Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their…


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29.99

Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their… 1 answer below ยป Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows. ASURE, RAMIREZ,AND SONEY Balance Sheet January 18 Assets Liabilities and Equity Cash $174,300 Accounts payable $171,300 Equipment 308,600 Asure, Capital 150,200 Ramirez, Capital 97,900 Total assets $482,900 Soney, Capital 63,500 $482,900 Total liabilities and equity Required Prepare journal entries for (a) the sale of equipment, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Equipment is sold for (1) $325,000; (2) $265,000; (3) $100,000 and any partners with capital deficits pay in the amount of their deficits; and (4) $75,000 and the partners have no assets other than those invested in the partnership. (Round amounts to the nearest dollar.) Jul 24 2014 07:49 AM

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29.99