Answered step by step
Verified Expert Solution
Question
1 Approved Answer
C $46,330,000 d. $27,060,000 Alex, Bob, and Ciera are partners, sharing income 2:12. After selling all of the assets for cash, dividing gains and losses
C $46,330,000 d. $27,060,000 Alex, Bob, and Ciera are partners, sharing income 2:12. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr, Bob, $10,000 Cr, and Ciera, $30,000 Cr. How much cash should be distributed to Alex? a $6,000 b. $20,000 c. $10,000 d. $16,667 In liquidation, balances prior to the distribution of cash to the partners are: Cash $204.000; Paley, Capital $112,000, Stengel, Capital $104,000, and King, Capital $12,000 deficiency. The income ratio is 6:2:2, respectively. How much cash should be distributed to Stengel if King does not pay his deficiency? a $98,000 b. $101,000 c. $95,000 d. $104,000
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