The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:$ 90,000$ 60,000CashLiabilitiesNoncash assets300,000Henry,capitalIsaac, capitalJacobs, capital80,000110,000140,000Total$390,000Total$390,000Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of2:4:4.What amount of cash was available for safe payments, based on the above information?Multiple Choice$30,000.$85,000.O $25,000.$35,000.O $40,00o.

This question deals with the concept of liquidation of partnership. Liquidation may happen due to…

The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: $ 90,000 $ 60,000 80,000 110,000 Cash Liabilities Noncash assets 300,000 Henry,capital Isaac, capital Jacobs, capital 140,000 Total $390,000 $390,000 Total Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4. What amount of cash was available for safe payments, based on the above information? Multiple Choice $30,000. $85,000. $25,000. $35,000. $40,000.

The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: $ 90,000 $ 60,000 80,000 110,000 Cash Liabilities Noncash assets 300,000 Henry,capital Isaac, capital Jacobs, capital 140,000 Total $390,000 $390,000 Total Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4. What amount of cash was available for safe payments, based on the above information? Multiple Choice $30,000. $85,000. $25,000. $35,000. $40,000.

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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Question

100%

The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:
$ 90,000
$ 60,000
Cash
Liabilities
Noncash assets
300,000
Henry,capital
Isaac, capital
Jacobs, capital
80,000
110,000
140,000
Total
$390,000
Total
$390,000
Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of
2:4:4.
What amount of cash was available for safe payments, based on the above information?
Multiple Choice
$30,000.
$85,000.
O $25,000.
$35,000.
O $40,00o.

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