044,00 Total lilabilitles and rquity Required For each of the followling scenartios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entriles 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 $616.200 2) Irnventory is soid for $427200 (3) Inventory is sold for $337.800 and any partners with capital deficits pay in the amount of thelr deficits. (4) Inventory s sold for $287400 and the parthers have no assets other than those Invested in the partnershio. mework nventory Reqired I G Required 2 Prepare journal entries to record the inventory is sold for $337,800 and any partners with capital deficits pay in the amount Required 4 Inventory Inventory Required 2 GJ Required 3 3 G Required 4 G ew transaction tView journal entry 2 Cash 337 800 Loss on sale of inventory 204,600 Inventory 542,400 2 21) |Kendra Capital Cogley Capital Mei Capital 102,300 68.200 34,100 Loss on sale of inventory 204.500 (b-2) Kendra, Capital 2 (c)Accounts payable 259.000 Cash 250,000 (dCogley Capital 105.050 100 650 Mei Capital Cash 205,700 Required 3 Inventory Required 4 inventory Pres11 Required For each of the following scenarios, complete the schedule allocadng the gain or loss on the sale of Inventory Prepas to record the below transactions. (Do not round intermediate caldations Amounts to be deducted or Losses shou with a mirus sign Round your final answers to the nearest whole dollar) (0 Inventory Is sold for $616.200 (2) Inventory Is sold for $427,200 (3) Inventory is sold for $337,800 and any partners with captal deficts pay In the amount of their deficts. (4) Inventory Is sold for $287,400 and the partners have no assets other than those Invected In the partnership. Complete this question by entering your answers in the tabs below. Required 2 Required 2G Inventory Inventory Required 3 Required 3 G Required 1 Inventory Complete the schedule allocating the gain or loss on the sale of inventory $287,400 and the partners have no assets othe invested in the partnership. S 287.400 542 400 3 (255,000) Inventory Cost on sale of the gain loss) to the part MEI otal Initial capital balances Allocation of gains (losses) Capital balances after gains (osses) Allocation of deficit balance Capital balances after defick allocaton 5 173.250 S 134,750 $ 385.000 3127.500 50.500 83 92.250 130.000 50 500 50 3 83 S 82 250 $ 180.500 Required 4 GJ Prey omework Required 1 Required 1 GInventory Required 4 Required 4 G Required 3 Required 3GInventory Required Inventory Prepare journal entries to record the inventory is sold for $287,400 and the partners have no assets other than those inves ew transaction st Vew journal entry workaheet Cash 287,400 Loss on sale of inventory 255,000 Inventory 400 Kendra, Capital Cogley, Captal 127,500 85,000 42,500 Me Capital Loss on sale of inventory 255,000 (b-2) Cogley, Capital Kendra, Capital Mel Capita Accounts payable 259.000 Cash 259.000 Cogley Cacita Mei. Capta Cash Kendra. Cogley, and Mel share income and loss in a 3 2 1 ratio. The partners have declded to liquidate their partnership. On the day of liguidation thelr balance sheet appears as follows. Balance Sheet Assets Liabilities and Equity $101,680 Accounts payable 542,48 Kendra, Capital Cash $259,e00 77,800 173,250 134 750 $644,008e Triventory Cogley, Capital Mei, Capital Total assets 3044,00 Total lilabilitles and rquity Required For each of the followling scenartios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entriles 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 $616.200 2) Irnventory is soid for $427200 (3) Inventory is sold for $337.800 and any partners with capital deficits pay in the amount of thelr deficits. (4) Inventory s sold for $287400 and the parthers have no assets other than those Invested in the partnershio. mework nventory Reqired I G Required 2 Prepare journal entries to record the inventory is sold for $337,800 and any partners with capital deficits pay in the amount Required 4 Inventory Inventory Required 2 GJ Required 3 3 G Required 4 G ew transaction tView journal entry 2 Cash 337 800 Loss on sale of inventory 204,600 Inventory 542,400 2 21) |Kendra Capital Cogley Capital Mei Capital 102,300 68.200 34,100 Loss on sale of inventory 204.500 (b-2) Kendra, Capital 2 (c)Accounts payable 259.000 Cash 250,000 (dCogley Capital 105.050 100 650 Mei Capital Cash 205,700 Required 3 Inventory Required 4 inventory Pres11 Required For each of the following scenarios, complete the schedule allocadng the gain or loss on the sale of Inventory Prepas to record the below transactions. (Do not round intermediate caldations Amounts to be deducted or Losses shou with a mirus sign Round your final answers to the nearest whole dollar) (0 Inventory Is sold for $616.200 (2) Inventory Is sold for $427,200 (3) Inventory is sold for $337,800 and any partners with captal deficts pay In the amount of their deficts. (4) Inventory Is sold for $287,400 and the partners have no assets other than those Invected In the partnership. Complete this question by entering your answers in the tabs below. Required 2 Required 2G Inventory Inventory Required 3 Required 3 G Required 1 Inventory Complete the schedule allocating the gain or loss on the sale of inventory $287,400 and the partners have no assets othe invested in the partnership. S 287.400 542 400 3 (255,000) Inventory Cost on sale of the gain loss) to the part MEI otal Initial capital balances Allocation of gains (losses) Capital balances after gains (osses) Allocation of deficit balance Capital balances after defick allocaton 5 173.250 S 134,750 $ 385.000 3127.500 50.500 83 92.250 130.000 50 500 50 3 83 S 82 250 $ 180.500 Required 4 GJ Prey omework Required 1 Required 1 GInventory Required 4 Required 4 G Required 3 Required 3GInventory Required Inventory Prepare journal entries to record the inventory is sold for $287,400 and the partners have no assets other than those inves ew transaction st Vew journal entry workaheet Cash 287,400 Loss on sale of inventory 255,000 Inventory 400 Kendra, Capital Cogley, Captal 127,500 85,000 42,500 Me Capital Loss on sale of inventory 255,000 (b-2) Cogley, Capital Kendra, Capital Mel Capita Accounts payable 259.000 Cash 259.000 Cogley Cacita Mei. Capta Cash
