A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are: Bell, capital . . . . . . . . . . . . . . . $ 50,000Hardy, capital . . . . . . . . . . . . . 56,000Dennard, capital . . . . . . .. . . . . 14,000Suddath, capital . . . . . . . . . . . 80,000 Bell’s creditors have filed a $21,000 claim against the partnership’s assets. The partnership currently holds assets of $300,000 and liabilities of $100,000. If the assets can be sold for $190,000, what is the minimum amount that Bell’s creditors would receive? Choose the correct.a. –0–b. $2,000c. $2,800d. $6,000
A
Bell, capital . . . . . . . . . . . . . . . $ 50,000
Hardy, capital . . . . . . . . . . . . . 56,000
Dennard, capital . . . . . . .. . . . . 14,000
Suddath, capital . . . . . . . . . . . 80,000
Bell’s creditors have filed a $21,000 claim against the partnership’s assets. The partnership currently holds assets of $300,000 and liabilities of $100,000. If the assets can be sold for $190,000,
what is the minimum amount that Bell’s creditors would receive? Choose the correct.
a. –0–
b. $2,000
c. $2,800
d. $6,000
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