The firm is liquidated and 288000 in cash is received for, Ask an Expert

Accounting

The Fistman Company reports net income of $42,000. Interest allowances are Stewart $4,500 and Bliss $7,500; partner salary allowances are Stewart $27,000 and Bliss $15,000 and the remainder is shared equally.

Instructions:

Indicate the division of net income to each partner, and prepare the entry to distribute the net income.

Door Company at december 31 has cash $48,000, noncash assets $240,000, liabilities $132,000, and the following capital balances: Dolson $108,000 and Meier $48,000. The firm is liquidated, and $288,000 in cash is received for the noncash assets. Dolson and Meier income ratios are 60% and 40%, respectively.

Instructions:

Prepare a cash distribution schedule.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432245

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