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Posted on Aug 16, 2024

l am almost done with the problem but just struggle with a couple points. l have the calculation done below. Kendra, Cogley, and Mei share

l am almost done with the problem but just struggle with a couple points. l have the calculation done below. image text in transcribed

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 Assets Cash Inventory Liabil1ties and Equity s 82,800 Accounts payable 538, 200 Kndra, Capital $249,000 74,400 167,400 130,200 $621,000 Cogley, Capital Mei, Capital Total assets $621,000 Total liabilities and equity Requirec 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 $602,400 (2) Inventory is sold for $432,600 (3) Inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below Complete this question by entering your answers in the tabs below InventoryRequired 3 G Required 4 Inventory Required 1 Required 4 G] InventoryRequired 1G Required 2 InventoryRequired 2G Required 3 Complete the schedule allocating the gain or loss on the sale of inventory is $602,400 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost Gain on sale Step 2) Allocation of the Gain (Loss) to the Partners $ 602,400 538,200 |$ 64,200 MEI $ 130,200 $ 372,000 KENDRA COGLEY Total $ 167,400 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 74,400 32,100 21,400070064.200 $ 106,500 $ 188,800 $ 140,900 $ 436,200 Required 4 GJ Inventory RedG Required 2 Inventory Required 3 G) Required 4 InventoryRequired 2G Required 3 Inventory Prepare journal entries to record the inventory is sold for $602,400. View transaction list Journal entry worksheet 1 2 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (el) Required 1 InventoryRequired 1 GJ Required 2 Prepare journal entries to record the inventory is sold for $432,600. InventoryRequired 2GJ Required 3 Inventory Required 3 G Required 4 Inventory View transaction list Journal entry worksheet 2 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 4 GJ InventoryRequired 1G Required 2 InventoryRequired 2GRequired 3 InventoryRequired 3G Required 4 Prepare journal entries to record the inventory is sold for $432,600. View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partners Note: Enter debits before credits. Transaction General Journal Debit Credit InventoryRequired 3 GJ Required 4 Inventory Required 1 Required 4 GJ InventoryRequired 1G Required 2 InventoryRequired 2GRequired 3 Complete the schedule allocating the gain or loss on the sale of inventory is $342,000 and any partners with capital deficits pay in the amount of their deficits Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost LOSs on sale S 342,000 538,200 (196,200) Step 2) Allocation of the Gain (Loss) to the Partners MEI $ 130,200 KENDRA COGLEY Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 74,400 $ 167,400 372,000 (98,100) (65,4(82,700 (196.200) S (23,700) $ 102,000 $97,500 175,800 Required 1 InventoryRequired 1GJ Required 2 Prepare journal entries to record the inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their Required 4 GJ InventoryRequired 2G Required 3 InventoryRequired 3 GJRequired 4 View transaction list Journal entry worksheet 2 3 4 5 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 1 Inventory Required 1 G Required 2 InventoryRequired 3 GJRequired 4 Inventory Required 4 GJ InventoryRequired 2G Required 3 Prepare journal entries to record the inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (dl) Required 3 InventoryRequired 3GJ Reqired 4 Required 1 Required 4 G] InventoryRequired 1G Required 2 InventoryRequired 2GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory $294,000 and the partners have no assets other than those invested in the partnership Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 294,000 Inventory Cost 538.200 O LOSs on sale 44,200 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) COGLEY $ 167,400 KENDRA MEI Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation $ 74,400 $130,200 S 372,000 3 (122. 