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Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Thomas, Noble, and Finn, respectively. Cash Assets Accounts receivable Inventory $54900 131200 437100 $623200 Liabilities and Owner's Equity Accounts payable $125700 Thomas, Capital Noble, Capital Finn, Capital 137100 48000 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would he

Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Thomas, Noble, and Finn, respectively. Cash Assets Accounts receivable Inventory $54900 131200 437100 $623200 Liabilities and Owner's Equity Accounts payable $125700 Thomas, Capital Noble, Capital Finn, Capital 137100 48000 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would he

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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Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Thomas, Noble, and Finn, respectively. Cash Assets Inventory $54900 Accounts receivable 131200 437100 $623200 Liabilities and Owner's Equity $125700 Accounts payable Thomas, Capital Noble, Capital Finn, Capital 137100 48000 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
Transcribed Image Text:Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Thomas, Noble, and Finn, respectively. Cash Assets Inventory $54900 Accounts receivable 131200 437100 $623200 Liabilities and Owner's Equity $125700 Accounts payable Thomas, Capital Noble, Capital Finn, Capital 137100 48000 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
$623200 $143100. $205000. $312400. $228760. Finn, Capital 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
Transcribed Image Text:$623200 $143100. $205000. $312400. $228760. Finn, Capital 312400 $623200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $359200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
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