Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The question is accurate pls answer H The highly successful law firm of Lie, Cheet and Steele has been serving clients for 40 years but
The question is accurate pls answer
H The highly successful law firm of Lie, Cheet and Steele has been serving clients for 40 years but not it is ending as the 3 lawyers are retiring: On January 1st 2022 Lie Cheet and Steele have the following balance sheet: Cash a/p notes payable 200000 100000 alr equipment Land $40,000 $90,000 $1,50,000 $3,00,000 $2,00,000 total lia: 300000 building total assets $7,80,000 Lie Capital Cheet Capital Steele Capital 100000 80000 300000 Lie Cheet and Steele distribute profits and losses Lie: 30% Cheet 45% and Steele 25% a) On January 1st what if any safe payments can any of the partners take? On January 31st the partnership sells the equipment for $100,000. b) On February 1st what if any safe payments can any of the partners take ? (assume no partners took any safe payments on January 1st On March 31st the partnership sold the receivables for $100,000 c) On April 1st what if any safe payments can any of the partners take? (assume no partners have taken any safe payments before) On April 30th the partnership sells the land for $270,000 d) on May 1st what if any safe payments can andy of the partners take? (assume no partners have taken any safe payments before) On May 31st the partnership sold the building for $111,000 and paid off the note and accounts payable e1) If all partners are insolvent, how is the final distribution of net partnership assets distributed? e2) If all partners are solvent, how much does each partner contribute or collect as the partnership is dissolved 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