Business, 19.08.2020 20:01 hannah2718

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 Liabilities and Equity Cash $103,900 Accounts payable $258,000Inventory 537,600 Kendra, Capital 76,700Cogley, Capital 172,575Mei, Capital 134,225Total assets $641,500 Total liabilities and equity $641,500Required: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.(1) The inventory is sold for $608,400.(2) Inventory is sold for $469,200.(3) Inventory is sold for $358,800 and any partners with capital deficits pay in the number of their deficits.(4) Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 14:10

Needs 83,000 optical switches next year (assume same relevant range). by outsourcing them, worldsystems can use its idle facilities to manufacture another product that will contribute $ 140,000 to operating income, but none of the fixed costs will be avoidable. should worldsystems make or buy the switches? show your analysis.

Answers: 3

Answer

Business, 22.06.2019 02:00

Kenney co. uses process costing to account for the production of canned energy drinks. direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. equivalent units have been calculated to be 19,200 units for materials and 16,000 units for conversion costs. beginning inventory consisted of $11,200 in materials and $6,400 in conversion costs. april costs were $57,600 for materials and $64,000 for conversion costs. ending inventory still in process was 6,400 units (100% complete for materials, 50% for conversion). the total cost per unit using the weighted average method would be closest to:

Answers: 2

Answer

Business, 22.06.2019 19:40

Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.

Answers: 3

Answer

Business, 22.06.2019 21:40

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.

Answers: 3

Answer

You know the right answer?

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquida...

Questions