5. Vasilika, Lily, and Denise decide to liquidate their partnership. All assets are sold for cash and all the liabilities are paid. After this, their capital balances are: Vasilika - $27,000; Lily - ($12,000); Denise - $43,000. Their profit/loss percentages are: Vasilika - 30%; Lily - 40% ; Denise - 30%. Lily is unable to contribute any assets to reduce her deficit. How much cash will Vasilika receive as a result of the partnership liquidation? 1. $15,000 2. $23,400 3. $21,000 4. $27,000 5. None of the above.
5. Vasilika, Lily, and Denise decide to liquidate their partnership. All assets are sold for cash and all the liabilities are paid. After this, their capital balances are: Vasilika - $27,000; Lily - ($12,000); Denise - $43,000. Their profit/loss percentages are: Vasilika - 30%; Lily - 40% ; Denise - 30%. Lily is unable to contribute any assets to reduce her deficit. How much cash will Vasilika receive as a result of the partnership liquidation? 1. $15,000 2. $23,400 3. $21,000 4. $27,000 5. None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishal
Transcribed Image Text:5. Vasilika, Lily, and Denise decide to liquidate their partnership. All assets are sold for cash and
all
the liabilities are paid. After this, their capital balances are: Vasilika - $27,000; Lily - ($12,000);
Denise - $43,000. Their profit/loss percentages are: Vasilika - 30%; Lily -40%; Denise - 30%.
Lily
is unable to contribute any assets to reduce her deficit. How much cash will Vasilika receive as
a
result of the partnership liquidation?
1. $15,000
2. $23,400
3. $21,000
4. $27,000
5. None of the above.
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