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Assignment 04:


Part A:


1) After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.


Cash                                                          18,000

Inventory                                                 73,000

Other assets                                          157,000

        Accounts Payable                                                          61,000

        Abel, Capital                                                                   50,000

        Barney, Capital                                                             50,000

        Cole, Capital                                                                   87,000


Non-cash assets are sold for $275,000. Profits and losses are shared equally.


After all liabilities are paid, divide the remaining cash amongst the partners.




The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:


Cash                                                        $10,000

Other Assets                                               8,000

Liabilities                                                   4,000

Brandon, Capital                                     7,000

Ryan, Capital                                            7,000


a) If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?

b) If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?



Part B:


1) Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3,825. At the time of bond redemption, the fund has a balance of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize the a) initial deposit; b) the first year’s interest; and c) the redemption of the bonds.




On January 1, Auctions Online issued $300,000, 9%, 10-year bonds to lenders at the contract rate. Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries:


a. Issued the bonds.

b. Paid first semiannual interest payment.

c. Retired the bonds at maturity.



Part C:


1) Prepare a statement of retained earnings in proper form for White Corporation for the year ended December 31, 20xx, from the following:


Retained Earnings, January 1, 2012                                $2,000

Dividends paid during the year                                               800

Net income for the year                                                          3,000

Correction of prior year error. Purchase

of land recorded as rent expense                                         1,000


2) Curtis Corporation’s balance sheet included the following:


Common Stock, $5 par value, 5,000 shares issued

and outstanding                                                                                    $25,000

Retained Earnings                                                                                 20,000

        Total Stockholders’ Equity                                                       $45,000


Prepare journal entries for the following transactions:


May    3      Issued 500 shares at $6 per share.

             9      Reacquired 100 shares at $4 per share.

          15      Reissued 50 of the Treasury shares at $7 per share.

          17      Reissued 10 of the Treasury shares at $3 per share.


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