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I already solved questions 1-4 correctly. I am wondering what is the correct answer for question 5. Submitted Dec 15 at 11:52am The ABC Partnership
I already solved questions 1-4 correctly. I am wondering what is the correct answer for question 5.
Submitted Dec 15 at 11:52am The ABC Partnership has the following capital balances and profit/loss sharing percentages: Partner Capital 300,000 350,000 500,000 Profit/loss% 25% 35% 40% Question 1 1/1 pts Assume the partnership has $50,000 in cash, $1,130,000 in non-cash assets, and $30,000 in liabilities. They wish to hold back an additional $10,000 for unforeseen expenses. How much cash would be paid to which partner? (answer in form "xx,xxx to A" or "xx,xxx to B" or "xx,xxx to C") 10,000 to C Question 2 1/1 pts Assume that the $10,000 is paid out in question 1, so now the partnership has $40,000 in cash. $300,000 of the non-cash assets are sold for 150,000 (total cash now $190,000). Prepare a schedule of safe payments, again assuming that the partnership wants to hold back $10,000 for possible expenses. How much cash would A receive (xx.xxx)? 52,500 Question 3 1/1 pts Go back to the original data and prepare a cash distribution plan. In the "first stage", how much would go to which partner? (e.g., "xx,xxx to A" or "xx,xxx to B" or "xx,xxx to C" (with comma and capital letter) 20,000 to C Question 4 1/1 pts Go back to the original data and prepare a cash distribution plan. If the firm had $100,000 to distribute, how much would be paid to "A"? (answer to nearest penny, e.g., XX,XXX.XX) 30,769.23 Incorrect Question 5 0/1 pts Go back to the original data and prepare a cash distribution plan. If the firm had $300,000 to distribute, how much would be paid to "B"? (answer to nearest dollar, e.g., xx.xxx) 66,500Step by Step Solution
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