Business, 22.05.2021 14:00 OliviaHart123

Reem, Shamma and Monira are partners in the RSM Company. They share profits in a 4:3:2 ratio respectively. The partners decide to liquidate on June 30, 2019. At the time of liquidation, the RMS balance sheet was as follows: Assets

Cash 20,000
Noncash Assets 75,000
Total Assets 95,000

Liabilities & Capital

Accounts Payable 60,000
Reem, Capital 20,000
Shamma, capital 10,000
Monira, capital 5,000
Total Liabilites & Capital 95,000

The non-cash assets sold for 30,000

Provide all the journal entries needed to record the events in liquidation. Assume Reem and Shamma are solvent, but Monira is insolvent

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:40, tipbri6380

(a) what was the opportunity cost of non-gm food for many buyers before 2008? (b) why did they prefer the alternative? (c) what was the opportunity cost in 2008? (d) why did it change?

Answers: 3

continue

Business, 22.06.2019 08:30, cyaransteenberg

Blank is the internal operation that arranges information resources to support business performance and outcomes

Answers: 2

continue

Business, 22.06.2019 19:20, IrieBoy7584

Why is following an unrelated diversification strategy especially advantageous in an emerging economy? a. it allows the conglomerate to overcome institutional weaknesses in emerging economies. b. it allows the conglomerate to form a monopoly in emerging economies. c. it allows the conglomerate to use well-defined legal systems in emerging economies. d. it allows the conglomerate to take advantage of strong capital markets in emerging economies.

Answers: 1

continue

Business, 22.06.2019 19:30, buggamarshall85

The owner of firewood to go is considering buying a hydraulic wood splitter which sells for $50,000. he figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $125. if, for this machine, design capacity is 50 cords per day, effective capacity is 40 cords per day, and actual output is expected to be 32 cords per day, what would be its efficiency?

Answers: 1

continue

You know the right answer?

Reem, Shamma and Monira are partners in the RSM Company. They share profits in a 4:3:2 ratio respect...