Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. INDRA, COGLEY, AND MEE Balance Sheet Nay 11 Assets Liabilities and Equity Cash 395,700 Accounts payable $257,000 Inventory 347,200 Kendra, Capital 77,300 Cogley, Capital 173.925 Mei, Capital 135,275 Total assets 5643,500 Total liabilities and equity $643,500 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.) (1) Inventory is sold for $629,400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 16 Required 2 Inventory Required 2 Required Inventory Required 36 Required 4 Inventory Required 4 G 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 Hrventory cost $ 629.400 Step 2) Allocation of the Gain (Loss) to the Partner KENDRA Initial capital balances $ 77.300 Alocation of gains (losos) Capital balances after gains Llosses) 77.300 COOLEY $ 173.925 MEI Total $ 135,275 $386,500 0 $ 135 275 $ 386.500 $ 173.925 Required 1 GJ > News YouTube Homework 0 Problem 12-6A Liquidation of a partnership LO P5 Kendia, Cogley, and Mel share income and loss in a 32. ratio. The partners have decided to liquidate their partnership. On the day of louidation their balance sheet appears as follows. INDAN, COLET, AND HET Balance Wheet MAY 31 LIANA And Equity # $3,700 Accounts payable 3257.000 Twetery 149.00 Kendra, Capital 11.100 Coluy. Capital 123.925 Hei, Capital 135,275 Total 1863,SDL Total liabilities and equity 160.500 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. Oo not round intermediate calculations. Amounts to be deducted or Losses should be entered with minut sin. Round your final awwers to the nearest whole dollar) Inventory is sold for $620,400 (2) Inventory is sold for $454800, Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $296.400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Rruired 1 ured Need a Required Inventory Regine 2 Inventory Prepare your entire to record the inventory is sold for $629.400. Red 4 Inventory Required 4 G Journal entry worksheet Records of inventory Cred gredmetery > mework Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Me 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 MET Balance the May 31 Assets Liabilities and Equity Cash 95,700 Accounts payable $257,000 Inventory 547,600 Kendra, Capital 77,500 Copley, Capital 173,925 Hei, Capital 135,275 Total art 1643.500 Total liabilities and equity $63.500 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) Inventory is sold for $629.400, (2) Inventory is sold for $454,800. B) Inventory is sold for $356 400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 Required 2 Hequired Inventory Required 1 ou Trway Required 200 Inventory Prepare youmal entries to record the inventory is sold for 629,400. Required) Required 4 Inventory Required 4 Journal entry worksheet Allocate the gain on the sale of inventory to the partners. OM Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel 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 Annete Cash Inventory KENDRA, COGLEY, AND I Balance sheet May 11 Liabilities and Equity $ 95,700 Accounts payable 547.00 Kendra, Capital Copley, Capital Mei, Capital 5645,500 Total liabilities and equity $257,000 77.300 173,935 125,275 566),500 Total as 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 found intermediate calculations. Amounts to be deducted or losses should be entered with a minus sign. Round your final awwers to the nearest whole dollar) It inventory is sold for $629,400 (2) Inventory is sold for $454,800. Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficits 14) Inventory is sold for $296,400 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 Reet Required ny Required 16 Inventory Recured 20 traban repere journal entries to record the inventory sold for 454,000 Required Inventory Required 4 Journal entry worksheet Syllabus - Fall Syllabus - Fall Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets CASH DRA, COGLEY, AND MET Balance the May 31 Liabilities and Equity 595,190 Accounts payable Yeodra, Capital Coley, Capital Mel, Capital $6.500 Total liabilities and equity Inventory $257,000 77,300 173.925 135.275 1643,500 Total annet 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 della 11) Inventory is sold for 5629.400 (2) Inventory is sold for $454,800 (3) Inventory is sold for $356 400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Ingred2 Inventory Required 2 Hequired Inventory Required Inventory Required 4 Prepare your entries to record the entry is sold for 1454.800 Journal entry worksheet a > Alle on the sale of entry to the partners Syllabus - Fall Syllabus - Fall Toblem 12-6A Liquidation of a partnership LO P5 Cendra, Cogley, and Mel share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of quidation their balance sheet appears as follows. KENDRA, COGLEY, AND HET Balance sheet May 31 Assets Liabilities and