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BLOSSOM. JENNINGS

BLOSSOM. JENNINGS

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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Blossom, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: Cash BLOSSOM, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020 Total Assets Noncash assets $ 45400 283900 $329300 Liabilities and Owners' Equity. Liabilities $149300 Blossom, Capital Jennings, Capital Blair, Capital Total 60900 89500 29600 $329300 The partner with a capital deficiency is unable to pay the amount owed to the partnership. If the partnership is liquidated by selling the noncash assets for $194900 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner?
Transcribed Image Text:Blossom, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: Cash BLOSSOM, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020 Total Assets Noncash assets $ 45400 283900 $329300 Liabilities and Owners' Equity. Liabilities $149300 Blossom, Capital Jennings, Capital Blair, Capital Total 60900 89500 29600 $329300 The partner with a capital deficiency is unable to pay the amount owed to the partnership. If the partnership is liquidated by selling the noncash assets for $194900 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner?
O Blossom, $37140; Jennings, $53860; Blair, $0. O Blossom, $43100; Jennings, $62800; Blair, $14900. O Blossom, $32700; Jennings, $56840; Blair, $0. O Blossom, $34200; Jennings, $55340; Blair, $0.
Transcribed Image Text:O Blossom, $37140; Jennings, $53860; Blair, $0. O Blossom, $43100; Jennings, $62800; Blair, $14900. O Blossom, $32700; Jennings, $56840; Blair, $0. O Blossom, $34200; Jennings, $55340; Blair, $0.
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