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Free_Kalibri [48]
3 years ago
7

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Si

ms are $55,000, $45,000, and $20,000, respectively. Cash, noncash assets, and liabilities total $56,000, $96,000, and $32,000, respectively. Between July 1 and July 29, the noncash assets are sold for $90,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1.Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0".

Business
1 answer:
kondaur [170]3 years ago
3 0

:Answer:

Please find the attached pictures for the answer.

Explanation:

Explanation for each line in the picture:

<u>Balance before liquidation is given as:</u>

+ Total Asset = Cash + Non-cash = 56K + 96K = 152K

+ Total funding = Liabilities + Owner Equity of 03 contributors in the partnership = 32K + 55K + 45K + 20K = 152K

<u>After the sold of non-cash asset:</u>

+ Loss of $6,000 (90,000 - 96,000) is realized and distributed with the ratio of 3:2:1 to contributors. Thus, Gold's capital is $52,000 after deducting $3,000 loss; Porter's capital is $43,000 after deducting $2,000 loss and Sim's Capital is $19,000 after deducting $1,000 loss/

+ Cash account rose by $90,000 due to cash'receipt from sales of non-cash asset, up to 146,000.

<u>Settlement of liabilties:</u>

As liabilities worth $32,000; the full settlement will deduct liabilites by $32,000 and decrease cash account by the same amount.

In the end, there is $114,000 to be distributed to Gold: $52,000; Porter: $43,000 and Sim: $19,000

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nevsk [136]

<u>Part A</u>

<u />

<u>Answer:</u>

$207,021

<u />

<u>Explanation:</u>

The balance on the account at the end of the year 2020 is $1,000,000

The question asks us to calculate the balance on the account at the end of the year 1970, which is exactly 50 years ago.

We would simply discount the $1,000,000 by using an interest rate of 3.2%

PV_{1970} = \frac{1000000}{(1 + 0.032)^{50} } = $207,021

<u>Part B</u>

<u></u>

<u>Answer:</u>

$17,892.88

<u>Explanation:</u>

We have the value at year 1970 which is $207,021

Now to calculate the annual payment (PMT) we would plug the following values in the financial calculator,

PV = 0

N = 10

FV =207021

I/Y = 3.2

PMT = ?

PMT = $17,892.88

https://www.calculator.net/finance-calculator.html?ctype=contributeamount&ctargetamountv=207021&cyearsv=10&cstartingprinciplev=0&cinterestratev=3.2&ccontributeamountv=1000&ciadditionat1=end&printit=0&x=102&y=11

4 0
3 years ago
Cash equivalents are securities that a.have maturity dates of 3 months or less. b.have maturity dates of at least 6 months. c.ma
Ahat [919]

Answer:

a. have maturity dates of 3 months or less

Explanation:

Cash equivalents refer to those short term highly liquid security investments such as marketable securities like commercial papers which can be converted into cash within 90 days or 3 months.

Cash equivalents are characterized by their maturity period being 3 months or lesser.

Commercial papers and certificate of deposits maturing in less than 3 months constitute cash equivalents.

Two major characteristics of cash equivalents being, their maturity period being 3 months or lesser and their maturity value is not subject to fluctuations i.e it is known in advance.

3 0
3 years ago
Factors that influence global climate patterns include all of the following except _________.
Anvisha [2.4K]

Answer:

Deep ocean currents

Explanation:

Deep ocean currents do not affect global climate patterns. Deep ocean currents are driven by thickness and temperature inclinations. Since the development of profound water in sea bowls is mainly caused by thickness driven powers and gravity, Deep Ocean currents into deep sea plates at high scopes where the temperatures are sufficiently cold to make the thickness increment.

5 0
3 years ago
George's Equipment is planning on merging with Nelson Machinery. George's will pay Nelson's shareholders the current value of th
zalisa [80]

Answer:

31 per share

Explanation:

The computation of value per share is shown below:-

Share exchange ratio = MPS of Nelson ÷ MPS of George

= $38 ÷ $31

= 1.2258

MPS a + b = MVa + MVb ÷ Number of shares a + Number of shares b × SER

= (1600 × $38) + (4,600 × $31) ÷ 4,600 + (1,600 × 1.2258)

= $60,800 + $142,600 ÷ 4600 + 1,961

= $203,400 ÷ 6,561

= 31 per share

Therefore for computing the value per share we simply applied the above formula.

4 0
3 years ago
According to the video, what do Security Guards commonly protect? Select all that apply.
dimaraw [331]

Answer: I think its C

Explanation: hey

8 0
3 years ago
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