A local partnership was considering the possibility of liquidation. Capital account balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively. Ding, capital $ 60,000 Laurel, capital 67,000 Ezzard, capital 17,000 Tillman, capital 96,000 At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time. If the assets could be sold for $228,000 and there are no liquidation expenses, what is the amount that Ding would receive from the liquidation? *Please note this question is about Ding - thank you!
A local partnership was considering the possibility of liquidation. Capital account balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively. Ding, capital $ 60,000 Laurel, capital 67,000 Ezzard, capital 17,000 Tillman, capital 96,000 At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time. If the assets could be sold for $228,000 and there are no liquidation expenses, what is the amount that Ding would receive from the liquidation? *Please note this question is about Ding - thank you!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A local
| Ding, capital | $ | 60,000 |
| Laurel, capital | 67,000 | |
| Ezzard, capital | 17,000 | |
| Tillman, capital | 96,000 | |
At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time.
If the assets could be sold for $228,000 and there are no liquidation expenses, what is the amount that Ding would receive from the liquidation?
*Please note this question is about Ding - thank you!
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