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The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $59,000
Liabilities $49,000
Land 225,000
Adams, capital 148,500
Building 215,000
Baker, capital 45,000
Carvil, capital 98,000
Dobbs, capital 158,500
Total assets$499,000
Total liabilities and capital$499,000 To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership's liquidation. Problem 1: The building is immediately sold for $122,000 to give total cash of $181,000. The liabilities are then paid, leaving a cash balance of $132,000. This cash is to be distributed to the partners. How much of this money will each partner receive if profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:3:3 basis, respectively? (Do not round intermediate calculations.)
Baltimore Corp. January 1 and $40,000 on July 2 and net income was $101,500. Use information to determine for December 31, 2018 the amount of Earnings per Share
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Blazer Chemical, Can the company report a net income by increasing production to 100 tons and storing the excess production in inventory?
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