Allen, Branden & Caylin are in the process of liquidating their partnership. They have the following capital balances and profit and loss percentages: Capital Balance Profit/Loss % Allen 5,000 debit 20% Branden 18,000 credit 50% Caylin 6,000 credit 30% The partnership balance sheet shows cash of $5,000, non-cash assets of $14,000, and no liabilities. Assume that the non-cash assets were liquidated for $10,000 cash and there is no liquidation expenses. Any partners with deficit capital balances contributed personal assets to eliminate the deficit. How much of the available cash would be distributed to Caylin? a. 5,800 b. 0 c. 4,800 d. 6,000
Allen, Branden & Caylin are in the process of liquidating their
Capital Balance Profit/Loss %
Allen 5,000 debit 20%
Branden 18,000 credit 50%
Caylin 6,000 credit 30%
The partnership balance sheet shows cash of $5,000, non-cash assets of $14,000, and no liabilities. Assume that the non-cash assets were liquidated for $10,000 cash and there is no liquidation expenses. Any partners with deficit capital balances contributed personal assets to eliminate the deficit. How much of the available cash would be distributed to Caylin?
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