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Category > Accounting Posted 23 Jun 2017 My Price 8.00

A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000)

A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000). All liabilities have been paid and the following capital balances are currently being recorded. The partners share profits and losses as follows. All partners are insolvent.

a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?

b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?

c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?

 

Answers

Alpha Geek
(8)
Status NEW Posted 23 Jun 2017 08:06 AM My Price 8.00

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Attachments

file 1498206363-2007038_1_636337094709944805_Book.xlsx preview (51 words )
Pa-----------rti-----------cul-----------ars-----------Bro-----------wnF-----------ish-----------Sto-----------neB-----------ala-----------nce-----------$25-----------000-----------$15-----------000-----------$50-----------00L-----------oss----------- on----------- sa-----------le -----------of -----------lan-----------d$1-----------000-----------0 t-----------o b-----------e d-----------ivi-----------ded-----------In -----------4:3-----------:3 -----------bas-----------is$-----------400-----------0$3-----------000-----------Dis-----------tri-----------but-----------ion----------- of----------- ca-----------sh$-----------210-----------00$-----------120-----------00$-----------200-----------0A.----------- Lo-----------ss -----------of -----------$10-----------000----------- on----------- sa-----------le -----------of -----------lan-----------d f-----------or -----------$25-----------000-----------$20-----------000----------- to----------- be----------- di-----------vid-----------ed$-----------800-----------0$6-----------000-----------Bal-----------anc-----------es -----------adj-----------ust-----------ed$-----------170-----------00$-----------900-----------0($-----------100-----------0)P-----------ote-----------nti-----------al -----------los-----------s d-----------ue -----------toD-----------efi-----------cit----------- of----------- st-----------one-----------(4:-----------3)$-----------571-----------$42-----------9$1-----------000-----------$16-----------429-----------$85-----------71$-----------0B.----------- Lo-----------ss -----------of -----------$20-----------000----------- on----------- sa-----------le -----------of -----------lan-----------d f-----------or -----------$15-----------000-----------C. -----------Los-----------s o-----------f $-----------300-----------00 -----------on -----------sal-----------e o-----------f l-----------and----------- fo-----------r $-----------500-----------0$3-----------000-----------0 t-----------o b-----------e d-----------ivi-----------ded-----------$13-----------000-----------($4-----------000-----------)$2-----------286-----------$17-----------14$-----------107-----------14$-----------428-----------6
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