Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3.5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $239,300; total liabilities, $201,000, Jake, Capital, $8,100; Sacha, Capital, $10,100; and Brianne, Capital, $20,100. The cash proceeds from selling the assets were sufficient to repay all but $46,000 to the creditors. Calculate the loss from selling the assets. (Round the final answer to the nearest doller.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total bilibu chould be paid by each partner. (Round the final answers to the nearest dollar.

Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3.5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $239,300; total liabilities, $201,000, Jake, Capital, $8,100; Sacha, Capital, $10,100; and Brianne, Capital, $20,100. The cash proceeds from selling the assets were sufficient to repay all but $46,000 to the creditors. Calculate the loss from selling the assets. (Round the final answer to the nearest doller.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total bilibu chould be paid by each partner. (Round the final answers to the nearest dollar.

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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