The balance sheet of the Troy Partnership at September 30, 2020, shows: Va Various Assets 500,000 Various Liabilities 100,000 Capital, Thomas 160,000 120,000 80,000 40,000
The balance sheet of the Troy Partnership at September 30, 2020, shows: Va
Various Assets | 500,000 | Various Liabilities | 100,000 |
---|---|---|---|
Capital, Thomas | 160,000 | ||
120,000 | |||
80,000 | |||
40,000 | |||
Total | 500,000 | 500,000 |
The Troy Partnership decides to terminate operations and liquidate. To begin the process, assets with a book value of $292,000 are sold for $184,000. Under a safe payment approach, how much will be distributed to the partners?
Thomas $62,000, Renee $22,000, Oscar $0, Yvonne $0 <------- This is the correct answer, but please explain how they arrive at the answer in good detail. Thank you!
Thomas $92,000, Renee $92,000, Oscar $0, Yvonne $0
Thomas $87,000, Renee $47,000, Oscar $25,000, Yvonne $25,000
Thomas $46,000, Renee $46,000, Oscar $46,000, Yvonne $46,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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