Question
The RAM Company at December 31 has cash $100,000, noncash assets $280,000, liabilities $138,000, and the following capital balances: Rami $112,000, Ahmed $ 80,000 and
The RAM Company at December 31 has cash $100,000, noncash assets $280,000, liabilities $138,000, and the following capital balances: Rami $112,000, Ahmed $ 80,000 and Maher $50,000. The firm is liquidated, and $265,000 in cash is received for the noncash assets. Rami, Ahmed, and Maher income sharing ratios are 55%, 30%, and 15%, respectively.
Required: At the end of the liquidation process, how much cash will Maher receive?
(Note: write your answer as a number only, with no commas or dollar signs).
The RAM Company at December 31 has cash $100,000, noncash assets $280,000, liabilities $138,000, and the following capital balances: Rami $112,000, Ahmed $ 80,000 and Maher $50,000. The firm is liquidated, and $265,000 in cash is received for the noncash assets. Rami, Ahmed, and Maher income sharing ratios are 55%, 30%, and 15%, respectively.
Required: At the end of the liquidation process, how much cash will Maher receive?
(Note: write your answer as a number only, with no commas or dollar signs).
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Advanced Financial Reporting And Analysis
Authors: John Dunn, Margaret Stewart
1st Edition
0470973609, 9780470973608
