Siblings Carolyn and Jaycelyn Alcott (CJ) Partnership starts a new partnership on July 4, 1776 with Fisher Herningway and the Nero and Socrates (NS) Partnership to form the Chapter of Characters (CC) Partnership by combining the resources as shown in the table below.shared profits and losses in the ratio of 7(C):30) NS shared profits and losses in the ratio of 3(N):21S). In the new CC partnership, all parties agree to share profits and losses in the following ratio: 5(C): 105 1(Hemingwayl: BIN): 5(S). CJ Partnership Hemingway (personal books) NS Partnership (books contributions (books) Cash 60,000 15,000 80,000 Land 55,000 60.000 Equipment 60,000 100,000 c. Capital 70,000 J. Capital 50,000 N. Capital 208,000 S, Capital 112,000 Fair values: CJ, Equipment 70,000 Hemingway, Land 40,000 NS, Land 80,000 NS, Equipment 300,000 Assume that the partners exchanged the necessary gold amongst themselves outside the partnership so that their new capital balances in the Chapter of Characters (CC) partnership reflect the CC's agreed proft-sharing ratios. A. Provide the journal entry (entries) to form the CC Partnership on the books of the CC A Provide the journal entry entries) to form the CC Partnership on the books of the CC Partnership B Seven years later, the CC Partnership is liquidated in two stages. During these past seven years, Joycelyn didn't want to partner with her sister arwymore so Carolyn left the partnership, and Nero died at sea while fishing with Hemingway. The three remaining partners are joyce (solvent). Hemingway insolvent), and Socrates (solvent). Their financial Information as of the liquidation date is as follows: Cash $150,000 Accts Payable $150,000 Hemingway. Land $100,000 $100,000 Capital Equipment Socrates, $300,000 $175.000 (net) Capital Joycelyn, $125,000 Capital In the first stage of liquidation, the partners decide to sell land and equipment with a combined book value of $300,000 for $200,000 and paid all liabilities. Provide the amount and order of payments from the complete cash distribution plan. Round the final answer to the nearest dollar (some rounding error allowed). Maintain fractions for intermediate calculations to reduce rounding error. Edit View Insert Format Tools Table 12pt Paragraph BIVALT Siblings Carolyn and Jaycelyn Alcott (CJ) Partnership starts a new partnership on July 4, 1776 with Fisher Herningway and the Nero and Socrates (NS) Partnership to form the Chapter of Characters (CC) Partnership by combining the resources as shown in the table below.shared profits and losses in the ratio of 7(C):30) NS shared profits and losses in the ratio of 3(N):21S). In the new CC partnership, all parties agree to share profits and losses in the following ratio: 5(C): 105 1(Hemingwayl: BIN): 5(S). CJ Partnership Hemingway (personal books) NS Partnership (books contributions (books) Cash 60,000 15,000 80,000 Land 55,000 60.000 Equipment 60,000 100,000 c. Capital 70,000 J. Capital 50,000 N. Capital 208,000 S, Capital 112,000 Fair values: CJ, Equipment 70,000 Hemingway, Land 40,000 NS, Land 80,000 NS, Equipment 300,000 Assume that the partners exchanged the necessary gold amongst themselves outside the partnership so that their new capital balances in the Chapter of Characters (CC) partnership reflect the CC's agreed proft-sharing ratios. A. Provide the journal entry (entries) to form the CC Partnership on the books of the CC A Provide the journal entry entries) to form the CC Partnership on the books of the CC Partnership B Seven years later, the CC Partnership is liquidated in two stages. During these past seven years, Joycelyn didn't want to partner with her sister arwymore so Carolyn left the partnership, and Nero died at sea while fishing with Hemingway. The three remaining partners are joyce (solvent). Hemingway insolvent), and Socrates (solvent). Their financial Information as of the liquidation date is as follows: Cash $150,000 Accts Payable $150,000 Hemingway. Land $100,000 $100,000 Capital Equipment Socrates, $300,000 $175.000 (net) Capital Joycelyn, $125,000 Capital In the first stage of liquidation, the partners decide to sell land and equipment with a combined book value of $300,000 for $200,000 and paid all liabilities. Provide the amount and order of payments from the complete cash distribution plan. Round the final answer to the nearest dollar (some rounding error allowed). Maintain fractions for intermediate calculations to reduce rounding error. Edit View Insert Format Tools Table 12pt Paragraph BIVALT
