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AO3 principal of accounting assinment 8




Question;Assignment 04;Part A;1);After several years of business;Abel, Barney, and Cole are liquidating. The following are post-closing account;balances.;Cash 18,000;Inventory 73,000;Other;assets 157,000;Accounts Payable 61,000;Abel, Capital 50,000;Barney, Capital 50,000;Cole, Capital 87,000;Non-cash assets are sold for;$275,000. Profits and losses are shared equally.;After all liabilities are paid;divide the remaining cash amongst the partners.;2);The partnership of Brandon and;Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio;respectively. Before liquidation, their balance sheet balances are as follows;Cash $10,000;Other;Assets 8,000;Liabilities 4,000;Brandon;Capital 7,000;Ryan;Capital 7,000;a) If the Other Assets are sold;for $10,000, how much will each partner receive before paying liabilities and;distributing the remaining assets?;b) If the Other Assets are sold;for $8,000, how much will each partner receive before paying liabilities and;distributing remaining assets?;Part B;1);Simon Brothers pays $47,000 into;a bond sinking fund each year to redeem the future maturity of its bonds.;During the first year, the fund earned $3,825. At the time of bond redemption;the fund has a balance of $417,000. Of this, $400,000 was used to redeem the;bonds. Journalize the a) initial deposit, b) the first year's interest, and c);the redemption of the bonds.;2);On January 1, Auctions Online;issued $300,000, 9%, 10-year bonds to lenders at the contract rate. Interest is;to be paid semiannually on July 1 and January 1. Journalize the following;entries;a. Issued the bonds.;b. Paid first semiannual interest;payment.;c. Retired the bonds at maturity.;a.;Part C;1);Prepare a statement of retained;earnings in proper form for White Corporation for the year ended December 31;20xx, from the following;Retained;Earnings, January 1, 2012 $2,000;Dividends;paid during the year 800;Net;income for the year 3,000;Correction;of prior year error. Purchase;of land;recorded as rent expense 1,000;2);Curtis Corporation's balance;sheet included the following;Common;Stock, $5 par value, 5,000 shares issued;and;outstanding $25,000;Retained;Earnings 20,000;Total Stockholders' Equity $45,000;Prepare journal entries for the;following transactions;May;3 Issued;500 shares at $6 per share.;9 Reacquired;100 shares at $4 per share.;15 Reissued;50 of the Treasury shares at $7 per share.;17 Reissued;10 of the Treasury shares at $3 per share.


Paper#43281 | Written in 18-Jul-2015

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