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he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x $4,000 26,000 d. $2,500 $30,000 Liabilities & Equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) Total liabilities & equity $8,000 3,000 9,000 10,000 $30,000 to

he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x $4,000 26,000 d. $2,500 $30,000 Liabilities & Equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) Total liabilities & equity $8,000 3,000 9,000 10,000 $30,000 to

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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he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of partnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x d. $2,500 Liabilities & Equity $4,000 26,000 Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) $30,000 Total liabilities & equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? to $8,000 3,000 9,000 10,000 $30,000 K
Transcribed Image Text:he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of partnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x d. $2,500 Liabilities & Equity $4,000 26,000 Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) $30,000 Total liabilities & equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? to $8,000 3,000 9,000 10,000 $30,000 K
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