Order
Toll-free 24/7:
+1(669)289-8683
Order

Quick, Drake, and Sage share income and loss in a 3:2:1 ratio

Author:
June 7th, 2024

Quick, Drake, and Sage share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.QUICK, DRAKE,AND SAGEBalance SheetMay 31AssetsLiabilities and EquityCash $ 90,400Accounts payable $122,750Inventory 268,600Quick, Capital 46,500Drake, Capital 106,250Total assets $359,000Sage, Capital 83,500Total liabilities and equity $359,000RequiredPrepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inventory is sold for (1) $300,000; (2) $250,000; (3) $160,000 and any partners with capital deficits pay in the amount of their deficits; and (4) $125,000 and the partners have no assets other than those invested in the partnership. (Round to the nearest dollar.)

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper
Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Fountain
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Social Work and Human Services
Thank you for your assistance.
Customer 452919, October 10th, 2025
Social Work and Human Services
Thank you for your assistance.
Customer 452919, March 28th, 2025
Sociology
The writer covered all points as expected by the professor. Thank you for your commitment to serve students.
Customer 452919, February 21st, 2024
Psychology
Communication on the small delay was appreciated and final result was worth the wait. Thank you.
Customer 452665, March 18th, 2021
Social Work and Human Services
The support team was available upon request. For the past two semesters I have been stressing on receiving my assignments on expected achievement dates. I value your service and hope that you all would improve your teamwork. I have been using this service now for 2-years and was totally satisfied. With this being said, I have spent at least a thousand plus dollars with this company. Knowing there are other competing companies that are on the market for a lot less than you guys are charging. "I trust that you all would get it together and avoid last minute communication which increases stress to the student."
Customer 452919, March 27th, 2024
English 101
Great work!!
Customer 452989, November 21st, 2021
Nutrition, Hospitality & Human Services
Thank you for the revision.
Customer 452919, April 16th, 2024
Sociology
Thank you for your service as a team .
Customer 452919, December 1st, 2021
Marketing
Thank you so much!
Customer 453015, December 13th, 2021
Sociology
Thank you for following the guidelines of the discussion essay. We are off to a great start.
Customer 452919, March 20th, 2024
Economics
Satisfactory
Customer 452963, November 11th, 2021
Social Work and Human Services
Thank you for your assistance.
Customer 452919, October 10th, 2025
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Show more