Question
As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and
As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and losses:
| Cash | $ | 160,000 | |
| Noncash assets | 410,000 | ||
| Liabilities | 94,000 | ||
| Carlin, capital (30%) | 276,000 | ||
| Yearly, capital (40%) | 239,500 | ||
| Granite, capital (30%) | (39,500 | ) | |
The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $20,000.
How much of the existing cash balance could be distributed safely to partners at this time?
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Internal Auditing Perceptions Of Managers And Audit Staff On Internal Audit Effectiveness Measures
Authors: Aderaw Ayaliew
1st Edition
3847345362, 978-3847345367
