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Need asap 25 minutes please, thank you this is all given information !! show calculation Huey, Dewey, and Louie share profits and losses for their
Need asap 25 minutes please, thank you this is all given information !!
show calculation
Huey, Dewey, and Louie share profits and losses for their HDL Partnership in a ratio of 3:2:5. When they decide to liquidate, the balance sheet is as follows: Assets Plant assets (net) $350,000 Total assets $350,000 Liabilities and Capital Accounts payable $ 140,000 Huey, Capital 70,000 Dewey, Capital 60,000 Louie, Capital 80,000 $350,000 Huey, Dewey, and Louie have agreed to distribute available cash back to partners during the liquidation process. If $250,000 noncash assets were sold for $180,000 cash during the first month of liquidation, the amount of safe cash payments are: A. $12,000 to Huey, $8,000 to Dewey and $20,000 to Louie. B. $0 to Huey $40,000 to Dewey, and $0 to Louie. C. $16,000 to Huey, $24,000 to Dewey and $0 to Louie. D. $18,000 to Huey, $25,000 to Dewey and $0 to LouieStep by Step Solution
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