Accounting

profileckayvoe

Due at 4.30pm, EST. Four hours to go

 

1. After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.

Cash

Inventory

Other assets Accounts Payable

Abel, Capital Barney, Capital Cole, Capital

18,000

73,000 157,000

50,000 50,000

87,000

Noncash assets are sold for $275,000. Profits and losses are shared equally.

After all liabilities are paid, divide the remaining cash amongst the partners.

 

61,000

 

I don't get what to do 

2. The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:
Cash
Other Assets Liabilities Brandon, Capital Ryan, Capital
$10,000 8,000 4,000 7,000 7,000
a. If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?
b. If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets? 

    • 8 years ago
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