Question
12. The balance sheet given below is presented for the partnership of Janet, Anton, and Millet: Cash $60,000 Liabilites $80,000 Other Assets 150,000 Janet, Capital
12. The balance sheet given below is presented for the partnership of Janet, Anton, and Millet:
| Cash | $60,000 | Liabilites | $80,000 |
| Other Assets | 150,000 | Janet, Capital | 80,000 |
| Anton, Capital | 30,000 | ||
| Millet, Capital | 20,000 | ||
| Total | $210,000 | Total | 210,000 |
The partners share profits and losses in the ratio of 5:3:2, respectively. The partners agreed to dissolve the partnership after selling the other assets for $50,000. On dissolution of the partnership, Janet should receive:
A. $0. B. $80,000. C. $10,000. D. $30,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Hospitality Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
2nd Edition
9780470598092, 470083603, 978-0470083604
