Chapter 15 Homework Help Save & Exit Submit Saved my 7 The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. $ 40,000 Liabilities 10 points 130,0e0 Adams, capital Building Baker, capital Carvil, capital Dobbs, capital 30,000 eBook Total assets 290,000 Total liabilities and capital 5 290,000 To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following 9 questions. Each question should be viewed as an independent situation related to the partnership's liquidation. a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a c. The building is immediately sold for $70,000 to give total cash of $110,000. The liabilities are then paid, leaving a cash balance of Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? 2:2:3:3 basis, respectively, how will the $10,000 be divided? $80,000. This cash is to be distributed to the partners. How much of this money will each partner receive if profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:3:3 basis, respectively? (Do not round intermediate calculations.) d. Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion? (Do not round intermediate calculations.)