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
muminat
3 years ago
13

The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance

sheet drawn up at this time shows the following account balances: Cash $ 60,000 Liabilities $ 43,000 Noncash assets 207,000 Frick, capital (60%) 120,000 Wilson, capital (20%) 33,000 Clarke, capital (20%) 71,000 Total assets $ 267,000 Total liabilities and capital $ 267,000
Part A Prepare a predistribution plan for this partnership
Part B The following transactions occur in liquidating this business: Distributed cash based on safe capital balances immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $90,000 for $60,000. Paid all liabilities. Distributed cash based on safe capital balances again. Sold remaining noncash assets for $49,000. Paid actual liquidation expenses of $8,000 only. Distributed remaining cash to the partners and closed the financial records of the business permanently. Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners based on safe capital balances.

Business
1 answer:
Charra [1.4K]3 years ago
6 0

Answer:

PART A:

For preparing the predistribution plan we first caluclate the order of partnership elimination based on their capital accounts and the profit sharing ratio.

The lowest capital contributor is eliminated first and so on. Which is attached in figure 1

Then we prepared the predistribution plan which is attached in figure 2

PART B

The statement is attached in figure 3

You might be interested in
You pay $5,500 per year for insurance on your building. Fire damage caused $15,000 in repairs. The insurance company paid for th
ElenaW [278]

Based on the amount you pay now and the increase in insurance premiums, your annual insurance costs next year would be $6,325.

<h3>What is the next insurance cost next year?</h3>

The annual cost of insurance refers to the amount that is paid in premiums in a year.

That cost is currently $5,500 but will increase by 15%.

= Current insurance cost x ( 1 + rate of increase)

Solving gives:

= 5,500 x ( 1 + 15%)

= $6,325

Find out more on insurance cost at brainly.com/question/4953989.

6 0
2 years ago
An online recruiting website offers business customers up to 25 job postings per year costing $75 each. If a company posted 15 j
DaniilM [7]

Answer:

$1,035

Explanation:

Each job costs $75

Job posted 15 jobs

Total  income = $1,125. ($75X$15)

8% sales tax =$90 (0.08 x $ 1, 125)

                 

Total cost= $ 1,123- $90

                  =$1,035

4 0
3 years ago
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credi
mariarad [96]

Answer:

Income Statment:

Trucking fees earned                 130,000

Depreciation expense—Trucks (23,500)

Salaries expense                         (61,000)

Office supplies expense               (8,000)

Repairs expense—Trucks        <u>  (12,000)  </u>

                  Net Income               25,500

Retained Earnings

Beginning       155,000

Net Income      25,500

Dividends     <u>  (20,000)  </u>

Ending            160,500

Balance Sheet:

Cash                             8,000    Accounts payable         12,000

Accounts receivable  17,500     Interest payable             4,000

Office supplies          <u>   3,000 </u>    Total current liabilities 16,000

Total Current Assets: 28,500    Long-term                     53,000

Trucks (net)               136,000   Total liabilities                69,000

Land                          <u> 85,000</u>    Common Stock             20,000

Total non-current     221,000    Retained Earnings      160,500

                                                   Total Equity                 180,500

Total Assets             249,500    Liabilities + Equity    249,500

Explanation:

For the income statement we list the revenue and then, we subtract all the expenses account.

Retained Earnings will be beginning + income - dividends. This value will go into the balance sheet.

For the balance sheet, we display assets into both categories:

current: who are going to be converted into cash within a year.

and non-current like the truck and the land which are going to be in the company's book for more than a year before converting into cash.

Liabilities and equity will be in the other side and their sum should match the total assets.

6 0
3 years ago
Supposed you have had 10 apples. You gave 4 apples to your friend for Christmas. What portion of the initial amount did you give
shtirl [24]

Answer:

The portion of the initial amount that was given away is:

= 0.40

Explanation:

a) Data and Calculations:

Number of apples available = 10

Number of those apples given to a friend for Christmas = 4

The portion given away = 4/10 = 0.4

This represents 40% of the whole.

b) The portion given away to the friend for Christmas is a proportion of the whole.  In this case, it represents just 40% of the 10 apples.  This means that only 60% or 0.60 of the original apples are still available or on hand because 40% had been given away.

6 0
2 years ago
Developing effective marketing communications starts with​ __________.
AlexFokin [52]
Developing effective marketing communications starts with​ analyzing and understanding the current clients and why they chose those products or services. In the first step from the marketing communication the company should get insights into when, where, why and how people purchase the products.T<span>he main focus of the marketing communication strategy is to gain awareness.</span>
8 0
3 years ago
Other questions:
  • When a commercial for men's razor blades demonstrate how the blades work to create the closest shave, the brand is using a _____
    7·1 answer
  • The assumption that in the absence of contrary information a business entity will continue indefinitely is the:
    8·1 answer
  • Pollution caused by candles isn't taken into account.Quality improvements as a source of well-being are ignored.GDP doesn't capt
    14·1 answer
  • _____ involves tracking team member performance, motivating team members, providing timely feedback, resolving issues and confli
    11·1 answer
  • At the date of the business combination, the book values of Spice’s assets and liabilities approximated fair value except for in
    12·1 answer
  • How many questions does Brainly let you ask ???
    10·1 answer
  • Mature Products Corporation produces goods that are very mature in their product life cycles. Mature Products Corporation is exp
    14·1 answer
  • In a _______, the majority of a nation’s land, factories, and other economic resources are privately owned by individuals or bus
    12·1 answer
  • Help for 10 stars pls . how can i make money eficently if i cant run a lemonade stand or do chores
    6·1 answer
  • King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!