Determine how much gunselman must get

Assignment Help Financial Accounting
Reference no: EM132905275

Question - The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income or losses ratios of the partners Cisneros, Gunselman, and Forren are 5:3:2, respectively.

Cash: 15,000

Building: 40,000

Land: 50,000

Accounts Payable: 66,000

Cisneros Capital: 20,000

Gunselman Capital: 32,000

Forren Capital: (13,000)

Determine how much Gunselman must get from absorbing Forren's capital deficiency.

Reference no: EM132905275

Questions Cloud

How is stage second melanoma treated : How is Stage II melanoma treated and according to the research how effective is this treatment? Mr. B, a 40-year-old avid long-distance runner previously.
Determine the break-even point in units and dollars : Rundle's annual fixed cost is $282,000. Required Use the per-unit contribution margin approach to determine the break-even point in units and dollars
Provide examples of topographical aspects of the culture : Contrast the culture with your own culture.Provide examples of the historical, socioeconomic, political, educational, and topographical aspects of this culture.
What are main takeaways of the gifts of imperfection : Now that you finished the book what are your main takeaways of The Gifts of Imperfection? Do you think this book is important why or why not?
Determine how much gunselman must get : Noncash assets were sold for $125,000. Determine how much Gunselman must get from absorbing Forren's capital deficiency
What can be done at various levels of government : What can be done at various levels of government during a disaster. Also, discuss the directives that guide the preparedness, mitigation.
What is the lowest transfer price : What is the lowest transfer price that will ensure that both divisions will voluntarily participate in the transfer
What are some ad hoc tests might run on an patient portal : You are running a series of scenario tests on a new EHR system. What are some of the most common issues you think you might find?
Describe the five organizational parts of an organization : Describe the five organizational parts of an organization and their significance to organizational design. Describe each element of the structural dimension

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd