Que, Rae, and Sye are in the process of liquidating their partnership. Sye has agreed to accept the inventory, which has a fair value of $60,000, as part of her settlement. A balance sheet and the residual profit and loss sharing percentages are as follows: Cash $ 248,000 Accounts payable $ 180,000 Inventory 100,000 Que, capital (40%) 98,000 Plant assets 280,000 Rae, capital (40%) 175,000 Sye, capital (20%) 175,000 Total assets $ 628,000 Total liab./equity $ 628,000 If the partners then distribute the available cash using a safe payments schedule, Sye will receive A. $175,000 cash. B. $41,000 cash. C. $51,000 cash. D. $107,000 cash.
Que, Rae, and Sye are in the process of liquidating their partnership. Sye has agreed to accept the inventory, which has a fair value of $60,000, as part of her settlement. A
Cash $ 248,000 Accounts payable $ 180,000
Inventory 100,000 Que, capital (40%) 98,000
Plant assets 280,000 Rae, capital (40%) 175,000
Sye, capital (20%) 175,000
Total assets $ 628,000 Total liab./equity $ 628,000
If the partners then distribute the available cash using a safe payments schedule, Sye will receive
| A. |
$175,000 cash. |
|
| B. |
$41,000 cash. |
|
| C. |
$51,000 cash. |
|
| D. |
$107,000 cash. |
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