Equity Cash 5 95,700 Accounts payable $257,000 Inventory 547,00 Xandra, Capital 77.300 Coglay. Capital 173,925 Mei. Capital 135,275 Total assets 3643,500 Total Ilabilities and equity 566),500 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) (1) Inventory is sold for $629,400, (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Inventory Required 1 Required 2 Inventory Rred 2G Required Inventory Required Hered 4 Inventory Required 4 Prepare Journal entries to record the inventory is sold for $454,000 View transient Journal entry worksheet 2 Her the payment of the les Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory XENDRA, COOL.EY, AND MET Balance Sheet May 31 Lishilities and Equity $ 95,700 Nocounts payable 547,00 Kendra, Capital Cogley, Capital Mal, Capital 164),500 Total liabilities and equity $257,000 77,300 173,925 135,275 $64),500 Total assets 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) (5) Inventory is sold for $629.400 (2) Inventory is sold for $454,800. pa) Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296400 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 Hered 1 Required 1 Nered2 Inventory Required 2 Required Inventory were mal entries to record the inventory is sold for $454,100 Inventory Required View all Journal entry worksheet 3 Record the coursement of the remaining cash to the partners Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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. Assets Cash Inventory XENDRA, COGLEY, AND MEI Balance Sheet May 21 Liabilities and Equity $ 95,700 Accounts payable 547,800 Xendra, Capital Cogley, Capital Mes, Capital 5643,500 Total liabilities and equity $257.000 77.300 173,925 135,275 S643,500 Total sets 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) 11) Inventory is sold for $629,400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 Required 1 G Required 2 Required Required 20 Inventory Inventory Required G Required Inventory Inventory Required 4 G Complete the schedule allocating the gain or loss on the sale of inventory is $356,400 and any partners with capital deficits pay in the amount of their deficits. Step 1) Determination et Gain (Lowe) Proceeds from the sale of inventory 5356400 ME: KENDRA 5 77300 COOLEY 5 173.025 5 135.276 $360,500 S 77300 5 173.25 3 195.27 100.500 Reged 26 Recured 3G Problem 12-6A Liquidation of a partnership LO P5 Kendro. Cogley, and Mel 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. Assets Cash Inventory XENDRA, COGLEY, AND Balance Sheet May 31 Liabilities and Equity $ 95,700 Accounts payable 567,800 Kendra, Capital Copley, Capital Mel. Capital 5643,500 Total liabilities and equity $257.000 77,300 172,925 135,275 $643,500 Total assets 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) Inventory is sold for $629.400. 2) Inventory is sold for $454,800. 3) Inventory is sold for $356.400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Redi Reared2 Inventory Required Required 3 Inventory Required 3 G Required Inventory Required 4 Prepare yournal entries to record the inventory is sold for 5356,400 and any partners with capital deficits pay in the amount of their Journal entry worksheet 6 Q... Homework Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Me share income and loss in a 32. ratio. The partners have decided to liquidate their partnership on the day of liquidation their balance sheet appears as follows KENNA, COGLIT, AND MET Biance sheet May 31 Assets Liabilities and Equity Cash 395,700 Accounts payable $257.000 Inventory 547.100 Kendra, Capital 17.300 Coley, Capital 17), 925 Mel, Capital 135,275 Total 6643,500 Total liabilities and alty 5643,500 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) Inventory is sold for $629,400. (2) Inventory is sold for $454,800 Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficis 14) Inventory is sold for $295,400 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: Inventory Rebuired Required 2 Inventory Required 2G Required Inventory Required 3 Reosed: Initary Recured 4 Complete the schedule locating the gain or less on the sale of inventory 1296,400 and the partners have no ansies other than the invested in the partnership Mep 11 Outerwonin) Proceeds from the aid over Inwentary Cou 5 216.400 136.275 50 Abone the winners and strofe KENDRA COGLEY 77,300 $ 173.28 |Alata) 77100 173.025 Ako doce Capvesh 77.100 17. 7352 6 500 13.27 3.500 Hegd 4.) Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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 Assets Cash Inventory NENDRA, COGLEY, AND MET Dalance Sheet May 31 Liabilities and Equity $ 95,700 Accounts payable 547.000 Kendra, Capital Cogley, Capital Mei, Capital $63,500 Total liabilities and equity $257.000 77,300 173.925 135,275 $60),500 Total anset 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) (9) Inventory is sold for $629.400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296,400 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 Required 2 Required 1 Required 3 Required 20 Inventory Required 4 Inventory Required 3 G Inventory Inventory Retud 4 Prepare journal entries to record the inventory is sold for $296,400 and the partners have no other than those invested in the Denners Journal entry worksheet 1 2 > Record the sale of entory for $296,400. De Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows Assets Cash Inventory BENDRA, COGLEY, AND HEI Balance Sheet May 21 Liabilities and Equity $ 95,700 Accounts payable 549,800 Xandra, Capital Copley, Capital Mei, Capital $60.500 Total liabilities and quity $257,000 71,700 173, 925 135,275 8643,500 Total assets 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 dolla.) (7) Inventory is sold for $629,400 (2) Inventory is sold for $454,800. (3) Inventory is sold for $356.400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Recured 1 Required 2 Required 160 Inventory Required Required 2G Inventory Required 4 Inventory Recured 3 Inventory Required 4 U Prepare journal entries to record the inventory is sold for $296,400 and the partners have no sets other than those invested in the partnership Journal entry worksheet Asuming that the partners have no es other than those invested, allocate any partner(s) or balances to the remaining partners. D 023 Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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 MET Balance Sheet May 31 Assets Liabilities and Equity Cash $ 35,700 Accounts payable $257,000 Inventory 547,00 Tendra, Capital 71,300 Copley, Capital 173,925 Mei, Capital 135,275 Total seta 5663.500 Total liabilities and equity $60,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entities 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) (5) Inventory is sold for $629,400 (2) Inventory is sold for $454,800. (3) Inventory is sold for $356.400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Roureda Roureda Re 1 Required 2 Required 10 Inventory Required 4) Inventory Required Inventory Inventory Required Prepere journal entries to record the inventory is sold for $296,400 and the partners have no other than those meted in the portret Journal entry worksheet 5 D Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share income and loss in a 3.2.1 ratio. The partners have decided to liquidate their partnership. On the day of quidation their balance sheet appears as follows KENDRA, COGLEY, AND I balance sheet May 31 Assets Liabilities and Equity Cash $ 95,700 Accounts payable $257.000 Inventory Kendra, Capital 77,300 Copley, Capital 173,25 Mei. Capital 135,275 Total s 564,500 Total llabilities and wity $63.500 Print 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) (1) Inventory is sold for $629,400 (2) Inventory is sold for $454,800. ca inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Recet Required 103 Required 2 Twentary Required 20 Required Required) Required 4 Inventory Required 4G or journal entries to record the wentory a world for $236,400 and the partners have no one other than those invested in the Journal entry worksheet record the street of remaning cash to the partner) Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. INDRA, COGLEY, AND MEE Balance Sheet Nay 11 Assets Liabilities and Equity Cash 395,700 Accounts payable $257,000 Inventory 347,200 Kendra, Capital 77,300 Cogley, Capital 173.925 Mei, Capital 135,275 Total assets 5643,500 Total liabilities and equity $643,500 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.) (1) Inventory is sold for $629,400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 16 Required 2 Inventory Required 2 Required Inventory Required 36 Required 4 Inventory Required 4 G 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 Hrventory cost $ 629.400 Step 2) Allocation of the Gain (Loss) to the Partner KENDRA Initial capital balances $ 77.300 Alocation of gains (losos) Capital balances after gains Llosses) 77.300 COOLEY $ 173.925 MEI Total $ 135,275 $386,500 0 $ 135 275 $ 386.500 $ 173.925 Required 1 GJ > News YouTube Homework 0 Problem 12-6A Liquidation of a partnership LO P5 Kendia, Cogley, and Mel share income and loss in a 32. ratio. The partners have decided to liquidate their partnership. On the day of louidation their balance sheet appears as follows. INDAN, COLET, AND HET Balance Wheet MAY 31 LIANA And Equity # $3,700 Accounts payable 3257.000 Twetery 149.00 Kendra, Capital 11.100 Coluy. Capital 123.925 Hei, Capital 135,275 Total 1863,SDL Total liabilities and equity 160.500 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. Oo not round intermediate calculations. Amounts to be deducted or Losses should be entered