Need someone to do my class, BUS-FP4063, Accounting

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Exercise 1

Assessment 4: Partnerships
Exercise 1 Worksheet: Partnership Operations
The balance sheet shown below is that of a partnership of attorneys.
Cash and current assets $ 60,000 Liabilities $ 80,000 This cell intentionally left blank.
Land $ 360,000 L, capital $ 40,000 This cell intentionally left blank.
Building and equipment (net) $ 200,000 M, capital $ 80,000 This cell intentionally left blank.
No data No data N, capital $ 180,000 This cell intentionally left blank.
No data No data O, capital $ 240,000 This cell intentionally left blank.
Totals $ 620,000 Totals $ 620,000 This cell intentionally left blank.
Calculate partnership capital balances in each of the situations described in parts 1–5 below.
Part 1: How much money should P invest in the partnership to acquire a 25% interest? Goodwill or bonus will not be recorded. Use the space provided below for your calculations.
Part 2: P invests $72,000 cash in the partnership to acquire a 10% interest. Goodwill will be recorded. Profits and losses were split previously, as follows: • L – 30%. • M – 10%. • N – 40%. • O – 20%. Determine the individual capital balances after P’s investment. Use the spaces provided below for your calculations.
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Capital Balances L M N O P
Part 3: P invests $84,000 cash to the business to receive a 20% interest in the partnership. Goodwill will be recorded. Profits and losses are shared equally by the four original partners. Determine the individual capital balances after P’s investment. Use the space provided below for your calculations.
Part 4: P contributes $110,000 in cash in the partnership to acquire a 20% interest. Goodwill or other asset revaluation will not be recorded. Profits and losses were split previously, as follows: • L – 10%. • M – 30%. • N – 20%. • O – 40%. Determine the individual capital balances after P’s investment. Use the spaces provided below for your calculations.
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Capital Balances L M N O P
Part 5: N withdraws from the partnership. According to the original partnership agreement, N is to receive 125% of his final capital balance, in cash. Goodwill or other asset revaluation will not be recognized. Profits and losses are shared equally by all partners. Determine the remaining partners’ capital balances after N withdraws. Use the space provided below for your calculations.
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Capital Balances L M N O This cell intentionally left blank.
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End of Worksheet

Exercise 2

Assessment 4: Partnerships
Exercise 2 Worksheet: Partnership Liquidation Schedule
Edmonds, Beatty, and Elder decided to dissolve their partnership and liquidate the business. The following balance sheet was created at that time showing current account balances:
Cash $ 96,000 Liabilities $ 70,000 This cell intentionally left blank.
Noncash assets $ 354,000 Capital – Edmonds (60%) $ 202,000 This cell intentionally left blank.
Building and equipment (net) $ 200,000 Capital – Beatty (20%) $ 56,000 This cell intentionally left blank.
Capital – Elder (20%) $ 122,000 This cell intentionally left blank.
Total assets $ 450,000 Total Liabilites and Capital $ 450,000 This cell intentionally left blank.
The transactions listed below occurred during liquidation: • Safe capital balances were distributed immediately to the partners. $18,000 in liquidation expenses were estimated as a basis for the computation. • Noncash assets, with a $160,000 book value, were sold for $96,000. • All liabilities were paid. • Safe capital balances were once again distributed. • $88,000 in remaining noncash assets were sold. • $14,000 in liquidation expenses were paid. • Cash remaining was distributed to the partners. • Business financial records were closed permanently. Allocate income and prepare a partnership liquidation schedule, using a predistribution plan. Use the spaces below to enter your calculations.
Edmonds, Beatty, and Elder Schedule of Partnership Liquidation Final Balances
Cash Noncash Assets Liabilities Edmonds, Capital (60%) Beatty, Capital (20%) Elder, Capital (20%)
Beginning balances $ 96,000 $ 354,000 $ 70,000 $ 202,000 $ 56,000 $ 122,000
Distribution of $8,000 (cash in excess of liabilities and estimated liquidation expenses) in accordance with predistribution plan – Schedule 1
Updated balances
Noncash assets sold
Updated balances
All liabilities are paid
Updated balances
Distribution of $96,000 (cash in excess of liabilities and estimated liquidation expenses) in accordance with predistribution plan – Schedule 1
First distribution
Next distribution
Next distribution
Updated balances
Noncash assets sold
Updated balances
Paid liquidation expenses
Updated balances
Final distribution based on ending capital account balances
Ending balance
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Edmonds, Capital Beatty, Capital Elder, Capital This cell intentionally left blank.
Beginning balances This cell intentionally left blank.
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Step 1 balances This cell intentionally left blank.
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Step 2 balances This cell intentionally left blank.
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Predistribution Plan
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Partner Capital Balance/ Loss Allocation Maximum Loss That Can Be Absorbed This cell intentionally left blank.
Edmonds This cell intentionally left blank.
Beatty This cell intentionally left blank.
Elder This cell intentionally left blank.
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Schedule 3 This cell intentionally left blank.
Partner Capital Balance/ Loss Allocation Maximum Loss That Can Be Absorbed This cell intentionally left blank.
Edmonds This cell intentionally left blank.
Elder This cell intentionally left blank.
End of Worksheet