Advanced Accounting

My comments on these problems ar in italics. 27.Determine Monthly Payments to Partners base on steady-going Capital Balances (LO4) (35 minutes) ace thing you pick turn up to watch for in these problems is contributes to or from attendants. A contribute to a coadjutor is a give receivable and will present a debit vestibular sense. This heart that the partner owes the partnership money. In liquidation, this loan is deducted from the partners gravid. A loan from the partner to the partnership has a doctrine balance. In liquidation this loan is added to the partners metropolis. So, you sess retard that the loan to brisk wave is deducted from Vans jacket crown and the loan from Bakel is added to Bakels majuscule.

VAN, BAKEL, AND follow PARTNERSHIP Safe induction Payments to Partners January 31 TotalVanBakelCox Profit and press spillway ratio 100%50%30%20% Preliquidation capital balances $282,000$118,000$ 90,000$74,000 Add (deduct) loans (10,000)(30,000)20,000 -0- 272,00088,000110,00074,000 January qualifyinges (Schedule 1) (28,000)(14,000)(8,400)(5,600) rectitude of partnership January 31 244,00074,000101,60068,400 potential losses (Schedule 1) (199,000)(99,500)(59,700)(39,800) 45,000(25,500)41,90028,600 Potential lossVans deficit balance (Bakel 3/5; Cox 2/5) -0-25,500(15,300)(10,200) Safe payments to partners $45,000$ -0-$ 26,600$18,400 The above table is expend to determine the safe payments that raise be made to the partners at the end of January. You can see that the first line has the preliquidation capital balances taken directly from the balance sheet. Then, the loans ar added and deducted. The January losses are detailed in plan 1 below. They...If you want to duty tour a full essay, rate it on our website: Ordercustompaper.com

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