Business, 19.08.2020 20:01 hannah2718
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $103,900 Accounts payable $258,000Inventory 537,600 Kendra, Capital 76,700Cogley, Capital 172,575Mei, Capital 134,225Total assets $641,500 Total liabilities and equity $641,500Required: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.(1) The inventory is sold for $608,400.(2) Inventory is sold for $469,200.(3) Inventory is sold for $358,800 and any partners with capital deficits pay in the number of their deficits.(4) Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.
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Luggage world buys briefcases with an invoice date of september 28. the terms of sale are 2/10 eom. what is the net date for this invoice
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Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours. required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)
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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquida...
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