In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to dissolve the firm's partnership. Based on the following facts, prepare a summary of the partner's capital balance showing how much, if any, is available to settle in final settlement. A B. Value of net assets paid in to partnership firm... $50,000 $22,500 $20,000 Company partnership net income for 1976 $30,000 divided into Ratio 2:1:1...... $15,000 $7,500 $7,500 $15,000 $10,000 $10,000 1986 private take...... Net assets at the time of dissolution are assessed For $65,000 and distributed to $16,250 $16,250 Allies according to a ratio of 2:1:1... $32,500
In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to dissolve the firm's partnership. Based on the following facts, prepare a summary of the partner's capital balance showing how much, if any, is available to settle in final settlement. A B. Value of net assets paid in to partnership firm... $50,000 $22,500 $20,000 Company partnership net income for 1976 $30,000 divided into Ratio 2:1:1...... $15,000 $7,500 $7,500 $15,000 $10,000 $10,000 1986 private take...... Net assets at the time of dissolution are assessed For $65,000 and distributed to $16,250 $16,250 Allies according to a ratio of 2:1:1... $32,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the
profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to
dissolve the firm's partnership. Based on the following facts, prepare a summary of the
partner's capital balance showing how much, if any, is available to settle in final settlement.
A
B
Value of net assets paid in to
partnership firm...
$50,000
$22,500
$20,000
Company partnership net income for 1976
$30,000 divided into Ratio 2:1:1..
$15,000
$7,500
$7,500
1986 private take...
$15,000
$10,000
$10,000
Net assets at the time of dissolution are assessed
For $65,000 and distributed to
$16,250
$16,250
Allies according to a ratio of 2:1:1..... $32,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9eac264-d2ce-49e6-a96a-81e76bfc1f0e%2Fd8107cec-d407-4d0a-8b55-49420ed1825d%2Fzgk7kg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the
profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to
dissolve the firm's partnership. Based on the following facts, prepare a summary of the
partner's capital balance showing how much, if any, is available to settle in final settlement.
A
B
Value of net assets paid in to
partnership firm...
$50,000
$22,500
$20,000
Company partnership net income for 1976
$30,000 divided into Ratio 2:1:1..
$15,000
$7,500
$7,500
1986 private take...
$15,000
$10,000
$10,000
Net assets at the time of dissolution are assessed
For $65,000 and distributed to
$16,250
$16,250
Allies according to a ratio of 2:1:1..... $32,500
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