pie6TT UOI:Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble,and Finn, respectively.AssetsLiabilities and Owner's EquityCash$ 56300Accounts payable$ 126100AccountsGranger, Capital$138600receivable131500Noble, Capital48300Inventory437400Finn, Capital312200$625200$625200Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $509900. The amount of cash thatwould ultimately be distributed to Finn would be$288600.$312200.$512600.$203960.

Non-Cash Assets -: Non-monetary assets are commodities or items that a firm holds for which it is…

Answered: $288600. $312200. $512600. $203960.

Business

Accounting

$288600. $312200. $512600. $203960.

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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Question

pie
6TT UOI:
Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble,
and Finn, respectively.
Assets
Liabilities and Owner's Equity
Cash
$ 56300
Accounts payable
$ 126100
Accounts
Granger, Capital
$138600
receivable
131500
Noble, Capital
48300
Inventory
437400
Finn, Capital
312200
$625200
$625200
Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $509900. The amount of cash that
would ultimately be distributed to Finn would be
$288600.
$312200.
$512600.
$203960.

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