The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership's being liquidated: cash, $25,426; other assets, $130,439; liabilities, $22,198; Marilyn capital, $61,197; Monroe capital, $72,470. The other assets were sold for $129,731. Marilyn and Monroe share profits and losses in a 2:1 ratio. Find the amount of cash that Marilyn should receive as a final cash distribution from the liquidation.
X, Y, and Z are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: X, $56,241 Cr.; Y, $30,177 Dr.; and Z, $54,068 Cr. How much cash is available for distribution to the partners?
X and Y are partners who share income in the ratio of 1:3 and have capital balances of $46,177 and $71,394 at the time they decide to terminate the partnership. After all non cash assets are sold and all liabilities are paid, there is a cash balance of $71,475. What amount of loss on realization should be allocated to X?
The charter of a corporation provides for the issuance of 117,000 shares of common stock. Assume that 53,000 shares were originally issued and 5,800 were subsequently reacquired. What is the number of shares outstanding?
A corporation issues 4,400 shares of common stock for $140,800. The stock has a stated value of $20 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include?
If Larger Company issues 1,200 shares of $5 par value common stock for $18,000, determine the result of the transaction on the accounts.