Partner morse creditors

Assignment Help Accounting Basics
Reference no: EM13133522

Gonda, Herron, and Morse is considering possible liquidation because partner Morse is personally insolvent. The partners have the following capital balances: $60,000, $70,000, and $40,000, respectively, and share profits and losses 30%, 45%, and 25%, respectively. The partnership has $200,000 in noncash assets that can be sold for $150,000. The partnership has $10,000 cash on hand, and $40,000 in liabilities. What is the minimum that partner Morse's creditors would receive if they have filed a claim for $50,000?

A) $0.

B) $27,500.

C) $45,000.

D) $47,500.

E) $50,000.

Reference no: EM13133522

Questions Cloud

Flyer company sells a product in a competitive marketplace : Market analysis indicates that their product would probably sell at $48 per unit. Flyer management desires a 12.5% profit margin on sales. Their current full cost per unit for the product is $44 per unit.
Explain how a strategic understanding of client business : Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.
Describe the inventory valuation methods fifo and lifo : Merchandise Inventory. Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method?
Find probability randomly selected terminal will last more : The life expectancy of computer terminals is normally distributed with a mean of 4 years and a standard deviation of 10 months. What is the probability that a randomly selected terminal will last more than 5 years?
Partner morse creditors : What is the minimum that partner Morse's creditors would receive if they have filed a claim for $50,000?
Is there any way the prosecution can nonetheless : What if state police regulations require that vehicles of persons taken into custody on the open road be impounded and subjected to a prescribed inventory inspection?
Prepare the necessary adjusting entries to record bad debt : Prepare the necessary adjusting entries to record bad debt expense assuming the company’s bad debts are estimated to equal.
How many grams of ticl4 are needed : How many grams of TiCl4 are needed to react completely with 155 L of H2 at 435 oC and 795 mm Hg pressure?
Calculate cost of goods available for sale : Calculate the cost of goods available for sale and the units available for sale for this four-week period.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Budgeting with incremental or zero-based budgets

What is the difference between two types of line-item budgeting approaches: incremental budgeting and zero-based budgeting? Which of the two approaches is more widely used by governments? Which do you think is more beneficial in developing realist..

  Which department bears the cost of time lost

A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?

  Prepare a stockholders equity section of the company

1. Alpha Co. sold 10,000 shares of common stock, which has a par value of $10, for $13 per share. Their balance in retained earnings in $75,000. Prepare a stockholders' equity section of the company's balance sheet.

  Problem related to stock or bond mutual fund

Mutual Funds What is the function of a mutual fund? Why are mutual funds popular among investors? How does a money market mutual fund differ from a stock or bond mutual fund?

  How is the distribution taxed to the shareholders

Jade Corporation merged into Fluorite Corporation 2 years ago. At the time of the merger, Jade had an E & P deficit of $350,000 and Fluorite had a positive E & P of $300,000. The prior 2 years have resulted in a positive E & P of $100,000.

  Determining projected ending retained earning balance

What is the projected ending retained earning balance of march 31, 2012, assuming that 2010 was their worst year of business?

  Information about risk aversion

Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.

  Prepare material and labor journal entries

Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries

  Equity securities-expressing losses

Boulter, Inc. began business on January 1, 2006. At the end of December 2006, Boulter had the following investments in equity securities:

  Determine the amounts that should be debited to land

Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation.

  Preparing an income statement

Prepare an income statement through gross profit for the year ended December 31, 2004.

  Determining the economic value of us division

Bella Vista’s U.S. Division reported sales of $300,000-The economic value added of the U.S. Division is

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