Question
Partner Xiao is insolvent, having no personal assets and owes $50,000 to his personal creditors. Xiao is a partner with Williams and Zellin and the
Partner Xiao is insolvent, having no personal assets and owes $50,000 to his personal creditors. Xiao is a partner with Williams and Zellin and the partnership balance sheet is as follows:
Partnership Balance Sheet
Cash$240,000Liabilities $150,000
Xiao Capital20,000
Williams Capital30,000
Zellin Capital40,000
How much can Xiao's personal creditors claim against partnership cash
- $20,000
- $50,000
- $90,000
- $150,000
- $240,000
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MIS Management Information Systems
Authors: Hossein Bidgoli
8th edition
978-1337406932, 1337406937, 978-1337406925, 1337406929, 978-0357004357
