How much was the total cash withheld by the partnership

Assignment Help Accounting Basics
Reference no: EM132692077

Question - PAUL, GENE & KENZO have capital balances of $60,000, $20,000 and $50,000 each respectively and profit and loss percentages of 50%, 25%, 25% each respectively. The partnership also has liabilities of $20,000. In the first instalment sale, $50,000 of the non-cash assets were sold for $30,000. The partnership then paid 60% of their liabilities, incurred liquidating expenses of $10,000 and distributed cash to the partners.

If PAUL receives $10,000, how much was the total cash withheld by the partnership?

a) 28,000

b) 18,000

c) 20,000

d) 23,000

Reference no: EM132692077

Questions Cloud

How can you obtain sufficient fluoride : Healthy People 2020 set a goal that 80% of the people in the U.S. have an optimal amount of fluoridated water available in their community's water.
Write explanation as to what makes this source credible : Use articles that will help you explain and describe scientific issues and/or statistical data or economic information related to your topic. You will analyze.
Difference between consultant and project manager : What is the difference between a consultant and a project manager? Explain why are consultants not great project manager?
Calculate earnings per share and the market capitalization : Calculate the Earnings Per Share (EPS) and the Market Capitalization of this company. Do you see any growth patterns in the company's Dividends?
How much was the total cash withheld by the partnership : PAUL, GENE & KENZO have capital balances of $60,000, $20,000 and $50,000 each. How much was the total cash withheld by the partnership
Examine any investment projects the company : Examine any investment projects the company has taken in the past and critically examine if that project increased the wealth of the shareholders.
Define several potential problems with goal-setting : Define several potential problems with goal-setting. Discuss how two of these problems might apply to an organisation you are familiar
Would report the financial statements using ifrs or aspe : Would report the financial statements using IFRS or ASPE? You need to borrow money from the bank, and they have asked you for your most recent financial
Cultural differences and product adaptation : Understand the critical role that cultural environment plays in global business strategy formation. Analyze impact of cultural differences on global product.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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