Expert answer:Three-part Accounting Assignment Lesson 21

Answer & Explanation:Part A 1. After several years of business, Abel, Barney and Cole are liquidating. The following are post-closing account balances.Cash                  18,000Inventory           73,000Other Asssets  157,000Accounts Payable                         61,000Abel, Capital                                  50,000Barney, Capital             50,000Cole, Capital                  87,000Noncash assets are sold for $275,000. Profits and losses are shared equally.After all liabilities are paid , divide the remaining cash amongst th partners.2.The partners of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respecively. Before liquidation, their balance sheet balances are as follows:Cash                   $10,000Other assets           8,000Lialibities                 4,000Brandon, Capital     7,000Ryn, Capital            7,000A. If th other Assets are sold for $10,000, how much will each partner receive before paying lialibities and distributing the remaining assets?B.If the other Assets are sold for $8,000, how much will each partner receivebefore paying liabilities and distributing remaining assets? Part B 1. Simon Brothers pay $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3825. At the time of the bond redemption, the fund has a balance of $417,000. Of this $400,000 was used to redeem the bonds. Journalize the following entries.A. Initial depositB. The first year;s interestC. The redemption of the bonds2. On Janurary 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 Janurary 1. Journalize the following entries.A. Issued the bondsB. Paid first semiannual interest paymentC. Retired the bonds maturity Part C1. Prepare a statement of retired earnings in proper form for White Corporation for the year ended December 31, 2012, from the following:Retained Earnings, Janurary 1, 2012                                                             $2,000Dividends paid during the year                                                                            800Net income for the year                                                                                     3,000Correction of the 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                25,000Retained ernings                                                                                                20,000Total Stockholders’ Equity                                                                                 $45,000Prepare journal entries for the following transactions.May 3 Issued 500 shares at $6 per shareMay 9 Reacquired 100 shares at $4 per share May 15 Reissued 50 of the Treasury shares at $7 per share May 17 Reissued 10 of the Treasury shares at $3 per share

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