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Multiple Choice A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow:   A B C Before the sale 48,000 12,000 62,000 After the sale 32,800 10,800 24,000 The carrying amount of the assets sold is: a. 60,400 b. 182,400 c. 195,600 d. 204,000

Multiple Choice A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow:   A B C Before the sale 48,000 12,000 62,000 After the sale 32,800 10,800 24,000 The carrying amount of the assets sold is: a. 60,400 b. 182,400 c. 195,600 d. 204,000

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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Multiple Choice

A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow:

  A B C
Before the sale 48,000 12,000 62,000
After the sale 32,800 10,800 24,000

The carrying amount of the assets sold is:

a. 60,400

b. 182,400

c. 195,600

d. 204,000

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