1000 2:@ (47,700) 47,700 (81,800 (81.400) 1' (40,700) (244.200) 86,000 89,500 127,800 15,900) $ 54,200 $ 73,600 127,800 Required 2 InventoryRequired 2G Required 3 Required 4 Inventory Required 4 GJ Inventory Required 1 GI InventoryRequired 3GJ Prepare journal entries to record the inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership View transaction list Journal entry worksheet 2 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 1 InventoryRequired 1G Required 2 Required 4 Inventory Required 2 G Required 3 InventoryRequired 3 GJ Prepare journal entries to record the inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partner(s) Note: Enter debits before credits. Transaction General Journal Debit Credit (dl) 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 Assets Cash Inventory Liabil1ties and Equity s 82,800 Accounts payable 538, 200 Kndra, Capital $249,000 74,400 167,400 130,200 $621,000 Cogley, Capital Mei, Capital Total assets $621,000 Total liabilities and equity Requirec 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 $602,400 (2) Inventory is sold for $432,600 (3) Inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below Complete this question by entering your answers in the tabs below InventoryRequired 3 G Required 4 Inventory Required 1 Required 4 G] InventoryRequired 1G Required 2 InventoryRequired 2G Required 3 Complete the schedule allocating the gain or loss on the sale of inventory is $602,400 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost Gain on sale Step 2) Allocation of the Gain (Loss) to the Partners $ 602,400 538,200 |$ 64,200 MEI $ 130,200 $ 372,000 KENDRA COGLEY Total $ 167,400 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 74,400 32,100 21,400070064.200 $ 106,500 $ 188,800 $ 140,900 $ 436,200 Required 4 GJ Inventory RedG Required 2 Inventory Required 3 G) Required 4 InventoryRequired 2G Required 3 Inventory Prepare journal entries to record the inventory is sold for $602,400. View transaction list Journal entry worksheet 1 2 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (el) Required 1 InventoryRequired 1 GJ Required 2 Prepare journal entries to record the inventory is sold for $432,600. InventoryRequired 2GJ Required 3 Inventory Required 3 G Required 4 Inventory View transaction list Journal entry worksheet 2 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 4 GJ InventoryRequired 1G Required 2 InventoryRequired 2GRequired 3 InventoryRequired 3G Required 4 Prepare journal entries to record the inventory is sold for $432,600. View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partners Note: Enter debits before credits. Transaction General Journal Debit Credit InventoryRequired 3 GJ Required 4 Inventory Required 1 Required 4 GJ InventoryRequired 1G Required 2 InventoryRequired 2GRequired 3 Complete the schedule allocating the gain or loss on the sale of inventory is $342,000 and any partners with capital deficits pay in the amount of their deficits Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost LOSs on sale S 342,000 538,200 (196,200) Step 2) Allocation of the Gain (Loss) to the Partners MEI $ 130,200 KENDRA COGLEY Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 74,400 $ 167,400 372,000 (98,100) (65,4(82,700 (196.200) S (23,700) $ 102,000 $97,500 175,800 Required 1 InventoryRequired 1GJ Required 2 Prepare journal entries to record the inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their Required 4 GJ InventoryRequired 2G Required 3 InventoryRequired 3 GJRequired 4 View transaction list Journal entry worksheet 2 3 4 5 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 1 Inventory Required 1 G Required 2 InventoryRequired 3 GJRequired 4 Inventory Required 4 GJ InventoryRequired 2G Required 3 Prepare journal entries to record the inventory is sold for $342,000 and any partners with capital deficits pay in the amount of their View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (dl) Required 3 InventoryRequired 3GJ Reqired 4 Required 1 Required 4 G] InventoryRequired 1G Required 2 InventoryRequired 2GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory $294,000 and the partners have no assets other than those invested in the partnership Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 294,000 Inventory Cost 538.200 O LOSs on sale 44,200 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) COGLEY $ 167,400 KENDRA MEI Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation $ 74,400 $130,200 S 372,000 3 (122. 1000 2:@ (47,700) 47,700 (81,800 (81.400) 1' (40,700) (244.200) 86,000 89,500 127,800 15,900) $ 54,200 $ 73,600 127,800 Required 2 InventoryRequired 2G Required 3 Required 4 Inventory Required 4 GJ Inventory Required 1 GI InventoryRequired 3GJ Prepare journal entries to record the inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership View transaction list Journal entry worksheet 2 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Required 1 InventoryRequired 1G Required 2 Required 4 Inventory Required 2 G Required 3 InventoryRequired 3 GJ Prepare journal entries to record the inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership View transaction list Journal entry worksheet 2 4 Record the disbursement of the remaining cash to the partner(s) Note: Enter debits before credits. Transaction General Journal Debit Credit (dl)