118 in liquidation balances prior to the distribution of cash to the partners are ca 4325056

118.In liquidation, balances prior to the distribution of cash to the partners are: Cash $204,000; Paley, Capital $112,000; Stengel, Capital $104,000, and King, Capital $12,000 deficiency. The income ratio is 6:2:2, respectively. How much cash should be distributed to Stengel if King does not pay his deficiency?

a.$98,000

b.$101,000

c.$95,000

d.$104,000

119.Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively.

a.$312,000.

b.$288,000.

c.$204,000.

d.$516,000.

120.Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively.

a.$312,000.

b.$228,000.

c.$144,000.

d.$204,000.

a121.R. Schoen purchases a 25% interest for $60,000 when the Hise, Poole, Lagos partnership has total capital of $540,000. Prior to the admission of Schoen, each partner has a capital balance of $180,000. Each partner relinquishes an equal amount of his capital balance to Schoen. The amount to be relinquished by Lagos is

a.$30,000.

b.$38,000.

c.$45,000.

d.$75,000.

a122.Jackson is admitted to a partnership with a 25% capital interest by a cash investment of $360,000. If total capital of the partnership is $1,560,000 before admitting Jackson, the bonus to Jackson is

a.$120,000.

b.$60,000.

c.$180,000.

d.$240,000.

a123.Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Elkins, $140,000 and Landry, $120,000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $100,000 in the partnership, what is Elkins’s capital balance after Neumark’s admittance?

a.$120,000

b.$126,667

c.$128,000

d.$140,000

a124.Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Elkins, $140,000 and Landry, $120,000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $160,000 in the partnership, what is Landry’s capital balance after Neumark’s admittance?

a.$140,000

b.$128,000

c.$126,000

d.$120,000

a125.Encisco and Ollinger are partners who share profits and losses equally and have capital balances of $280,000 and $245,000, respectively. Parks is admitted into the partnership by investing $245,000 for a 30% capital interest. The account balance of Ollinger, Capital after the admission of Parks would be

a.$231,000.

b.$238,000.

c.$252,000.

d.$245,000.

a126.Rogers and Wissinger have partnership capital balances of $576,000 and $432,000, respectively. Wissinger negotiates to sell his partnership interest to Mergenthaler for $504,000. Rogers agrees to accept Mergenthaler as a new partner. The partnership entry to record this transaction is

a.Cash504,000

b.Wissinger, Capital504,000

c.Cash72,000

d.Wissinger, Capital432,000

a127.Gable and Devito share partnership profits and losses in the ratio of 6:4. Gable’s Capital account balance is $160,000 and Devito’s Capital account balance is $100,000. Nance is admitted to the partnership by investing $180,000 and is to receive a one-fourth ownership interest. Gable, Devito and Nance’s capital balances after Nance’s investment will be

a.$160,000$100,000$180,000

b.$202,000$128,000$110,000

c.$198,000$132,000$110,000

d.$195,000$135,000$110,000

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