Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn,respectively.CashAssets$50400Accounts receivable 133000InventoryO $286740.O $311100.O $204000.O $520500.437900$621300Liabilities and Owner's Equity.Accounts payable$125200Robert, CapitalNoble, CapitalFinn, Capital13740047600311100$621300Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that wouldultimately be distributed to Finn would be

Partnership is the relation between two or more person, it has the following characteristicsThey…

Answered: Assume that, as part of liquidation…

Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would ultimately be distributed to Finn would be

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn,
respectively.
Cash
Assets
$50400
Accounts receivable 133000
Inventory
O $286740.
O $311100.
O $204000.
O $520500.
437900
$621300
Liabilities and Owner's Equity.
Accounts payable
$125200
Robert, Capital
Noble, Capital
Finn, Capital
137400
47600
311100
$621300
Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would
ultimately be distributed to Finn would be

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