Reference no: EM132996324
Partners A, B and C decided to liquidate their partnership. A summary of the partnership's statement of financial position is shown below:
Cash 50,000
Noncash assets 1,200,000
Total 1,250,000
Accounts payable 100,000
Payable to A 50,000
A, Capital (50%) 540,000
B, Capital (30%) 360,000
C, Capital (20%) 200,000
Total 1,250,000
Problem 1: If a cash priority program is prepared, which partner is paid first and how much is the total payments to that partner before all partners will share on the available cash based on their profit and loss ratios?
a. A, ?20,000
b. B, ?90,000
c. B, ?60,000
d. B, ?96,000
Problem 2: Three-fourths (3/4) of the noncash assets were sold for ?920,000. The partnership paid ?5,000 transaction costs on the sale. How much cash did A receive from the settlement of the partners' interests under the cash priority program?
a. 493,500
b. 386,500
c. 447,500
d. 306,500
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