47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 30,000 Cash Accounts receivable Inventory Furniture & fixtures, net Total Accounts payable A, Capital (70%) B, Capital (30%) Total 380,000 260,000 120,000 790,000 165,0 00 350,00 0 275,00 0 790,00 0 C offered to buy for P760,000 the partnership assets including liabilities but excluding cash and after certain assets are to be restated to their fair values as follows: Accounts receivable, P350,000 Inventory, P250,000 Furniture, P135,000 How much will A and B receive as final settlement of their partnership interests? a. 570,000 c. 790,000 b. 760,000 d. 625,000
47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available: 30,000 Cash Accounts receivable Inventory Furniture & fixtures, net Total Accounts payable A, Capital (70%) B, Capital (30%) Total 380,000 260,000 120,000 790,000 165,0 00 350,00 0 275,00 0 790,00 0 C offered to buy for P760,000 the partnership assets including liabilities but excluding cash and after certain assets are to be restated to their fair values as follows: Accounts receivable, P350,000 Inventory, P250,000 Furniture, P135,000 How much will A and B receive as final settlement of their partnership interests? a. 570,000 c. 790,000 b. 760,000 d. 625,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer in good accounting form. Thank you.
![47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their
partnership. The following
information was made available:
30,000
Cash
Accounts receivable
Inventory
Furniture & fixtures, net
Total
Accounts payable
A, Capital (70%)
B, Capital (30%)
Total
380,000
260,000
120,000
790,000
165,0
00
350,00
0
275,00
0
790,00
0
C offered to buy for P760,000 the partnership assets including liabilities but excluding
cash and after certain assets are to be restated to their fair values as follows:
Accounts receivable, P350,000
Inventory, P250,000
Furniture, P135,000
How much will A and B receive as final settlement of their partnership interests?
a. 570,000
c. 790,000
b. 760,000
d. 625,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdb8a5851-b01a-454d-b412-7295da08ff82%2F32222d66-24b6-4bfe-a1c5-6c03ab8fd40a%2Foleox4q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:47. On January 1, 20x1, the partners of ABC Co. decided to liquidate their
partnership. The following
information was made available:
30,000
Cash
Accounts receivable
Inventory
Furniture & fixtures, net
Total
Accounts payable
A, Capital (70%)
B, Capital (30%)
Total
380,000
260,000
120,000
790,000
165,0
00
350,00
0
275,00
0
790,00
0
C offered to buy for P760,000 the partnership assets including liabilities but excluding
cash and after certain assets are to be restated to their fair values as follows:
Accounts receivable, P350,000
Inventory, P250,000
Furniture, P135,000
How much will A and B receive as final settlement of their partnership interests?
a. 570,000
c. 790,000
b. 760,000
d. 625,000
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