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Problem 15-13 (LO 15-1, 15-3)

quiz q 9

A local partnership has only two assets


cash
building

130000
700000

All liabilities have been paid and the following capital balances are currently being recorded.
The partners share profits and losses as follows. All partners are insolvent.
robert, capital (50%)
Ferry, capital (30%)
Mones, capital (20%)

$500,000
300,000
30,000

a) If the building is sold for

450000

cash distribution

roberts
375,000

Reported balances
Loss on sale of building
split on a 5:3:2 basis
Cash distribution
b) If the land is sold for

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution
b) If the land is sold for

how much cash does each partner re


Ferry
225,000

Mones
-20,000

Roberts
500,000

Ferry
300,000

-125000
375,000

-75000
225,000

-250000

15000
Brown
125,714

how much cash does each partner re


Fish
19,286

Stone
-174,500

Brown
500,000

Fish
300,000

-274000
226,000

-205500
94,500

-100286
125,714

-75214
19,286

-685000

-175,500

5000
Brown

how much cash does each partner re


Fish

Stone

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

120,000

15,000

-174,500

Brown
500,000

Fish
300,000

-278000
222,000

-208500
91,500

-102000
120,000

-76500
15,000

-695000

-178,500

tly being recorded.

oes each partner receive in a final settlement?

Mones
30,000
-50000
-20,000

oes each partner receive in a final settlement?

Stone
30,000
-205500
-175,500
1000
-174,500

oes each partner receive in a final settlement?

Stone
30,000
-208500
-178,500
4000
-174,500

Problem 15-13 (LO 15-1, 15-3)

quiz q 6

A local partnership has only two assets


cash
building

130000
700000

All liabilities have been paid and the following capital balances are currently being recorded.
The partners share profits and losses as follows. All partners are insolvent.
Roberts, capital (50%)
Ferry, capital (30%)
Mones, capital (20%)

$500,000
300,000
30,000

a) If the building is sold for

450000

cash distribution

roberts
375,000

Reported balances
Loss on sale of building
split on a 5:3:2 basis
Cash distribution
b) If the land is sold for

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution
b) If the land is sold for

how much cash does each partner re


Ferry
225,000

Mones
-20,000

Roberts
500,000

Ferry
300,000

-125000
375,000

-75000
225,000

-250000

15000
Brown
125,714

how much cash does each partner re


Fish
19,286

Stone
-174,500

Brown
500,000

Fish
300,000

-274000
226,000

-205500
94,500

-100286
125,714

-75214
19,286

-685000

-175,500

5000
Brown

how much cash does each partner re


Fish

Stone

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

120,000

15,000

-174,500

Brown
500,000

Fish
300,000

-278000
222,000

-208500
91,500

-102000
120,000

-76500
15,000

-695000

-178,500

tly being recorded.

oes each partner receive in a final settlement?

Mones
30,000
-50000
-20,000

oes each partner receive in a final settlement?

Stone
30,000
-205500
-175,500
1000
-174,500

oes each partner receive in a final settlement?

Stone
30,000
-208500
-178,500
4000
-174,500

Problem 15-13 (LO 15-1, 15-3)

also used for quiz q 5

A local partnership has only two assets


cash
building

5000
80000

All liabilities have been paid and the following capital balances are currently being recorded.
The partners share profits and losses as follows. All partners are insolvent.
Harry, capital (40%)
Landers, capital (40%)
Walters, capital (20%)

$40,000
30,000
15,000

a) If the building is sold for

50000

cash distribution

harry
28,000

Reported balances
Loss on sale of building
split on a 4:4:2 basis
Cash distribution

15000

cash distribution

Brown
11,429

b) If the land is sold for

landers
21,000

walters
9,000

harry
40,000

landers
30,000

-12000
28,000

-9000
21,000

-30000

b) If the land is sold for

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

how much cash does each partner re

how much cash does each partner re


Fish
8,571

Stone
-3,500

Brown
40,000

Fish
30,000

-26000
14,000

-19500
10,500

-2571
11,429

-1929
8,571

-65000

-4,500

5000
Brown

how much cash does each partner re


Fish

Stone

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

5,714

4,286

-3,500

Brown
40,000

Fish
30,000

-30000
10,000

-22500
7,500

-4286
5,714

-3214
4,286

-75000

-7,500

used for quiz q 5

tly being recorded.

oes each partner receive in a final settlement?

walters
15,000
-6000
9,000

oes each partner receive in a final settlement?

Stone
15,000
-19500
-4,500
1000
-3,500

oes each partner receive in a final settlement?

