he partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31, 2016. Before liquidating and sharing of net income, their capital balances are as follows: Cruz (30%) P875,000, Amistoso (30%) P630,000, and Galicia (40%) P770,000. Net income from January 1 to May 31 is P420,000. Liabilities of the partnership amounted to P735,000 and its total assets include cash amounting to P245,000. Unsettled liabilities are P385,000. Cruz invested additional cash enough to settle their partnership’s indebtedness. Amistoso is personally solvent, Galicia is personally insolvent, and Cruz becomes insolvent after investing the cash needed by the partnership. How much were the partnership’s non-cash sold for? Group of answer choices 3,080,000 157,500 105,000 525,000
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The partnership of Cruz, Amistoso, and Galicia decided to liquidate their partnership on May 31, 2016. Before liquidating and sharing of net income, their capital balances are as follows: Cruz (30%) P875,000, Amistoso (30%) P630,000, and Galicia (40%) P770,000. Net income from January 1 to May 31 is P420,000. Liabilities of the partnership amounted to P735,000 and its total assets include cash amounting to P245,000.
Unsettled liabilities are P385,000. Cruz invested additional cash enough to settle their partnership’s indebtedness. Amistoso is personally solvent, Galicia is personally insolvent, and Cruz becomes insolvent after investing the cash needed by the partnership.
How much were the partnership’s non-cash sold for?
Group of answer choices
3,080,000
157,500
105,000
525,000
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