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Please help with part 2 and part 3 On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedPlease help with part 2 and part 3

On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows: Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals Debit Credit $ 27,000 84,000 70,000 207,000 48,000 $ 89,000 38,000 127,000 99,000 83,000 $ 436,000 $ 436,000 The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January Collected $60,000 of the accounts receivable; the balance is deemed uncollectible. Received $47,000 for the entire inventory. Paid $3,000 in liquidation expenses. Paid $85,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnership on January 11. Retained $19,000 cash in the business at the end of January to cover any unrecorded liabilities and anticipated expenses. The remainder is distributed to the partners. February Paid $4,000 in liquidation expenses. Retained $7,000 cash in the business at the end of the month to cover unrecorded liabilities and anticipated expenses. March Received $155,000 on the sale of all machinery and equipment. Paid $6,000 in final liquidation expenses. Retained no cash in the business. Prepare a schedule to compute the safe installment payments made to the partners at the end of each of these three months. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of January. Total 100 % % Profit and loss ratio Capital balances - January 1 Add (deduct) loans Adjusted capital balances - January VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners January 31 Van Bakel 50 % 30 % $ 127,000 $ 99,000 (48,000) 38,000 $ 79,000 137,000 (23,000) (13,800) $ 56,000 123,200 (113,000) (67,800) $(57,000) $ 55,400 57,000 (34,200) $ 0 $ 21,200 $ 309,000 (10,000) $ 299,000 Allocation of January net loss Cox 20 $ 83,000 0 $ 83,000 (9,200) $ 73,800 (45,200) $ 28,600 (22,800) $ 5,800 (46,000) $ 253,000 Capital balances - January 31 Potential loss Subtotal Allocation of deficit balances Safe payments to partners - January (226,000) $ 27,000 0 $ 27,000 31 January February > Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of February. % % 123.200 VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners February 28 Van Bakel 50 % 30 % $ 56,000 (2.000) (22,400) X $ 54,000 100,800 (3,500) (2,100) X $ 50,500 $ 98,700 (103,500) XI (62,100) X $(53,000) $ 36,600 53,000 (31,800) $ 0 $ 4,800 Profit and loss ratio Capital balances - January 31 Safe payments - January 31 Capital balances - February 1 Allocation of February net loss Capital balances - February 28 Potential loss Subtotal Allocation of deficit balances Safe payments to partners - February 28 Cox 20 $ 73,800 (6,600) $ 67,200 (1,400) $ 65,800 (41,400) $ 24,400 21,200 Total 100 $ 253,000 (31,000) $ 222,000 (7.000) $ 215,000 (207,000) $ 8,000 42,400 $ 8,000 January March > Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of March. Total 100 Profit and loss ratio % | % Cox 20 $ 67,200 (3,200) Capital balances - February 28 VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners March 31 Van Bakel 50 % 30 % $ 54,000 100,800 (4,800) $ 54,000 $ 96,000 (26,000) (15,600) $ 28,000 $ 80,400 (3,000) (1,800) $ 25,000 $ 78,600 222.000 (8,000) Safe payments - February 28 Capital balances - March 1 $ 64,000 214,000 (52,000) Allocation of March net loss Capital balances - March 31 Final payments to partners - March 31 (10,400) X $ 53,600 (1,200) 162,000 (6,000) Ending balances - March 31 $ 52,400 156,000 Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of February. % % 123.200 VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners February 28 Van Bakel 50 % 30 % $ 56,000 (2.000) (22,400) X $ 54,000 100,800 (3,500) (2,100) X $ 50,500 $ 98,700 (103,500) XI (62,100) X $(53,000) $ 36,600 53,000 (31,800) $ 0 $ 4,800 Profit and loss ratio Capital balances - January 31 Safe payments - January 31 Capital balances - February 1 Allocation of February net loss Capital balances - February 28 Potential loss Subtotal Allocation of deficit balances Safe payments to partners - February 28 Cox 20 $ 73,800 (6,600) $ 67,200 (1,400) $ 65,800 (41,400) $ 24,400 21,200 Total 100 $ 253,000 (31,000) $ 222,000 (7.000) $ 215,000 (207,000) $ 8,000 42,400 $ 8,000 January March > Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of March. Total 100 Profit and loss ratio % | % Cox 20 $ 67,200 (3,200) Capital balances - February 28 VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners March 31 Van Bakel 50 % 30 % $ 54,000 100,800 (4,800) $ 54,000 $ 96,000 (26,000) (15,600) $ 28,000 $ 80,400 (3,000) (1,800) $ 25,000 $ 78,600 222.000 (8,000) Safe payments - February 28 Capital balances - March 1 $ 64,000 214,000 (52,000) Allocation of March net loss Capital balances - March 31 Final payments to partners - March 31 (10,400) X $ 53,600 (1,200) 162,000 (6,000) Ending balances - March 31 $ 52,400 156,000

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