Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 22 Jul 2017 My Price 10.00

Cobb, Davis, and Eddy

On January 1, 2006, the partners of Cobb, Davis, and Eddy, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows:

align="left">

Assets

  

Cash

$ 50,000

Other assets

250,000
 

$300,000

Liabilities and Capital

  

Liabilities

$ 60,000

Cobb, capital

80,000

Davis, capital

90,000

Eddy, capital

70,000
 

$300,000

On January 15, 2006, the first cash sale of other assets with a carrying amount of $150,000 realized $120,000. Safe installment payments to the partners were made the same date. How much cash should be distributed to each partner?

align="left">

 

Cobb

Davis

Eddy

a.

$15,000

$51,000

$44,000

b.

$40,000

$45,000

$35,000

c.

$55,000

$33,000

$22,000

d.

$60,000

$36,000

$24,000

 

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 10.00

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