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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: $63,000
Land: 245,000
Building: 235,000
Total assets: $543,000
Liabilities: $53,000
Adams, capital: 161,500
Baker, capital: 51,000
Carvil, capital: 106,000
Dobbs, capital: 171,500
Total liabilities and capital: $543,000
Question 1: The building is immediately sold for $143,000 to give total cash of $206,000. The liabilities are then paid, leaving a cash balance of $153,000. 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?
Question 2: Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion?
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