Buy Partnership Liquidation Accounting Assignment

Buy Partnership Liquidation Accounting Assignment
1. In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the:
a. Partner profit and loss sharing ratios
b. Balances of partner capital accounts
c. Ratio of the capital contributions by partners
d. Safe payments computations
2. In accounting for the liquidation of a partnership, cash payments to partners after all non-partner creditors’ claims have been satisfied, but before final cash distribution, should be according to:
a. Relative profit and loss sharing ratios
b. The final balances in partner capital accounts
c. The relative share of gain or loss on liquidation
d. Safe payments computations
3. After all non-cash assets have been converted into cash in the liquidation of the Maris and DeMarco partnership, the ledger contains the following account balances:

Available cash should be distributed as follows: $25,000 to accounts payable and:
a. $9,000 for loan payable to Maris
b. $4,500 each to Maris and DeMarco
c. $1,000 to Maris and $8,000 to DeMarco
d. $8,000 to Maris and $1,000 to DeMarco
4. The partnership of Gwen, Bill, and Sissy is liquidating and the ledger shows the following:
Cash ………………………. $ 80,000
Inventories………………… 100,000
Accounts payable…………. 60,000
Gwen capital (50%) ……… 40,000
Bill capital (25%) ………… 45,000
Sissy capital (25%)………. 35,000
If all available cash is distributed immediately:
a. Gwen, Bill, and Sissy should get $26,667 each
b. Gwen, Bill, and Sissy should get $6,667 each
c. Gwen should get $10,000, and Bill and Sissy should get $5,000 each
d. Bill should get $15,000, and Sissy $5,000
5. The following balance sheet summary, together with residual profit sharing ratios, was developed on April 1, 2011, when the Dick, Frank, and Helen partnership began its liquidation:
Buy Partnership Liquidation Accounting Assignment

If available cash except for a $5,000 contingency fund is distributed immediately, Dick, Frank, and Helen, respectively, should receive:
a. $0, $60,000, and $15,000
b. $11,000, $22,000, and $22,000
c. $0, $70,000, and $5,000
d. $0, $27,500, and $27,500
6. The partnership of Unsel, Vance, and Wayne was dissolved on June 30, 2011, and account balances after noncash assets were converted into cash on September 1, 2011, are:

Personal assets and liabilities of the partners at September 1, 2011, are:

If Wayne contributes $70,000 to the partnership to provide cash to pay the creditors, what amount of Unsel’s $90,000 partnership equity would appear to be recoverable?
a. $90,000
b. $81,000
c. $79,000
d. None of the above

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