Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net

image text in transcribed

Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances: Cash $ 52,000 Non cash Assets 230,000 Liabilities 20,000 Sameer's capital 134,000 Hani's capital 78,000 Ali's capital 10,000 You know that: Net income for the year 2020 was $ 40,000. Non cash assets are sold for $160,000 cash Partners share income/loss in a 4:3:3 ratlo, respectively. Required: Calculate the amount of Cash distribution to Sameer after the liquidation process is over. (Note: in the answer space. write only the number with no $ signs or commas. That is, if your answer is $1.000 white it as : 1000

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

More Books

Students also viewed these Accounting questions

Question

What is the relationship between humans?

Answered: 1 week ago

Question

What is the orientation toward time?

Answered: 1 week ago