On January 1st 2030 they have the following balance sheet cash accts rec. equipment (net) land accts payable note payable Pelosi capital Trump capital Schiff capital DeSantis capital 100,000 600,000 800,000 500,000 Required: 400,000 200,000 600,000 100,000 100,000 600,000 (remember, losses are divided equally profits: Pelosi and Trump 30% Schiff and DeSantis 20% a) On January 1st how much can each partner take as a safe payment? b) On January 31st, the equipment is sold for $400,000 On February 1st, how much can each partner take as a safe payment (assume no safe payments have been made so far) c) On February 28th, the accounts receivable were sold for $400,000. On this date the partnership paid off the note payable and the accounts payable On March 1st how much can each partner take as a safe payment (assume no safe payments have been made so far) d) On March 31st, the land was sold for $550,000 On April 1st how much will cash will each partner receive (or pay in) if: a) any partner with a negative capital balance CANNOT cover their shortage b) any partner with a negative capital balance CAN cover their shortage

On January 1st 2030 they have the following balance sheet cash accts rec. equipment (net) land accts payable note payable Pelosi capital Trump capital Schiff capital DeSantis capital 100,000 600,000 800,000 500,000 Required: 400,000 200,000 600,000 100,000 100,000 600,000 (remember, losses are divided equally profits: Pelosi and Trump 30% Schiff and DeSantis 20% a) On January 1st how much can each partner take as a safe payment? b) On January 31st, the equipment is sold for $400,000 On February 1st, how much can each partner take as a safe payment (assume no safe payments have been made so far) c) On February 28th, the accounts receivable were sold for $400,000. On this date the partnership paid off the note payable and the accounts payable On March 1st how much can each partner take as a safe payment (assume no safe payments have been made so far) d) On March 31st, the land was sold for $550,000 On April 1st how much will cash will each partner receive (or pay in) if: a) any partner with a negative capital balance CANNOT cover their shortage b) any partner with a negative capital balance CAN cover their shortage

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

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