Stone
15,000
-22500
-7,500
4000
-3,500

Problem 15-12 (LO 15-1, 15-3, 15-4)


A partnership has the following account balances:
cash
other assets
liabilities

The company liquidates,

70000
540000
260000

8000

Since the partnership currently has total capital of


the $8,000 that is available would indicate maximum potential losses of

Reported balances
Anticipated loss
-342000
split on a 5:3:2 basis
Potential balances
Potential loss from Nixon's deficit (split 3:2)(3/5,2/5)
Safe payments

-1,000

Nixon (50%)
Cleveland (30)
Pierce (20)

170000
110000
70000

becomes available to the partners. Who gets the $8,000?


350000

ntial losses of

342000
Nixon
170,000

Cleveland
110,000

Pierce
70,000

-171000
-1,000
1,000
0

-102600
7,400
-600
6,800

-68400
1,600
-400
1,200

Problem 15-13 (LO 15-1, 15-3)

modified only needed harry

A local partnership has only two assets


cash
building

5000
80000

All liabilities have been paid and the following capital balances are currently being recorded.
The partners share profits and losses as follows. All partners are insolvent.
Harry, capital (40%)
Landers, capital (40%)
Walters, capital (20%)

$40,000
30,000
15,000

a) If the building is sold for

50000

cash distribution

Brown
28,000

Reported balances
Loss on sale of building
split on a 4:3:3 basis
Cash distribution

15000

cash distribution

Brown
11,429

b) If the land is sold for

Fish
21,000

Stone
6,000

Brown
40,000

Fish
30,000

-12000
28,000

-9000
21,000

-30000

b) If the land is sold for

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

how much cash does each partner re

how much cash does each partner re


Fish
8,571

Stone
-3,500

Brown
40,000

Fish
30,000

-26000
14,000

-19500
10,500

-2571
11,429

-1929
8,571

-65000

-4,500

5000
Brown

how much cash does each partner re


Fish

Stone

cash distribution

Reported balances
Loss on sale of land
split on a 4:3:3 basis
Cash distribution
Potential loss from
Stone's deficit (split 4:3)(4/7, 3/7)
Cash distribution

5,714

4,286

-3,500

Brown
40,000

Fish
30,000

-30000
10,000

-22500
7,500

-4286
5,714

-3214
4,286

-75000

-7,500

tly being recorded.

oes each partner receive in a final settlement?

Stone
15,000
-9000
6,000

oes each partner receive in a final settlement?

Stone
15,000
-19500
-4,500
1000
-3,500

oes each partner receive in a final settlement?

Stone
15,000
-22500
-7,500
4000
-3,500

Problem 15-14 (LO 15-3)


A local dental partnership has been liquidated and the final capital balances are as follows:
Atkinson, capital (40%)
Kaporale, capital (30%)
Dennsmore, capital (20%)
Rasputin, capital (10%)

$70,000
30,000
-42000
-58000

If Rasputin contributes additional cash of

Cash distribution

Atkinson
20,000

20000

to the partnership, what should ha

Kaporale
0

Dennsmore
0

Atkinson
70,000
0
70,000

Kaporale
30,000
0
30,000

-45714
24,286
-4,286
20,000

-34286
-4,286
4,286
0

Explanation:
The entire $20,000 goes to Atkinson.

Reported balances
Capital contribution
Adjusted balances
Potential loss from Dennsmore
and Rasputin
-80,000
split on a 4:3 basis (4/7, 3/7)
Adjusted balances
Potential loss from Kaporale
-4,286
Cash distribution

pital balances are as follows:

he partnership, what should happen to it?


Rasputin
0

Dennsmore
-42,000
0
-42,000

Rasputin
-58,000
20,000
-38,000

42,000
0
0
0

38,000
0
0
0

Problem 15-15 (LO 15-4)


A partnership currently holds three assets:
cash
land
building

10000
35000
50000

The partnership has no liabilities.


The partners anticipate expenses required to liquidate at
Capital balances are as follows:
Ace, capital
Ball, capital
Eaton, capital
Lake, capital

$25,000
28,000
20,000
22,000

The partners share profits and losses as follows: Ace (30%), Ball (30%), Eaton (20%), and Lak
If a preliminary distribution of cash is to be made, what is the amount of safe payment that

Safe payments

Ace
0

Reported balances
Maximum losses on land and building
split on a
3:3:2:2 basis
Estimated liquidation expenses
split 3:3:2:2
Potential balances
Potential loss from Ace ($2,000)
split on a 3:2:2 basis (3/7, 2/7, 2/7)
Safe payments

Ball
143

Eaton
1,429
Ace
25,000

-85000
-25500
-5000

-1500
-2,000

-2,000
2,000
0

5000

all (30%), Eaton (20%), and Lake (20%).


amount of safe payment that can be made to each partner?
Lake
3,429
Ball
28,000

Eaton
20,000

Lake
22,000

-25500

-17000

-17000

-1500
1,000

-1000
2,000

-1000
4,000

-857
143

-571
1,429

-571
3,429