Show the solution in good accounting form Problem 7The Al, Joyce and Rich partnership's condensed financial position prior toliquidation of the partnership reflected the following balances:AssetsLiabilities and CapitalP24,000 Liabilities360,000CashP70,00030,00090,000140,00054,000Noncash assetsLoan payable to AlAl, Capital (50)Joyce, Capital (30)Rich, Capital (20)Assuming assets with a book value of P140,000 were sold for P100,000 and thatall available cash was distributed, what amount should the remaining assetssold in orderbefor Joycetoreceivetotalof P158,000cashafteraliquidation?374,000B. 350,000AGUIGG96,000A.с.320,000SAPIENSICA

The partnership comes into existence when two or more persons come together to do the business and…

The Al, Joyce and Rich partnership's condensed financial position prior to liquidation of the partnership reflected the following balances: Assets Liabilities and Capital Cash P24,000 Liabilities P70,000 30,000 90,000 140,000 54,000 Noncash assets 360,000 Loan payable to Al Al, Capital (50) Joyce, Capital (30) Rich, Capital (20) Assuming assets with a book value of P140,000 were sold for P100,000 and that all available cash was distributed, what amount should the remaining assets be sold in order for Joyce to receive a total of P158,000 cash after liquidation? A. 374,000 350,000 BAGUIG296,000 C. 320,000 в. APIE ICA

The Al, Joyce and Rich partnership's condensed financial position prior to liquidation of the partnership reflected the following balances: Assets Liabilities and Capital Cash P24,000 Liabilities P70,000 30,000 90,000 140,000 54,000 Noncash assets 360,000 Loan payable to Al Al, Capital (50) Joyce, Capital (30) Rich, Capital (20) Assuming assets with a book value of P140,000 were sold for P100,000 and that all available cash was distributed, what amount should the remaining assets be sold in order for Joyce to receive a total of P158,000 cash after liquidation? A. 374,000 350,000 BAGUIG296,000 C. 320,000 в. APIE ICA

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What should be done to apply rate-of-return analysis correctly?
Describe accounting and presentation for research and development and similar costs.
how management accounting helps in decision making
Management accounting considers these factors more important than others.a. verifiability, objectivity and accuracyb. relevance, flexibility and timelinessc. consistency and disclosured, authenticity and reliability
How are the value chain and management accounting related? Distinguish between a cost center, a profit center, and an investment center using appropriate examples.
Explain the importance of accounting information for internal parties—primarily management—in terms of the objectives and the characteristics of that information.
What is the difference between intermediate products and final products in management accounting?
Describe accounting concepts useful in classifying costs.
Explain the process of Rate-of-Return Calculation with Excel?
Describe the business functions in the value chain?
Describe the common profitability measures.
Explain the accounting constraint of materiality.