Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 15, Problem 13P
a.
To determine
Determine the amount of cash that each partner receives in a full settlement if the land is sold for $25,000.
b.
To determine
Determine the amount of cash that each partner receives in a full settlement if the land is sold for $15,000.
c.
To determine
Determine the amount of cash that each partner receives in a full settlement if the land is sold for $5,000.
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A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities
have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows.
Brown, capital (40%)
Fish, capita1 (30%)
Stone, capital (30%)
$ 25,000
15,000
5,000
a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?
c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
(Do not round intermediate calculations. Round the final answers to nearest dollar amounts.)
Brown
Fish
Stone
Cash distribution
a.
b.
Cash distribution
С.
Cash distribution
Subject - account
Please help me.
Thankyou.
A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows.
Brown, capital (40%) . . . . . . . $ 25,000Fish, capital (30%) . . . . . . . . . . 15,000Stone, capital (30%) . . . . . . . . . 5,000
a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?b. If the land is sold for $15,000, how much cash does each partner receive in a final settlement?c. If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
Chapter 15 Solutions
Advanced Accounting
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...
Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29P
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