Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the partners of the wisin, yandel and don partners

The partners of the Wisin, Yandel and Don partnership share profits and losses in the...

70.2K

Verified Solution

Question

Accounting

image

The partners of the Wisin, Yandel and Don partnership share profits and losses in the ratio of 40:25:35, respectively. The partners have decided to liquidate and terminate the partnership at December 1 until 31, 2021. Prior to liquidation, the partnership balance sheet was as follows: Cash Inventory Fixed assets - net Goodwill Total assets $ 20,000 100,000 60,000 100,000 $ 280,000 Liabilities Wisin, capital Yandel, capital Don, capital Total equity $ 120,000 60,000 80,000 20,000 $ 280,000 - Required: Prepare a schedule of liquidation, given that the partnership sold the inventory for $55,000 and the fixed assets for $200,000 and write-off Goodwill; and paid liabilities and then, distribution any cash remainder into partners

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

True or False : When a metal washer is heated the hole will expand.

Physics
Q

5 In the following the diodes are either forward biased or reverse biased Choose the...

Physics
Q

How long does it take for an investment to double in value if it is...

Finance
Q

The following scenario relates to the five questions (2125) below Background Daniel Co is a...

Accounting
Q

AUDITING & ASSURANCE SERVICES PAPER AdoreU Children Fashion Ltd Mini Audit Project QUESTIONS Part...

Accounting
Q

Required information (The following information applies to the questions displayed below] Tamar Co. manufactures a...

Accounting
Q

Why in this question Mills Company determines that its goodwill is impaired. It finds that...

Accounting
Q

Rebelo Corporation is presently making part E07 that is used in one of its products....

Accounting
Q

i sent this earlier and someone worked on it but it was not clear. i...

Accounting
Q

Analyzing Financial Statement Effects of Bond Redemption Holthausen Corporation issued $400,000 of 11%, 20-year bonds...

Accounting
Q

Rider Corp has the following information listed on their Balance Sheet as of 2018 ...

Accounting
Q

How can you filter the For Review tab to see all the transactions QuickBooks Online...

Accounting