Question
Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020
Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:
| CHENARD, JENNINGS, AND BLAIR PARTNERSHIP | ||||||
| Balance Sheet | ||||||
| December 31, 2020 | ||||||
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| Assets |
| Liabilities and Owners' Equity | ||||
| Cash |
| $30,000 |
| Liabilities |
| $170,000 |
| Noncash assets | 280,000 |
| Chenard, Capital | 50,000 | ||
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| Jennings, Capital | 70,000 | |
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| Blair, Capital |
| 20,000 |
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| $310,000 |
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| $310,000 |
The partnership is liquidated by selling the noncash assets for $365,000, and creditors are paid in full.
Calculate the total amount of cash that Chenard will receive in the distribution of cash
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
5th Edition
1264467206, 978-1264467204
