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Could someone help me with 5? Thank you!! Joan Charles Thomas a. $56,000 $70,000 $14,000 b. $16,000 $20,000 $ 4,000 c.$32,000 $ os 8,000 $20,000
Could someone help me with 5? Thank you!! Joan Charles Thomas a. $56,000 $70,000 $14,000 b. $16,000 $20,000 $ 4,000 c.$32,000 $ os 8,000 $20,000 S 0 $20,000 4. In accounting for partnership liquidation, cash payments to partners after all creditors' claims have been satisfied but before the final cash distribution should be according to a) The partners' relative profit and loss-sharing ratios. b. The final balances in partner capital accounts. c. The partners' relative share of the gain or loss on liquidations. d. Safe payments computations. 5. After all noncash assets have been converted into cash in the liquidation of the Adam and Kay Partnership, the ledger contains the following account balances: Debit Credit $47,000 Cash Accounts Payable Loan Payable to Adam Adam, Capital Kay, Capital $32,000 15,000 7,000 7,000 Available cash should be distributed with $32,000 going to accounts payable and then a. $15,000 to the loan payable to Adam. b. $7,500 each to Adam and Kay c. $8,000 to Adam and $7,000 to Kay d. $7,000 to Adam and $8,000 to Kay
Could someone help me with 5? Thank you!!
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