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PLEASE ANSWER ALL OF THESE! THANK YOU Partners in Ivanhoe Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the
PLEASE ANSWER ALL OF THESE! THANK YOU
Partners in Ivanhoe Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Cash $26,100 Accounts Receivable $22,400 Equipment $38,900 Accumulated Depreciation $13,400 Accounts Payable $24,200 A. Hunt, Capital $33,700 K. Lally, Capital $15,000 D. Portman, Capital $1,100 liquidation The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the assets were sold for $24,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Item Cash Accounts Receivable Balances before liquidation $ 26,100 $ 22,400 $ Sales of noncash assets and loss on sale of assets 24,000 -22,400 50,100 0 Payment of liabilities -24,200 0 25,900 0 Transfer of deficiency 0 Allocation of cash 0 Complete the schedule assuming the assets were sold for $24,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) Equipment Accumulated Depreciation Accounts Payable A. Hunt, Capital $ $ A. Hunt, Capital K. Lally, Capital D. Portman, Capital $ Prepare the journal entries assuming the assets were sold for $24,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 30 > V (To allocate loss on realization.) 30Step by Step Solution
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