Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ap 100 Saved Help Save & Exit Su Check my w A partnership has the following balance sheet prior to liquidation (partners' profit and loss

image text in transcribed

image text in transcribed

ap 100 Saved Help Save & Exit Su Check my w A partnership has the following balance sheet prior to liquidation (partners' profit and loss ratios are in parentheses) Cash Other assets $ 33,000 100,000 Liabilities Playa, capital (40%) Bahia, capital (30%) Arco, capital (30%) Total $ 50,000 24,000 29,000 30,000 $ 133,000 Total $ 133,000 During liquidation, other assets are sold for $80,000, liabilities are paid in full, and $15,000 in liquidation expenses are paid. What amount of cash does each partner receive as a result of this liquidation? Multiple Choice Playa, $10,000; Bahia, $18,500: Arco, $19.500 Saved Multiple Choice o Playa, $10,000; Bahia, $18.500; Arco, $19,500. o Playa, S6,000; Bahia, $4.500; Arco, $4,500. o Playa, S19,200, Bahia, S14,400; Arco, S14,400 o Plays, s16000, Bahia, S23.000. Arco, s24.000

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

The Employers Guide To Surviving Payroll And Human Resources Audits 2019

Authors: Paul E Love

1st Edition

1073422771, 978-1073422777

More Books

Students also viewed these Accounting questions