with minut sin. Round your final awwers to the nearest whole dollar) Inventory is sold for $620,400 (2) Inventory is sold for $454800, Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $296.400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Rruired 1 ured Need a Required Inventory Regine 2 Inventory Prepare your entire to record the inventory is sold for $629.400. Red 4 Inventory Required 4 G Journal entry worksheet Records of inventory Cred gredmetery > mework Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Me 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 MET Balance the May 31 Assets Liabilities and Equity Cash 95,700 Accounts payable $257,000 Inventory 547,600 Kendra, Capital 77,500 Copley, Capital 173,925 Hei, Capital 135,275 Total art 1643.500 Total liabilities and equity $63.500 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) Inventory is sold for $629.400, (2) Inventory is sold for $454,800. B) Inventory is sold for $356 400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 Required 2 Hequired Inventory Required 1 ou Trway Required 200 Inventory Prepare youmal entries to record the inventory is sold for 629,400. Required) Required 4 Inventory Required 4 Journal entry worksheet Allocate the gain on the sale of inventory to the partners. OM Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel 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 Annete Cash Inventory KENDRA, COGLEY, AND I Balance sheet May 11 Liabilities and Equity $ 95,700 Accounts payable 547.00 Kendra, Capital Copley, Capital Mei, Capital 5645,500 Total liabilities and equity $257,000 77.300 173,935 125,275 566),500 Total as 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 found intermediate calculations. Amounts to be deducted or losses should be entered with a minus sign. Round your final awwers to the nearest whole dollar) It inventory is sold for $629,400 (2) Inventory is sold for $454,800. Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficits 14) Inventory is sold for $296,400 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 Reet Required ny Required 16 Inventory Recured 20 traban repere journal entries to record the inventory sold for 454,000 Required Inventory Required 4 Journal entry worksheet Syllabus - Fall Syllabus - Fall Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets CASH DRA, COGLEY, AND MET Balance the May 31 Liabilities and Equity 595,190 Accounts payable Yeodra, Capital Coley, Capital Mel, Capital $6.500 Total liabilities and equity Inventory $257,000 77,300 173.925 135.275 1643,500 Total annet 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 della 11) Inventory is sold for 5629.400 (2) Inventory is sold for $454,800 (3) Inventory is sold for $356 400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Ingred2 Inventory Required 2 Hequired Inventory Required Inventory Required 4 Prepare your entries to record the entry is sold for 1454.800 Journal entry worksheet a > Alle on the sale of entry to the partners Syllabus - Fall Syllabus - Fall Toblem 12-6A Liquidation of a partnership LO P5 Cendra, Cogley, and Mel share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of quidation their balance sheet appears as follows. KENDRA, COGLEY, AND HET Balance sheet May 31 Assets Liabilities and Equity Cash 5 95,700 Accounts payable $257,000 Inventory 547,00 Xandra, Capital 77.300 Coglay. Capital 173,925 Mei. Capital 135,275 Total assets 3643,500 Total Ilabilities and equity 566),500 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) (1) Inventory is sold for $629,400, (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Inventory Required 1 Required 2 Inventory Rred 2G Required Inventory Required Hered 4 Inventory Required 4 Prepare Journal entries to record the inventory is sold for $454,000 View transient Journal entry worksheet 2 Her the payment of the les Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory XENDRA, COOL.EY, AND MET Balance Sheet May 31 Lishilities and Equity $ 95,700 Nocounts payable 547,00 Kendra, Capital Cogley, Capital Mal, Capital 164),500 Total liabilities and equity $257,000 77,300 173,925 135,275 $64),500 Total assets 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) (5) Inventory is sold for $629.400 (2) Inventory is sold for $454,800. pa) Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296400 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 Hered 1 Required 1 Nered2 Inventory Required 2 Required Inventory were mal entries to record the inventory is sold for $454,100 Inventory Required View all Journal entry worksheet 3 Record the coursement of the remaining cash to the partners Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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. Assets Cash Inventory XENDRA, COGLEY, AND MEI Balance Sheet May 