Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education