Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
a.
Mar. 1
1
2.
Current assets:
Cash
Accounts receivable
Less allowance for doubtful accounts
Merchandise inventory
Total current assets
Plant assets:
Equipment
Total assets
Current liabilities:
Accounts payable
Notes payable
Total liabilities
Eric Keene, capital
Abigail McKee, capital
Total partners' equity
Total liabilities and partners' equity
3.
Feb. 28
28
Schedule: Keene McKee Total
Interest allowance
Salary allowance
Remaining income
Net income
0%
[Key code here]
Problem 12-1A
Name:
Section:
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
KEENE AND MCKEE
Balance Sheet
March 1, 2016
Assets
Liabilities
Partners' Equity
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Mar. 1 21,100
55,900
77,000
139,600
2.
Current assets:
Cash 60,700$
Accounts receivable 18,000$
Less allowance for doubtful accounts 1,500 16,500
3.
Feb. 28 90,000
41,900
48,100
28 28,000
Cash
Merchandise Inventory
Eric Keene, Capital
Cash
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 12-1A
Name:
Solution
Section:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Income Summary
Assets
March 1, 2016
Balance Sheet
KEENE AND MCKEE
Eric Keene, Capital
Eric Keene, Capital
Abigail McKee, Capital
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
a.
Apr. 1
1
2.
Current assets:
Cash
Accounts receivable
Less allowance for doubtful accounts
Merchandise inventory
Total current assets
Plant assets:
Equipment
Total assets
Current liabilities:
Accounts payable
Notes payable
Total liabilities
Whitney Lang, capital
Eli Capri, capital
Total partners' equity
Total liabilities and partners' equity
3.
Mar. 31
31
Schedule: Lang Capri Total
Interest allowance
Salary allowance
Remaining income
Net income
April 1, 2015
Problem 12-1B
Name:
Section:
0%
[Key code here]
Assets
Liabilities
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
Partners' Equity
Cells with non-gray backgrounds are protected and cannot be edited.
LANG AND CAPRI
Balance Sheet
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Apr. 1 18,000
50,000
68,000
1 26,200
2.
Current assets:
Cash 44,200$
Accounts receivable 43,400$
Less allowance for doubtful accounts 3,500 39,900
Current liabilities:
Accounts payable 23,400$
Notes payable 15,000
3.
Mar. 31 118,000
63,400
54,600
31 40,000
Schedule: Lang Capri Total
Interest allowance 6,800$ 12,000$ 18,800$
Salary allowance 36,000 22,000 58,000
ON
Cells with non-gray backgrounds are protected and cannot be edited.
LANG AND CAPRI
Problem 12-1B
Name:
Solution
Section:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
Cash
Merchandise Inventory
Whitney Lang, Capital
Cash
Liabilities
Income Summary
Assets
April 1, 2015
Balance Sheet
Whitney Lang, Capital
Whitney Lang, Capital
Eli Capri, Capital
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
Operating expenses:
Salary expense
Depreciation expense - building
Property tax expense
Heating and lighting expense
Supplies expense
Depreciation expense - office equipment
Miscellaneous expense
Total operating expenses
Net income
Tyler Jayla
Lambert Yost Total
Division of net income:
Salary allowance
Interest allowance
Remaining income
Net income
2.
Tyler Jayla
Lambert Yost Total
Capital, January 1, 2016
Additional investment during the year
Subtotal
Net income for the year
Subtotal
Withdrawals during the year
Capital, December 31, 2016
3.
Assets
Current assets:
Cash
Accounts receivable
Supplies
Total current assets
Plant assets:
Land
Building
Less accumulated depreciation
Office equipment
Less accumulated depreciation
Total plant assets
Total assets
Liabilities
Current liabilities:
Accounts payable
Salaries payable
Total liabilities
Partners' Equity
Tyler Lambert, capital
Jayla Yost, capital
Total partners' equity
Total liabilities and partners' equity
LAMBERT AND YOST
Statement of Partnership Equity
Problem 12-3A
Name:
Section:
For the Year Ended December 31, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
LAMBERT AND YOST
Income Statement
For the Year Ended December 31, 2016
LAMBERT AND YOST
Balance Sheet
December 31, 2016
0%
[Key code here]
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees 395,300$
Operating expenses:
Salary expense 154,500$
Depreciation expense - building 15,700
Property tax expense 12,000
Tyler Jayla
Lambert Yost Total
Division of net income:
Salary allowance 45,000$ 54,700$ 99,700$
Interest allowance 13,500 7,800 21,300
2.
