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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 7
The Al, Joyce and Rich partnership's condensed financial position prior to
liquidation of the partnership reflected the following balances:
Assets
Liabilities and Capital
P24,000 Liabilities
360,000
Cash
P70,000
30,000
90,000
140,000
54,000
Noncash assets
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
sold in order
be
for Joyce
to
receive
total
of P158,000
cash
after
a
liquidation?
374,000
B. 350,000
AGUIGG96,000
A.
с.
320,000
SAPIENS
ICA
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