Business, 23.08.2021 22:10 Jakethedog210

Following is a series of independent cases. In each situation, indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Part A ) The Buarque, Monte, and Vinicius partnership reports the following accounts. Vinicius is personally insolvent and can contribute only an additional $23,000 to the partnership.
Cash $144,000
Liabilities 49,000
Monte, loan 48,000
Buarque, capital (50% of profits and losses) 22,000
Monte, capital (25%) 54,000
Vinicius, capital (25%) (29,000) (deficit)
Part B
Drawdy, Langston, and Pearl operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have prepared the following balance sheet:
Cash$34,000Liabilities$45,000
Drawdy, loan 19,000Langston, loan 24,000
Noncash assets 178,000Drawdy, capital (40%) 79,000
Langston, capital (30%) 64,000
Pearl, capital (30%) 19,000
Total assets $231,000Total liabilities and capital$231,000
The firm sells the noncash assets for $134,000; it will use $29,000 of this amount to pay liquidation expenses. All three of these partners are personally insolvent.
Part C
Drawdy, Langston, and Pearl operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have prepared the following balance sheet:
Cash $34,000Liabilities $45,000
Drawdy, loan 19,000Langston, loan 24,000
Noncash assets 178,000Drawdy, capital 79,000
Langston, capital 64,000
Pearl, capital 19,000
Total assets $231,000Total liabilities and capital $231,000
The firm sells the noncash assets for $134,000; it will use $20,000 of this amount to pay liquidation expenses. All three of these partners are personally insolvent. Assume that the profits and losses are split 2:4:4 to Drawdy, Langston, and Pearl, respectively.
Part D
Following the liquidation of all noncash assets, the partnership of Krups, Lindau, Riedel, and Schnee has the following account balances. Krups is personally insolvent.
Liabilities $9,000
Krups, loan 20,000
Krups, capital (30% of profits and losses)(48,000) deficit
Lindau, capital (30%) (44,000) deficit
Riedel capital (20%) 29,000
Schnee, capital (20%) 34,000

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 18:20

When someone buys a fourth television for his or her house, what is the result? a. there's a decrease in the marginal utility of the television. b. the increase in demand brings leads to higher prices for televisions. c. the production of televisions becomes more efficient. d. there's a rise in the opportunity cost of buying other goods.

Answers: 2

Answer

Business, 22.06.2019 12:30

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.

Answers: 2

Answer

Business, 22.06.2019 22:00

On january 8, the end of the first weekly pay period of the year, regis company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. withholdings from the employees' salaries include fica social security taxes at the rate of 6.20%, fica medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. no employee earned more than $7,000 in this first pay period. required: 1.1 calculate below the amounts for each of these four taxes of regis company. regis’s merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.60

Answers: 3

Answer

Business, 22.06.2019 22:00

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a.the contractor must submit a standard form 294, subcontracting report for individual contracts. b.the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c.the contractor may submit either an sf 294 or report its subcontracting through esrs. d.the contractor is not required to submit any subcontracting reports.

Answers: 1

Answer

You know the right answer?

Following is a series of independent cases. In each situation, indicate the cash distribution to be...

Questions