Tyler Jayla
Lambert Yost Total
Capital, January 1, 2016
135,000$ 78,000$ 213,000$
Additional investment during the year
- 10,000 10,000
Subtotal
135,000$ 88,000$ 223,000$
3.
Assets
Current assets:
Cash 34,000$
Accounts receivable 47,800
Supplies 2,000
Total current assets 83,800$
Liabilities
Current liabilities:
Accounts payable 27,900$
December 31, 2016
LAMBERT AND YOST
Balance Sheet
Statement of Partnership Equity
For the Year Ended December 31, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
LAMBERT AND YOST
LAMBERT AND YOST
Income Statement
For the Year Ended December 31, 2016
Problem 12-3A
Name:
Solution
Section:
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees
Operating expenses:
Salary expense
Depreciation expense - building
Heating and lighting expense
Depreciation expense - office equipment
Property tax expense
Supplies expense
Miscellaneous expense
Total operating expenses
Net income
Camilla Ping
Ramirez Xue Total
Division of net income:
Salary allowance
Interest allowance
Remaining income (loss)
Net income
2.
Camilla Ping
Ramirez Xue Total
Capital, January 1, 2016
Additional investment during the year
Subtotal
Net income for the year
Subtotal
Withdrawals during the year
Capital, December 31, 2016
3.
Assets
Current assets:
Cash
Accounts receivable
Supplies
Total current assets
Plant assets:
Land
Building
Less accumulated depreciation
Office equipment
Less accumulated depreciation
Total plant assets
Total assets
Liabilities
Current liabilities:
Accounts payable
Salaries payable
Total liabilities
Partners' Equity
Camila Ramirez, capital
Ping Xue, capital
Total partners' equity
Total liabilities and partners' equity
RAMIREZ AND XUE
Statement of Partnership Equity
For the Year Ended December 31, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
RAMIREZ AND XUE
Income Statement
Balance Sheet
December 31, 2016
0%
[Key code here]
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
RAMIREZ AND XUE
For the Year Ended December 31, 2016
Problem 12-3B
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
1.
Professional fees 555,300$
Operating expenses:
Salary expense 384,900$
Depreciation expense - building 12,900
Camilla Ping
Ramirez Xue Total
Division of net income:
Salary allowance 50,000$ 65,000$ 115,000$
2.
Camilla Ping
Ramirez Xue Total
Capital, January 1, 2016
125,000$ 135,000$ 260,000$
Additional investment during the year
- 20,000 20,000
Subtotal
125,000$ 155,000$ 280,000$
3.
Assets
Current assets:
Cash 70,300$
Liabilities
Current liabilities:
Accounts payable 12,400$
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
RAMIREZ AND XUE
Income Statement
For the Year Ended December 31, 2016
Problem 12-3B
Name:
Solution
Section:
ON
RAMIREZ AND XUE
December 31, 2016
RAMIREZ AND XUE
Balance Sheet
Statement of Partnership Equity
For the Year Ended December 31, 2016
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Noncash Gerloff Chu Jewett
Cash +Assets =Liabilities +(50%) +(25%) +(25%)
Balances before realization
a. Sale of assets and division of gain
Balances after realization
b. Payment of liabilities
Balances after payment of liabilities
c. Receipt of deficiency
Balances
d. Cash distributed to partners
Final balances
2.
a.
b.
Statement of Partnership Liquidation
For the Period February 3-28, 2016
Answers are entered in the cells with gray backgrounds.
Instructions
Capital
Cells with non-gray backgrounds are protected and cannot be edited.
GERLOFF, CHU, AND JEWETT
0%
[Key code here]
Problem 12-5A
Name:
Section:
Score:
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Noncash Gerloff Chu Jewett
Cash +Assets =Liabilities +(50%) +(25%) +(25%)
Balances before realization 5,200$ 55,900$ 15,000$ 19,300$ 4,500$ 22,300$
a. Sale of assets and division of gain 34,300 (55,900) - (10,800) (5,400) (5,400)
Balances after realization 39,500$ -$ 15,000$ 8,500$ (900)$ 16,900$
Cells with non-gray backgrounds are protected and cannot be edited.
