Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 14, 2024

The balance sheet for ABL partnership is: Cash 12,000 Liabilities 70,000 Non Cash Assets 150,000 Alex, capital 20,000 Bart, capital 42,000 Carl, capital 30,000 Alex,

The balance sheet for ABL partnership is:

Cash 12,000 Liabilities 70,000

Non Cash Assets 150,000 Alex, capital 20,000

Bart, capital 42,000

Carl, capital 30,000

Alex, Bart and Carl share profits in the ratio of 1:7:2, respectively.

For how much money must the non-cash assets be sold so that each partner receives some amount of cash from the liquidation?

Please show working.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Marketing Theory And Practice

Authors: Michael J. Baker

1st Edition

1349068555, 9781349068531

More Books

Students also viewed these Accounting questions

Question

★★★★★

Using the account balances and additional adjustment information below, record adjusting journal entries. Adjustment information as of January 31, 20YY not already given in the original...

Answered: 1 week ago

Question

★★★★★

Identify a topic for a presentation.

Answered: 1 week ago

Question

★★★★★

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2010, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per...

Answered: 1 week ago

Question

★★★★★

A person who has owned and sold lot of businesses over last 20 years can be called O A) Novice entrepreneur OB) Serial entrepreneur OC) Professional entrepreneur OD) Social entrepreneur

Answered: 1 week ago

Question

★★★★★

According to a top economist, during recessions the unemployed may experience improved health due to more available time to exercise, prepare healthy meals, and visit the doctor. True False

Answered: 1 week ago

Question

★★★★★

an 1800 kg vehicle travelling at 60.0km/h smashes into a concrete barrier and stops in 0.420s what is the magnitude of the collision force on the vehicle

Answered: 1 week ago

Question

★★★★★

Flo's Deli is determining how to ensure that their current process of serving customers during lunch rush is adequate. Which of the following is an example of how the restaurant can monitor its...

Answered: 1 week ago

Question

★★★★★

In an agile lifecycle, who should be involved in all overlapping sprints or releases? Select an answer: everyone on the product team the product manager only You should not overlap sprints or...

Answered: 1 week ago

Question

★★★★★

According to the concept of "position/legitimate power," the CEO has the ultimate responsibility for leading the tasks of forming, implementing, and executing a strategic plan for the whole...

Answered: 1 week ago

Question

★★★★★

Which of the following considerations is legally in sufficient? Tony bought a book for $100. Ruby offers to buy it for $10. Tony bought a text book for $100. He offers to give it to Ruby if Ruby...

Answered: 1 week ago

Question

★★★★★

3. How can diversity be increased in an organisation without alienating people?

Answered: 1 week ago

Question

★★★★★

explain the concept of strategy formulation

Answered: 1 week ago

Question

★★★★★

describe what strategy is, including the different levels of strategy, and how corporate strategy affects HR strategy

Answered: 1 week ago

Previous Question Next Question