a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits andlosses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the$10,000 be divided?Answer is complete but not entirely correctAdamsBakerCarvilDobbsSAAdamsBakerCarvilDobbs$$$b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits andlosses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?Answer is complete but not entirely correct$$$2,000X3,000X3,000X2,000X692,000X2,000X3,000X3,000X The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 63,000 Liabilities $ 53,000 Land 245,000 Adams, capital 161,500Building 235,000 Baker, capital 51,000 Carvil, capital 106,000 Dobbs, capital 171,500 Total assets $543,000 Total liabilities and capital $543,000 To avoid more conflict, the partners have decided tocease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership's liquidation.

Partnership -A partnership is a type of business in which two or more people formally agree to…

a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? Answer is complete but not entirely correct Adams Baker Carvil Dobbs S S $ S 2,000X 3,000X 3,000X 2,000X b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?

a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? Answer is complete but not entirely correct Adams Baker Carvil Dobbs S S $ S 2,000X 3,000X 3,000X 2,000X b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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