Could someone please help me with number 3? Thank you!!
Accounts Payable Joan, Capital Charles, Capital 150,000 160,000 45,000 55,000 Cash Inventory s 50,000 360,000 Thomas, Capital $410,000 Total Assets $410,000 Total Liabilities & Equities Assume Charles is insolvent. 1. If the inventory is sold for $300,000, how much should Joan receive upon liquidation? a. $48,000. b $100,000. G$136,000. d. $160,000. 2. If the inventory is sold for $180,000, how much should Thomas receive upon liquidation? a $28,000. b $32,500. c. $37,000. d. $55,000. 3, The partnership will be liquidated in installments. As cash becomes available, it will be distrib- uted to the partners. If inventory costing $200,000 is sold for $140.000, how much cash should be distributed to each partner at this time? Joan Charles Thomas a. $56,000 $70,000 $14,000 b. $16,000 $20,000 4,000 c. $32,000S 0 8,000 $20,000 $ 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 Accounts Payable Joan, Capital Charles, Capital 150,000 160,000 45,000 55,000 Cash Inventory s 50,000 360,000 Thomas, Capital $410,000 Total Assets $410,000 Total Liabilities & Equities Assume Charles is insolvent. 1. If the inventory is sold for $300,000, how much should Joan receive upon liquidation? a. $48,000. b $100,000. G$136,000. d. $160,000. 2. If the inventory is sold for $180,000, how much should Thomas receive upon liquidation? a $28,000. b $32,500. c. $37,000. d. $55,000. 3, The partnership will be liquidated in installments. As cash becomes available, it will be distrib- uted to the partners. If inventory costing $200,000 is sold for $140.000, how much cash should be distributed to each partner at this time? Joan Charles Thomas a. $56,000 $70,000 $14,000 b. $16,000 $20,000 4,000 c. $32,000S 0 8,000 $20,000 $ 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
