map/index.html?_con=con&external browser Blaunchurahttps%253A%252F%252Fims.meducation.com 252Fimghmiedew2 Chapter 12 Homework saved Help 15 Kendra, Cogley, and Mel share income and loss in a 3.2:1 ratio (in ratio form: Kendra, 3/6, Cogley, 276, and Mei, 16). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows nta Assets Cash Inventory $ 79.800 541,200 5242.000 Balance Sheet Liabilities Accounts payable Equity Rondra, Capital Cogley, Capital Mel, Capital Total liabilities and equity 75,800 170.550 132,650 $621,000 eBook Total assets $621,000 Print ferences 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. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $609,600 2. Inventory is sold for $459,600. 3. Inventory is sold for $313,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $609,600. $ Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost 609,600 amounts.) ch 1. Inventory is sold for $609.600. 2. Inventory is sold for $459,600. 3. Inventory is sold for $313,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 G) Required 4 Required 1 Required 1 G) Required 2 Inventory Required 3 Required 2 G) Inventory Required 4 Inventory Required 3 G) Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $609,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 609,600 Inventory cost COGLEY MEI Total 132,650 $ 379.000 $ 170,550 $ Stop 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 75,800 Allocation of gains (losses) Capital balances after gains (losses) $ 75,800 0 $ 170,550 $ 132,650 $ 379,000 Rejud Inventory Required 1 GJ > Help Chemor Required 1 Inventory Required 1 G) Required 2 Inventory Required 2G) Required Inventory Required 3 G) Required 4 Inventory Required 403 Prepare journal entries to record the inventory is sold for $609,600. View transaction list Journal entry worksheet Homework 252Fims.meducation.com252Fighw2. Saved Helo SaveER Creamy w 1. Inventory is sold for $609,600. 2. Inventory is sold for $459,600. 3. Inventory is sold for $313.800 and partners with deficits pay their deficits in cash, 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 G Required 1 Inventory Required 1G) Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Required 4 Inventory Complete the schedule allocating the gain or loss on the sale of Inventory is $459,600. Stap 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 459,600 Inventory cost Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances $ 75,800 Allocation of gains (losses) $ 75,800 Capital balances after pains (losses) COGLEY $ 170.550 $ MEI Total 132,650 $ 379,000 0 132,650 $ 379.000 $ 170,550 $ Next Help Save Suhmi Checy 3. Inventory is sold for $313,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 1 G Required 2 Required 3 Required 2 G Required 4 Inventory Required 4 ) Required 3 G) Inventory Inventory Inventory Complete the schedule allocating the gain or loss on the sale of Inventory $296,400 and partners with deficits do not pay their defits Stop 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory Cont $ 296.400 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit) KENDRA COGLEY Initial capital balances $ 75,800 $ 170,550 Allocation of gains (losses) Capital balances after gains (losses) 75,800 170,550 Allocation of deficit balance Capital balances after det allocation $ 75,800 $ 170.550 MEI Total $ 132650 $ 379,000 0 132,650 379.000 $ 132,650 $ 379.000 Next Help Chemor Required 1 Inventory Required 1 G) Required 2 Inventory Required 2G) Required Inventory Required 3 G) Required 4 Inventory Required 403 Prepare journal entries to record the inventory is sold for $609,600. View transaction list Journal entry worksheet Homework 252Fims.meducation.com252Fighw2. Saved Helo SaveER Creamy w 1. Inventory is sold for $609,600. 2. Inventory is sold for $459,600. 3. Inventory is sold for $313.800 and partners with deficits pay their deficits in cash, 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 G Required 1 Inventory Required 1G) Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Required 4 Inventory Complete the schedule allocating the gain or loss on the sale of Inventory is $459,600. Stap 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 459,600 Inventory cost Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances $ 75,800 Allocation of gains (losses) $ 75,800 Capital balances after pains (losses) COGLEY $ 170.550 $ MEI Total 132,650 $ 379,000 0 132,650 $ 379.000 $ 170,550 $ Next Help Save Suhmi Checy 3. Inventory is sold for $313,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 1 G Required 2 Required 3 Required 2 G Required 4 Inventory Required 4 ) Required 3 G) Inventory Inventory Inventory Complete the schedule allocating the gain or loss on the sale of Inventory $296,400 and partners with deficits do not pay their defits Stop 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory Cont $ 296.400 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit) KENDRA COGLEY Initial capital balances $ 75,800 $ 170,550 Allocation of gains (losses) Capital balances after gains (losses) 75,800 170,550 Allocation of deficit balance Capital balances after det allocation $ 75,800 $ 170.550 MEI Total $ 132650 $ 379,000 0 132,650 379.000 $ 132,650 $ 379.000 Next