60.1K

Verified Solution

Link Copied!

help! I did some but got stuck.

Saved Help Save & Exit Submit Check my work Kendra, Cogley, and Mel 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. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $ 252,000 74.200 166,950 129,850 $623,000 Total assets 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 $621,000. (2) Inventory is sold for $468,000. (3) Inventory is sold for $329,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $240,600 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Check my work No Transaction General Journal Debit Credit 1. Cash 621,000 Inventory Gain on sale of equipment 468,000 153,000 Gain on sale of inventory Kendra, Capital Cogley, Capital Mei, Capital (c) Accounts payable Cash (d) Kendra, Capital Cogley, Capital Mel, Capital Cash > Required 2 Inventory Next >

Answer & Explanation Solved by verified expert

See Answer