Chapter 12 HomeworkC Chegg Study | Guided So CSecure https://newconnect.mheducat
ID: 2329283 • Letter: C
Question
Chapter 12 HomeworkC Chegg Study | Guided So CSecure https://newconnect.mheducation.com/flow/connect.html Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. 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 Cash Inventory Liabilities and Equity 89,23 Accounts payable 553,80 Kendra, Capital Cogley, Capital $259,88e 76,800 172,886 134,486 Mei, Capital Total assets $643,e9 Total liabilities and equity $643,6e6 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. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $609,600 (2) Inventory is sold for $464,400. (3) Inventory is sold for $327,600 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $241,800 and the partners have no assets other than those invested in the partnership Answer is not complete Complete this question by entering your answers in the tabs below Type here to search 7:20 PM 9/5/2018Explanation / Answer
Answer 1. Cash Inventory Accounts Payable Capital Kendra (3/6) Cogley (2/6) Mei (1/6) Balance 89,200.00 553,800.00 259,000.00 76,800.00 172,800.00 134,400.00 Sale of Inventory 609,600.00 (553,800.00) - 27,900.00 18,600.00 9,300.00 Balance 698,800.00 - 259,000.00 104,700.00 191,400.00 143,700.00 Accounts Payable Paid (259,000.00) - (259,000.00) - - - Balance 439,800.00 - - 104,700.00 191,400.00 143,700.00 Cash paid to Partners (439,800.00) - (104,700.00) (191,400.00) (143,700.00) Balance - - - - - - Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 609,600.00 Inventory 553,800.00 Gain on sale of Inventory 55,800.00 2 Gain on sale of Inventory 55,800.00 Kendra, Capital 27,900.00 Cogley, Capital 18,600.00 Mei, Capital 9,300.00 3 Accounts Payable 259,000.00 Cash 259,000.00 4 Kendra, Capital 104,700.00 Cogley, Capital 191,400.00 Mei, Capital 143,700.00 Cash 439,800.00 Answer 2. Cash Inventory Accounts Payable Capital Kendra (3/6) Cogley (2/6) Mei (1/6) Balance 89,200.00 553,800.00 259,000.00 76,800.00 172,800.00 134,400.00 Sale of Inventory 464,400.00 (553,800.00) - (44,700.00) (29,800.00) (14,900.00) Balance 553,600.00 - 259,000.00 32,100.00 143,000.00 119,500.00 Accounts Payable Paid (259,000.00) - (259,000.00) - - - Balance 294,600.00 - - 32,100.00 143,000.00 119,500.00 Cash paid to Partners (294,600.00) - (32,100.00) (143,000.00) (119,500.00) Balance - - - - - - Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 464,400.00 Loss on Sale of Inventory 89,400.00 Inventory 553,800.00 2 Kendra, Capital 44,700.00 Cogley, Capital 29,800.00 Mei, Capital 14,900.00 Loss on sale of Inventory 89,400.00 3 Accounts Payable 259,000.00 Cash 259,000.00 4 Kendra, Capital 32,100.00 Cogley, Capital 143,000.00 Mei, Capital 119,500.00 Cash 294,600.00 Answer 3. Cash Inventory Accounts Payable Capital Kendra (3/6) Cogley (2/6) Mei (1/6) Balance 89,200.00 553,800.00 259,000.00 76,800.00 172,800.00 134,400.00 Sale of Inventory 327,600.00 (553,800.00) - (113,100.00) (75,400.00) (37,700.00) Balance 416,800.00 - 259,000.00 (36,300.00) 97,400.00 96,700.00 Accounts Payable Paid (259,000.00) - (259,000.00) - - - Balance 157,800.00 - - (36,300.00) 97,400.00 96,700.00 Cash Bought in by Kendra 36,300.00 - - 36,300.00 - - Balance 194,100.00 - - - 97,400.00 96,700.00 Cash paid to Partners (194,100.00) - (97,400.00) (96,700.00) Balance - - - - - - Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 327,600.00 Loss on Sale of Inventory 226,200.00 Inventory 553,800.00 2 Kendra, Capital 113,100.00 Cogley, Capital 75,400.00 Mei, Capital 37,700.00 Loss on sale of Inventory 226,200.00 3 Accounts Payable 259,000.00 Cash 259,000.00 4 Cash 36,300.00 Kendra, Capital 36,300.00 5 Cogley, Capital 97,400.00 Mei, Capital 96,700.00 Cash 194,100.00 Answer 4. Cash Inventory Accounts Payable Capital Kendra (3/6) Cogley (2/6) Mei (1/6) Balance 89,200.00 553,800.00 259,000.00 76,800.00 172,800.00 134,400.00 Sale of Inventory 241,800.00 (553,800.00) - (156,000.00) (104,000.00) (52,000.00) Balance 331,000.00 - 259,000.00 (79,200.00) 68,800.00 82,400.00 Accounts Payable Paid (259,000.00) - (259,000.00) - - - Balance 72,000.00 - - (79,200.00) 68,800.00 82,400.00 Deficit Capital Distributed between Patners - - - 79,200.00 (52,800.00) (26,400.00) Balance 72,000.00 - - - 16,000.00 56,000.00 Cash paid to Partners (72,000.00) - (16,000.00) (56,000.00) Balance - - - - - - Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 241,800.00 Loss on Sale of Inventory 312,000.00 Inventory 553,800.00 2 Kendra, Capital 156,000.00 Cogley, Capital 104,000.00 Mei, Capital 52,000.00 Loss on sale of Inventory 312,000.00 3 Accounts Payable 259,000.00 Cash 259,000.00 4 Cogley, Capital 52,800.00 Mei, Capital 26,400.00 Kendra, Capital 79,200.00 5 Cogley, Capital 16,000.00 Mei, Capital 56,000.00 Cash 72,000.00
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.