Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. partners ken and macki each have a $40,000 capital

Partners Ken and Macki each have a $40,000 capital balance and share income and losses...

50.1K

Verified Solution

Question

Accounting

Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $50,000.

A) Prepare the liquidation statement( if there is a cash deficiency assume that the partner is unable to pay)

B) Journalize the liquidation

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Solve the following word problem. You should get infinite solutions. So find the pattern for...

Advance Math
Q

4 2 A long horizontal wire AB which is free to move in a vertical...

Physics
Q

29 Given Prove Plan R Parallelogram RSTV also XY VT 21 LS First show that...

Geometry
Q

If a ball is thrown directly upward with a velocity of 24 ft s its...

Calculus
Q

1. What were the Operating Margins, Gross Profits, Profit Margins by product...

Accounting
Q

Koontz Company manufactures a number of products. The standards relating to one of these products...

Accounting
Q

Calculate the accumulated value after ten years of payments of $1000.00 made at the end...

Accounting
Q

The following cash inflows are predicted over the next five years: $6,000, $9,000, $12,000, $15,000...

Accounting
Q

Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800...

Accounting
Q

all of the beeded information to complete the tables is included in the first picture,...

Accounting
Q

The current price of a non-dividend-paying stock is $30. Over the next three months it...

Finance
Q

PESTEL Analysis 1. Political factors 2. Economic factors 3. Social factors 4. Technological factors 5....

Accounting