Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help The partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31, 2016. Before liquidating and sharing of net income,

pls help

The partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31, 2016. Before liquidating and sharing of net income, their capital balances are as follows: Cruz (30%) P875,000, Amistoso (30%) P630,000, and Galicia (40%) P770,000. Net income from January 1 to May 31 is P420,000. Liabilities of the partnership amounted to P735,000 and its total assets include cash amounting to P245,000. Unsettled liabilities are P385,000. mary invested additional cash enough to settle their partnerships indebtedness. paul is personally solvent, liz is personally insolvent, and mary becomes insolvent after investing the cash needed by the partnership. How much were the partnerships non-cash sold for? Group of answer choices 525,000 157,500 105,000 3,080,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental Accounting

Authors: Steven M. Bragg

2022nd Edition

1642210781, 978-1642210781

More Books

Students also viewed these Accounting questions

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago

Question

Solve the integral:

Answered: 1 week ago

Question

What is meant by Non-programmed decision?

Answered: 1 week ago

Question

4.4 Summarize the components of a job description.

Answered: 1 week ago