The balance sheet for the partnership of Mohammed, Aminu, and Sualihu, whose shares of profits and losses are in the ratio of 4:5:1, respectively is as follows:Cash$50,000Accounts Payable$150,000Inventory360,000Mohammed, Capital160,000 Aminu, Capital45,000 Sualihu, Capital55,000Total Assets$410,000Total Liabilities and Equities410,000 Assume Aminu is insolvent. If the inventory is sold for $300,000, how much should Mohammed receive upon liquidation? $48,000 $100,000 $136,000 $160,000 Related to Q31. If the inventory is sold for $180,000, how much should Sualihu receive upon liquidation? $28,000 $32,500 $37,000 $55,000GIVE BOTH OF THE ANSWERS AND DO NOT GIVE SOLUTION IN IMAGE FORMAT

The partnership comes into existence when two or more persons agree to do the business and further…

Answered: and Sualihu, whose shares of profits…

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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The balance sheet for the partnership of Mohammed, Aminu, and Sualihu, whose shares of profits and losses are in the ratio of 4:5:1, respectively is as follows:

Cash	$50,000	Accounts Payable	$150,000
Inventory	360,000	Mohammed, Capital	160,000
		Aminu, Capital	45,000
		Sualihu, Capital	55,000
Total Assets	$410,000	Total Liabilities and Equities	410,000

Assume Aminu is insolvent. If the inventory is sold for $300,000, how much should Mohammed receive upon liquidation?

		$48,000
		$100,000
		$136,000
		$160,000

Related to Q31. If the inventory is sold for $180,000, how much should Sualihu receive upon liquidation?

		$28,000
		$32,500
		$37,000
		$55,000

GIVE BOTH OF THE ANSWERS AND DO NOT GIVE SOLUTION IN IMAGE FORMAT

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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