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ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows: 10,000 Accounts payable 80,000 Payable to B 10,000 A, Capital (50%) 180,000 B, Capital (30%) 320,000 C, Capital (20%) 600,000 Total Liab. & Equity Cash 80,000 Accounts receivable 20,000 Receivable from A 250,000 Inventory 150,000 Equipment, net 100,000 Total 600,000

ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows: 10,000 Accounts payable 80,000 Payable to B 10,000 A, Capital (50%) 180,000 B, Capital (30%) 320,000 C, Capital (20%) 600,000 Total Liab. & Equity Cash 80,000 Accounts receivable 20,000 Receivable from A 250,000 Inventory 150,000 Equipment, net 100,000 Total 600,000

FINANCIAL ACCOUNTING
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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A. 2,400
B. 3,600
C. 0
D. 6,000
ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows: Cash 10,000 Accounts payable 80,000 Payable to B 80,000 Accounts receivable 20,000 Receivable from A 10,000 A, Capital (50%) 180,000 B, Capital (30%) 320,000 C, Capital (20%) 600,000 Total Liah. & Equity 250,000 Inventory Equipment, net Total 150,000 100,000 600,000 The total cash distributed to the partners after the first and second sales of noncashassets were P12,000 and P30,000, respectively. How much cash did A receive in the second cash distribution?
Transcribed Image Text:ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows: Cash 10,000 Accounts payable 80,000 Payable to B 80,000 Accounts receivable 20,000 Receivable from A 10,000 A, Capital (50%) 180,000 B, Capital (30%) 320,000 C, Capital (20%) 600,000 Total Liah. & Equity 250,000 Inventory Equipment, net Total 150,000 100,000 600,000 The total cash distributed to the partners after the first and second sales of noncashassets were P12,000 and P30,000, respectively. How much cash did A receive in the second cash distribution?
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