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The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation?

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation?

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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The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital Cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation? Short Answer Toolbar navigation BI U S E > !!!
Transcribed Image Text:The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital Cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation? Short Answer Toolbar navigation BI U S E > !!!
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