01 Jul Three-part Accounting Assignment Lesson 21
Question Description
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 Asssets 157,000
Accounts Payable 61,000
Abel, Capital 50,000
Barney, Capital 50,000
Cole, Capital 87,000
Noncash assets are sold for $275,000. Profits and losses are shared equally.
After all liabilities are paid , divide the remaining cash amongst th partners.
2.The partners of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respecively. Before liquidation, their balance sheet balances are as follows:
Cash $10,000
Other assets 8,000
Lialibities 4,000
Brandon, Capital 7,000
Ryn, Capital 7,000
A. If th other Assets are sold for $10,000, how much will each partner receive before paying lialibities and distributing the remaining assets?
B.If the other Assets are sold for $8,000, how much will each partner receivebefore paying liabilities and distributing remaining assets?
Part B
1. Simon Brothers pay $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3825. At the time of the bond redemption, the fund has a balance of $417,000. Of this $400,000 was used to redeem the bonds. Journalize the following entries.
A. Initial deposit
B. The first year;s interest
C. The redemption of the bonds
2. On Janurary 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 Janurary 1. Journalize the following entries.
A. Issued the bonds
B. Paid first semiannual interest payment
C. Retired the bonds maturity
Part C
1. Prepare a statement of retired earnings in proper form for White Corporation for the year ended December 31, 2012, from the following:
Retained Earnings, Janurary 1, 2012 $2,000
Dividends paid during the year 800
Net income for the year 3,000
Correction of the 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 ernings 20,000
Total Stockholders’ Equity $45,000
Prepare journal entries for the following transactions.
May 3 Issued 500 shares at $6 per share
May 9 Reacquired 100 shares at $4 per share
May 15 Reissued 50 of the Treasury shares at $7 per share
May 17 Reissued 10 of the Treasury shares at $3 per share
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