User Account

All Pages

How much cash should c receive

Assignment Help Financial Accounting
Reference no: EM132891285

The statement of financial position of ABC Partnership just before liquidation is as follows:

Cash  80,000

Liabilities 80,000

Other assets 150,000

A, Loan 20,000

Loan - C 20,000

A, Capital (50%) 45,000

B, Capital (30%) 60,000

C, Capital (20%) 45,000

Total Assets 250,000

Total Liabilities and Capital 250,000

Problem 1: Partners A and B are personally insolvent. The percentages in parenthesis are their profit and loss ratio. If noncash assets are sold for ?40,000, liquidation expense of ?10,000 and all liabilities are paid, how much cash should C receive?

a. 22,500

b. 20,000

c. 2,500

d. 0

Reference no: EM132891285

Questions Cloud

Explain managerial communication matrix : What two variables are measured in the managerial communication matrix? Describe the characteristics of each quadrant in the matrix.
Compute Palm pension expense for the current year : Palm also recognizes $330,000 of service cost and $22,000 of interest cost. Compute Palm's pension expense for the current year
What are the importance of accurate medical record : What are the importance of accurate medical record
Difference between domestic ships and international ships : Make a reflection on the difference between Domestic ships and international ships.
How much cash should c receive : If noncash assets are sold for ?40,000, liquidation expense of ?10,000 and all liabilities are paid, how much cash should C receive?
Industry analysis for the alternative fishing method sector : Conduct an industry analysis for the Alternative Fishing Method sector. There should be three parts to your answer.
What the balance sheet of avengers company shows : Bruce contributes ?120,000 cash, Immediately after the investments by Bruce and Tony, the balance sheet of Avengers Company shows total liabilities of
Establish a service of type in china : a. In order to set up an office, what will the travel company need to check to see if it can establish a service of its type in China?
Who among the partners should be the first to receive cash : Who among the partners should be the first to receive cash as it becomes available? On December 31, 2020, the statement of financial position of ABC Partnership

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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