Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

advance financial On January 1, 20X7, partners Munther, Nabil, and Omar, who share profits and losses in the ratio of 2:3:5, decided to liquidate their

advance financial

image text in transcribed

On January 1, 20X7, partners Munther, Nabil, and Omar, who share profits and losses in the ratio of 2:3:5, decided to liquidate their partnership. On this date, its condensed balance sheet was as follows: ASSETS LIABILITIES & EQUITY Cash $ 50,000 Liabilities $ 60,000 Other Assets 250,000 Munther, Capital 80,000 Nabil , Capital 90,000 Omar, Capital 70,000 Total $ 300,000Total $1 300,000 On January 15, 20X7, the first cash sale of other assets with a carrying amount of $150,000 realized $120,000. Safe installment payments to the partners were made on the same date. How much cash should be distributed to partner Nabil? O a. $42,000 O b. $56,000 O c. $60,000 O d. $46,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Effective Delivery Effective

Answered: 1 week ago