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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:
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KEENE AND MCKEE
Balance Sheet
March 1, 2016
Assets
Liabilities
Partners’ Equity
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1.
Mar. 1 21,100
55,900
77,000
139,600
2.
Current assets:
Current liabilities:
Total liabilities
Eric Keene, capital
Cash 60,700$
Accounts receivable 18,000$
Less allowance for doubtful accounts 1,500 16,500
3.
Eric Keene, Drawing
Abigail McKee, Drawing
Abigail McKee, Capital
Feb. 28 90,000
41,900
48,100
28 28,000
Cash
Merchandise Inventory
Eric Keene, Capital
Cash
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Problem 12-1A
Name:
Solution
Section:
Score:
Instructions
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Income Summary
Assets
March 1, 2016
Balance Sheet
KEENE AND MCKEE
Eric Keene, Capital
Eric Keene, Capital
Abigail McKee, Capital
Accounts Receivable
Equipment
Notes Payable
Abigail McKee, Capital
Accounts Payable
Allowance for Doubtful Accounts
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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
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LANG AND CAPRI
Balance Sheet
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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
Total liabilities
Eli Capri, capital
3.
Whitney Lang, Drawing
Eli Capri, Drawing
Eli Capri, Capital
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
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LANG AND CAPRI
Problem 12-1B
Name:
Solution
Section:
Score:
Instructions
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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
Accounts Receivable
Merchandise Inventory
Notes Payable
Eli Capri, Capital
Accounts Payable
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
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LAMBERT AND YOST
Income Statement
For the Year Ended December 31, 2016
LAMBERT AND YOST
Balance Sheet
December 31, 2016
0%
[Key code here]
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Score:
Key Code:
Instructions
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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$
Net income for the year
Subtotal
3.
Assets
Current assets:
Cash 34,000$
Accounts receivable 47,800
Supplies 2,000
Total current assets 83,800$
Plant assets:
Total liabilities
Tyler Lambert, capital
Total partners’ equity
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
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Instructions
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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
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RAMIREZ AND XUE
Income Statement
Balance Sheet
December 31, 2016
0%
[Key code here]
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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$
Net income for the year
Subtotal
3.
Assets
Current assets:
Plant assets:
Cash 70,300$
Total liabilities
Camila Ramirez, capital
Total partners’ equity
Liabilities
Current liabilities:
Accounts payable 12,400$
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Instructions
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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
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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
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Instructions
Capital
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GERLOFF, CHU, AND JEWETT
0%
[Key code here]
Problem 12-5A
Name:
Section:
Score:
Key Code:
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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$
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GERLOFF, CHU, AND JEWETT
Statement of Partnership Liquidation
For the Period February 3-28, 2016
Problem 12-5A
Name:
Solution
Section:
Capital
Score:
Instructions
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ON
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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
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Statement of Partnership Liquidation
For the Period April 10-30, 2016
FAIRCHILD, LOWES, AND HOWARD
0%
[Key code here]
Problem 12-5B
Name:
Section:
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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.
Amber Howard, Capital
Zach Fairchild, Capital
a. 500
1,000
Amber Howard, Capital
Capital
Score:
Instructions
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ON
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FAIRCHILD, LOWES, AND HOWARD
Problem 12-5B
Name:
Solution
Section:
Statement of Partnership Liquidation
For the Period April 10-30, 2016
Zach Fairchild, Capital
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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
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SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1-30, 2016
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Capital
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
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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.
Welch, Capital
Sails, Capital
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
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ON
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SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1-30, 2016
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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
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Score:
Key Code:
Instructions
Capital
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CHAPELLE, ROCK, AND PRYOR
Statement of Partnership Liquidation
For the Period August 3-29, 2016
0%
[Key code here]
Problem 12-6B
Name:
Section:
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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.
Pryor, Capital
Rock, Capital
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
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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