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Chap 12 - HW A Saved 4 Problem 12-6A Liquidation of a partnership LO P5 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. points KENDRA, COGLEY, AND MEI 8 02:28:41 Balance Sheet May 31 Liabilities and Equity Accounts payable Skipped Assets $ 84,600 536,400 Cash $247,000 74,800 168,300 130,900 Inventory Kendra, Capital Cogley, Capital Mei, Capital $621,000 Total liabilities and equity Total assets $621,000 eBook 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. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) Print (1) Inventory is sold for $629,400. (2) Inventory is sold for $432,000. (3) Inventory is sold for $339,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $256,200 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 1 GJ Required 3 G Required 4 GJ Required 2 GJ Prepare journal entries to record the inventory is sold for $629,400. View transaction list Complete this question by entering your answers in the tabs below. Required 3 Inventory Required 1 Inventory Required 2 Inventory Required 4 Inventory Required 1 GJ Required 2 GJ Required 3 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $629,400. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory 2$ 629,400 536,400 Inventory cost Gain on sale 2$ 93,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances 2$ 74,800 2$ 168,300 2$ 130,900 2$ 374,000 Allocation of gains (losses) 3/6 2/6 1/6 130,900 Capital balances after gains (losses) 74,800 2$ 168,300 2$ 2$ 374,000 Required 2 Inventory Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 1 GJ Required 3 GJ Required 2 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $432,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory 432,000 Inventory cost Step 2) Allocation of the gain (Loss) to the Partners. KENDRA COGLEY MEI Total 74,800 Initial capital balances 2$ 168,300 2$ 130,900 2$ 374,000 Allocation of gains (losses) 74,800 2$ 168,300 2$ 130,900 374,000 Capital balances after gains (losses) Required 3 Inventory Required 1 Inventory Required 2 Inventory Required 4 Inventory Required 2 GJ Required 3 GJ Required 4 G) Required 1 GJ Prepare journal entries to record the inventory is sold for $432,000. View transaction list Journal entry worksheet 4 Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal Required 3 Inventory Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 3 GJ Required 1 GJ Required 2 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory $256,200 and the partners have no assets other than those invested in the partnership. Step 1) Determination of gain (loss) $ 256,200 Proceeds from the sale of inventory Inventory Cost Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total $ 130,900 $ 374,000 $ 168,300 Initial capital balances 2$ 74,800 Allocation of gains (losses) 374,000 Capital balances after gains (losses) 74,800 168,300 130,900 Allocation of deficit balance $ 374,000 $ 168,300 $ 130,900 2$ 74,800 Capital balances after deficit allocation
