he balance sheet of the Troy Partnership at September 30, 2020, shows: Va Various Assets 500,000 Various Liabilities 100,000 Capital, Thomas 160,000 120,000 80,000 40,000 Total 500,000 500,000 The Troy Partnership decides to terminate operations and liquidate. To begin the process, assets with a book value of $292,000 are sold for $184,000. Under a safe payment approach, how much will be distributed to the partners? Thomas $62,000, Renee $22,000, Oscar $0, Yvonne $0 <------- This is the correct answer, but please explain how they arrive at the answer in good detail. Thank you! Thomas $92,000, Renee $92,000, Oscar $0, Yvonne $0 Thomas $87,000, Renee $47,000, Oscar $25,000, Yvonne $25,000 Thomas $46,000, Renee $46,000, Oscar $46,000, Yvonne $46,000
he balance sheet of the Troy Partnership at September 30, 2020, shows: Va Various Assets 500,000 Various Liabilities 100,000 Capital, Thomas 160,000 120,000 80,000 40,000 Total 500,000 500,000 The Troy Partnership decides to terminate operations and liquidate. To begin the process, assets with a book value of $292,000 are sold for $184,000. Under a safe payment approach, how much will be distributed to the partners? Thomas $62,000, Renee $22,000, Oscar $0, Yvonne $0 <------- This is the correct answer, but please explain how they arrive at the answer in good detail. Thank you! Thomas $92,000, Renee $92,000, Oscar $0, Yvonne $0 Thomas $87,000, Renee $47,000, Oscar $25,000, Yvonne $25,000 Thomas $46,000, Renee $46,000, Oscar $46,000, Yvonne $46,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The
| Various Assets | 500,000 | Various Liabilities | 100,000 |
|---|---|---|---|
| Capital, Thomas | 160,000 | ||
| 120,000 | |||
| 80,000 | |||
| 40,000 | |||
| Total | 500,000 | 500,000 |
The Troy Partnership decides to terminate operations and liquidate. To begin the process, assets with a book value of $292,000 are sold for $184,000. Under a safe payment approach, how much will be distributed to the partners?
Thomas $62,000, Renee $22,000, Oscar $0, Yvonne $0 <------- This is the correct answer, but please explain how they arrive at the answer in good detail. Thank you!
Thomas $92,000, Renee $92,000, Oscar $0, Yvonne $0
Thomas $87,000, Renee $47,000, Oscar $25,000, Yvonne $25,000
Thomas $46,000, Renee $46,000, Oscar $46,000, Yvonne $46,000
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