GERLOFF, CHU, AND JEWETT
Statement of Partnership Liquidation
For the Period February 3-28, 2016
Problem 12-5A
Name:
Solution
Section:
Capital
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Noncash Fairchild Lowes Howard
Cash +Assets =Liabilities +(25%) +(25%) +(50%)
Balances before realization
a. Sale of assets and division of loss
Balances after realization
b. Payment of liabilities
Balances after payment of liabilities
c. Receipt of deficiency
Balances
d. Cash distributed to partners
Final balances
2.
a.
b.
Capital
Score:
Key Code:
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
Statement of Partnership Liquidation
For the Period April 10-30, 2016
FAIRCHILD, LOWES, AND HOWARD
0%
[Key code here]
Problem 12-5B
Name:
Section:
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Noncash Fairchild Lowes Howard
Cash +Assets =Liabilities +(25%) +(25%) +(50%)
Balances before realization 23,500$ 84,500$ 22,000$ 42,000$ 7,500$ 36,500$
a. Sale of assets and division of loss 48,500 (84,500) - (9,000) (9,000) (18,000)
Balances after realization 72,000$ -$ 22,000$ 33,000$ (1,500)$ 18,500$
2.
a. 500
1,000
Amber Howard, Capital
Capital
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Cells with non-gray backgrounds are protected and cannot be edited.
FAIRCHILD, LOWES, AND HOWARD
Problem 12-5B
Name:
Solution
Section:
Statement of Partnership Liquidation
For the Period April 10-30, 2016
Zach Fairchild, Capital
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1. a.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances
b.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization
Sale of assets and division of loss
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Cash distributed to partners
Final balances
2.
a.
b.
Problem 12-6A
Name:
Section:
Score:
Key Code:
Instructions
0%
[Key code here]
For the Period November 1-30, 2016
Capital
Cells with non-gray backgrounds are protected and cannot be edited.
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1-30, 2016
Answers are entered in the cells with gray backgrounds.
Capital
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1. a.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization 32,000$ 128,000$ 20,000$ 58,000$ 72,000$ 10,000$
Sale of assets and division of gain 156,000 (128,000) - 11,200 11,200 5,600
b.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization 32,000$ 128,000$ 20,000$ 58,000$ 72,000$ 10,000$
Sale of assets and division of loss 55,000 (128,000) - (29,200) (29,200) (14,600)
Balances after realization 87,000$ -$ 20,000$ 28,800$ 42,800$ (4,600)$
2.
a. 2,300
2,300
Problem 12-6A
Name:
Solution
Section:
Capital
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1-30, 2016
Capital
Sails, Capital
Welch, Capital
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Cells with non-gray backgrounds are protected and cannot be edited.
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1-30, 2016
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1. a.
Noncash Chapelle Rock Pryor
Cash +Assets =Liabilities +(1/5) +(2/5) +(2/5)
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances
b.
Noncash Chapelle Rock Pryor
Cash +Assets =Liabilities +(1/5) +(2/5) +(2/5)
Balances before realization
Sale of assets and division of loss
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Cash distributed to partners
Final balances
2.
a.
b.
Capital
CHAPELLE, ROCK, AND PRYOR
Statement of Partnership Liquidation
For the Period August 3-29, 2016
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
Capital
Cells with non-gray backgrounds are protected and cannot be edited.
CHAPELLE, ROCK, AND PRYOR
Statement of Partnership Liquidation
For the Period August 3-29, 2016
0%
[Key code here]
Problem 12-6B
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1. a.
Noncash Chapelle Rock Pryor
Cash +Assets =Liabilities +(1/5) +(2/5) +(2/5)
Balances before realization 65,000$ 167,000$ 30,000$ 14,000$ 102,000$ 86,000$
Sale of assets and division of gain 217,000 (167,000) - 10,000 20,000 20,000
b.
Noncash Chapelle Rock Pryor
Cash +Assets =Liabilities +(1/5) +(2/5) +(2/5)
Balances before realization 65,000$ 167,000$ 30,000$ 14,000$ 102,000$ 86,000$
Sale of assets and division of loss 72,000 (167,000) - (19,000) (38,000) (38,000)
Balances after realization 137,000$ -$ 30,000$ (5,000)$ 64,000$ 48,000$
2.
a. 2,500
2,500
CHAPELLE, ROCK, AND PRYOR
Statement of Partnership Liquidation
For the Period August 3-29, 2016
Capital
Rock, Capital
Pryor, Capital
Cells with non-gray backgrounds are protected and cannot be edited.
CHAPELLE, ROCK, AND PRYOR
Statement of Partnership Liquidation
For the Period August 3-29, 2016
Problem 12-6B
Name:
Solution
Section:
Capital
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
