The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000
The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling:
Group of answer choices
a) $49,500
b) $60,000
c) $46,000
d) $51,000
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