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partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, B and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity additional contribution is required of C?

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, B and C shows the following information: Cash 300,000 64,000 40,000 Liabilities Noncash assets 720,000 B, Loan 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 Total 760,000 760,000 Total Liab. & Equity additional contribution is required of C?

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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I got 5,714. 29 as the answer but it is not included in the choices which are 20,000 50,000 and 30,000. I want to know where did I get it wrong. Thank you so much

partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, B and C shows the following information: Cash 300,000 40,000 Liabilities 720,000 B, Loan Noncash assets 64,000 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 760,000 Total 760,000 Total Liab. & Equity additional contribution is required of C?
Transcribed Image Text:partner. In the settlement of the partners' claims, how much The non-cash assets are sold for P320,000. C is the only solvent 3. The statement of financial position of the partnership of A, B and C shows the following information: Cash 300,000 40,000 Liabilities 720,000 B, Loan Noncash assets 64,000 20,000 C, Loan A, Capital (50%) B, Capital (30%) C, Capital (20%) 250,000 86,000 40,000 760,000 Total 760,000 Total Liab. & Equity additional contribution is required of C?
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