Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (

[answerhappygod]

Problem 12-6A (Algo) Liquidation of a partnership LO P5
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio
(in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The
partners have decided to liquidate their partnership. On the day of
liquidation, their balance sheet appears as follows.
Required:
For each of the following scenarios, complete the schedule
allocating the gain or loss on the sale of inventory. Prepare
journal entries to record the below transactions. (Do
not round intermediate calculations. Enter losses and partner
deficits, if any, as negative amounts.)

1. Inventory is sold for $621,000.
2. Inventory is sold for $475,800.
3. Inventory is sold for $340,800 and
partners with deficits pay their deficits in cash.
4. Inventory is sold for $290,400 and
partners with deficits do not pay their
deficits.

Problem 12 6a Algo Liquidation Of A Partnership Lo P5 Kendra Cogley And Mei Share Income And Loss In A 3 2 1 Ratio 1 (63 KiB) Viewed 75 times

Problem 12 6a Algo Liquidation Of A Partnership Lo P5 Kendra Cogley And Mei Share Income And Loss In A 3 2 1 Ratio 2 (39.37 KiB) Viewed 75 times

Problem 12 6a Algo Liquidation Of A Partnership Lo P5 Kendra Cogley And Mei Share Income And Loss In A 3 2 1 Ratio 3 (37.66 KiB) Viewed 75 times

Problem 12 6a Algo Liquidation Of A Partnership Lo P5 Kendra Cogley And Mei Share Income And Loss In A 3 2 1 Ratio 4 (37.23 KiB) Viewed 75 times

Problem 12 6a Algo Liquidation Of A Partnership Lo P5 Kendra Cogley And Mei Share Income And Loss In A 3 2 1 Ratio 5 (38.94 KiB) Viewed 75 times

Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3. Inventory Required 3 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $621,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 621,000 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY $ Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ $ 75,100 $ 75,100 < Required 1 Inventory 168,975 168.975 Required 4 Inventory Required 4 GJ MEI $ Total 375,500 131,425 $ 0 $ 131,425 $ 375.500 Required 1 GJ >
View transaction list Journal entry worksheet 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits. Transaction (a) Record entry General Journal Clear entry Debit Credit View general journal >
View transaction list Journal entry worksheet < 1 2 3 4 Allocate the gain (loss) on the sale of inventory to the partners. Note: Enter debits before credits. Transaction General Journal Debit (b) Record entry Clear entry Credit View general journal
View transaction list Journal entry worksheet 1 2 3 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction (c) Record entry General Journal Clear entry Debit Credit View general journal >
View transaction list Journal entry worksheet 1 2 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction General Journal Debit (d) Record entry Clear entry Credit View general journal