1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
UkoKoshka [18]
3 years ago
13

The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property

. During this process, the partners expect to incur $8,000 in liquidation expenses. All partners are currently solvent. The balance sheet reported by this partnership at the time that the liquidation commenced follows. The percentages indicate the allocation of profits and losses to each of the four partners.
Cash $ 28,250 Liabilities $ 47,000
Accounts receivable 44,000 Larson, capital (20%) 15,000
Inventory 39,000 Norris, capital (30%) 60,000
Land and buildings 23,000 Spencer, capital (20%) 75,000
Equipment 104,000 Harrison, capital (30%) 41,250
Total assets $238,250 Total liabilities and capital $238,250

Required:
Based on the information provided, prepare a predistribution plan for liquidating this partnership.
Business
1 answer:
Volgvan3 years ago
4 0

Answer:

          LARSON, NORRIS, SPENCER AND HARRISON

PREDISTRIBUTION PLAN FOR LIQUIDATING PARTNERSHIP

ASSET

Cash                           $28,250

liquidating expense   <u> (8,000)    </u>             20,250

Account receivable                                   44,000

inventory                                                    39,000

land and building                                       23,000

Equipment                                               104,000

Total Asset                                              230,250

Liabilities                                              <u>    (47,000)</u>

Net asset                                                 183,250

Asset to be distributed as follows:

Larson(15,000 - 1600)   13,400          

Norris(60,000 -2400)    57,600                        

Spencer(75,000 - 1600)  73,400                

Harrison(41,250-2400)      38,850            <u> ( 183,250)</u>

                                                                   <u>        0      </u>

Loss                                                        

share of liquidation expenses

Larson = 20%*8000 = 1600

Norris = 30%*8000 = 2400

Spencer = 20%*8000= 1600

Harrison = 30%*8000 = 2400

Explanation:

You might be interested in
On January 1, 2021, Laramie Inc. acquired land for $6.2 million. Laramie paid $1.2 in cash and signed a 6% note requiring the co
stepladder [879]

Answer:

The amount Laramie should record the purchase of land is <u>$6.2 million</u>.

Explanation:

The costs of a fixed asset refer to the purchase price and other relevant costs which are incurred in order to the location and working condition required to operate the fixed asset in way that it is intended.

The other relevant costs that are added to the purchase price to arrive at the cost of the fixed assets include professional fees, non-refundable taxes or levies, and among others.

If any trade discount or rebate is given, this will be deducted from the purchase price to arrive at the cost.

Any interest required to be paid on the delayed payment in order to reflects the time value of money are not part of the cost of the asset but expensed in the year they are incurred.

From the question, the land acquired is a fixed asset. Based on the explanation above, the total cost of the asset is $6.2 million. The interest from the 6% interest rate on the remaining $5 million will be part of the cost of the land but it will be expensed in the year they are incurred.

Therefore, the amount Laramie should record the purchase of land is <u>$6.2 million</u>.

6 0
3 years ago
Which of the following are etiquette guidelines that promote positive workplace conversations?a. Avoid discussions of art and cu
Alina [70]

Answer:

The correct answers are letters "B", "C", and "D": Give sincere and specific praise; Act professionally in social situations; Use correct names and titles.

Explanation:

Keeping a safe environment at the workplace implies following a set of good practices that benefit employees individually and to the overall organization. Greeting each other respectfully at the beginning of the day and farewelling coworkers on the way out of work are basic, simple customs that promote a familiar atmosphere.

Besides, <em>giving praise</em> after achieving certain goals; <em>acting professionally in the company's casual events</em>; or, <em>referring to each other with titles accordingly</em> also contribute to promoting a peaceful environment at work.

3 0
3 years ago
What are the portfolio weights for a portfolio that has 130 shares of Stock A that sell for $40 per share and 110 shares of Stoc
Eva8 [605]

Answer:portfolio Weight of A =0.6118; portfolio Weight of B=0.3882

Explanation:

stock A  Investment = Number of shares x market value

=130 x 40 = $5200

stock B investment =Number of shares x market value

110 x 30 =    $3,300

Total Investments= $5200 +  $3,300  = $8,500

portfolio Weight = stock  Investment / Total investment

portfolio Weight of A= 5200/ 8,500 =0.6118

portfolio Weight of B = 3,300 / 8,500 =0.3882

3 0
3 years ago
Please can u explain 5 types of ledgers​
horsena [70]

Answer:

1. Sales ledger

2. Purchase ledger

3. Cash ledger

4. General ledger

8 0
3 years ago
Read 2 more answers
How does supply and demand, scarcity and economic measurement affect (LLC only) and as well as the costs associated with your bu
julsineya [31]

Answer: If you think the concepts of supply and demand are just relevant for macro economists, you’re probably missing a few ways to improve your small business. Understanding the importance of supply and demand in business terms will help you better plan your pricing, production and marketing.

Explanation: Put in your own words so that they dont see this answer because my teachers check the internet for plagiarism.

5 0
2 years ago
Other questions:
  • How many bushels of wheat are wholesalers willing to buy at $18 per bushel?
    11·2 answers
  • Anthony picked up a package of paper plates and noticed that there was a coupon stuck onto the package that stated, "Save 50 cen
    15·1 answer
  • The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bi
    6·1 answer
  • Suppose you receive at the end of each year for the next three years. a. If the interest rate is ​, what is the present value of
    15·1 answer
  • 3. Imagine that you are working at a clothing or grocery store, and answer the questions
    5·1 answer
  • According to When to Ally, When to Acquire:
    14·1 answer
  • Frozen Gold is a fast-growing chain of ice cream shops. It has acquired an edge over its competitors through its ability to prov
    13·1 answer
  • The three steps which will create triangular arbitrage profit are as follows: first step, convert ____; second step, convert ___
    10·1 answer
  • Name FIVE factors that must be considered when choosing a form of ownership.
    15·1 answer
  • The price of a good or service must ____.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!