Business, 05.09.2020 20:01 RavenousLlama
A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows.
KENDRA, COGLEY, AND MEI Balance Sheet May 31
Assets Liabilities and Equity
Cash $103,900 Accounts payable $258,000
Inventory 537,600 Kendra, Capital 76,700
Cogley, Capital 172,575
Mei, Capital 134,225
Total assets $641,500 Total liabilities and equity $641,500
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.
a. Inventory is sold for $608,400.
b. Inventory is sold for $469,200.
c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.
d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.
Answers: 2
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A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio...
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