21 Liabilities and Equity $ 95,700 Accounts payable 547,800 Xendra, Capital Cogley, Capital Mes, Capital 5643,500 Total liabilities and equity $257.000 77.300 173,925 135,275 S643,500 Total sets 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) 11) Inventory is sold for $629,400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 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 Required 1 G Required 2 Required Required 20 Inventory Inventory Required G Required Inventory Inventory Required 4 G Complete the schedule allocating the gain or loss on the sale of inventory is $356,400 and any partners with capital deficits pay in the amount of their deficits. Step 1) Determination et Gain (Lowe) Proceeds from the sale of inventory 5356400 ME: KENDRA 5 77300 COOLEY 5 173.025 5 135.276 $360,500 S 77300 5 173.25 3 195.27 100.500 Reged 26 Recured 3G Problem 12-6A Liquidation of a partnership LO P5 Kendro. Cogley, and Mel 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. Assets Cash Inventory XENDRA, COGLEY, AND Balance Sheet May 31 Liabilities and Equity $ 95,700 Accounts payable 567,800 Kendra, Capital Copley, Capital Mel. Capital 5643,500 Total liabilities and equity $257.000 77,300 172,925 135,275 $643,500 Total assets 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) Inventory is sold for $629.400. 2) Inventory is sold for $454,800. 3) Inventory is sold for $356.400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Redi Reared2 Inventory Required Required 3 Inventory Required 3 G Required Inventory Required 4 Prepare yournal entries to record the inventory is sold for 5356,400 and any partners with capital deficits pay in the amount of their Journal entry worksheet 6 Q... Homework Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Me share income and loss in a 32. ratio. The partners have decided to liquidate their partnership on the day of liquidation their balance sheet appears as follows KENNA, COGLIT, AND MET Biance sheet May 31 Assets Liabilities and Equity Cash 395,700 Accounts payable $257.000 Inventory 547.100 Kendra, Capital 17.300 Coley, Capital 17), 925 Mel, Capital 135,275 Total 6643,500 Total liabilities and alty 5643,500 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) Inventory is sold for $629,400. (2) Inventory is sold for $454,800 Inventory is sold for $356400 and any partners with capital deficits pay in the amount of their deficis 14) Inventory is sold for $295,400 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: Inventory Rebuired Required 2 Inventory Required 2G Required Inventory Required 3 Reosed: Initary Recured 4 Complete the schedule locating the gain or less on the sale of inventory 1296,400 and the partners have no ansies other than the invested in the partnership Mep 11 Outerwonin) Proceeds from the aid over Inwentary Cou 5 216.400 136.275 50 Abone the winners and strofe KENDRA COGLEY 77,300 $ 173.28 |Alata) 77100 173.025 Ako doce Capvesh 77.100 17. 7352 6 500 13.27 3.500 Hegd 4.) Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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 Assets Cash Inventory NENDRA, COGLEY, AND MET Dalance Sheet May 31 Liabilities and Equity $ 95,700 Accounts payable 547.000 Kendra, Capital Cogley, Capital Mei, Capital $63,500 Total liabilities and equity $257.000 77,300 173.925 135,275 $60),500 Total anset 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) (9) Inventory is sold for $629.400. (2) Inventory is sold for $454,800. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $296,400 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 Required 2 Required 1 Required 3 Required 20 Inventory Required 4 Inventory Required 3 G Inventory Inventory Retud 4 Prepare journal entries to record the inventory is sold for $296,400 and the partners have no other than those invested in the Denners Journal entry worksheet 1 2 > Record the sale of entory for $296,400. De Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share income and loss in a 32:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows Assets Cash Inventory BENDRA, COGLEY, AND HEI Balance Sheet May 21 Liabilities and Equity $ 95,700 Accounts payable 549,800 Xandra, Capital Copley, Capital Mei, Capital $60.500 Total liabilities and quity $257,000 71,700 173, 925 135,275 8643,500 Total assets 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 dolla.) (7) Inventory is sold for $629,400 (2) Inventory is sold for $454,800. (3) Inventory is sold for $356.400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $296,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Recured 1 Required 2 Required 160 Inventory Required Required 2G Inventory Required 4 Inventory Recured 3 Inventory Required 4 U Prepare journal entries to record the inventory is sold for $296,400 and the partners have no