User Account

All Pages

What is the minimum that morse creditors would receive

Assignment Help Accounting Basics
Reference no: EM132820222

Problem 1: Gonda, Herron and Morse is considering possible liquidation because Morse is insolvent. The partners have the following capital balances: P60,000, P70,000 and P40,000, respectively and share profits and losses 30%, 45% and 25%, respectively. The partnership has P200,000 in assets that can be sold for P150,000. What is the minimum that Morse's creditors would receive if they have filed a claim for P50,000?

A. P50,000

B. P-0-

C. P45,000

D. P27,500

Reference no: EM132820222

Questions Cloud

Which part of the brain is the officer testing : Which part of the brain is the officer testing? How would these activities indicate Monica's level of sobriety?
Offspring of a cross between a brown and a white rabbit : What is the phenotypic and genotypic ratio of the offspring of a cross between a brown and a white rabbit?
List 5 purposes of a policy analysis : Define policy analysis. List three possible factors to include in a landscape section of a policy analysis.
Cam photosynthesis and classic photosynthesis in c3 plants : 1.) Compare and contrast CAM photosynthesis and the classic photosynthesis in C3 plants
What is the minimum that morse creditors would receive : What is the minimum that Morse's creditors would receive if they have filed a claim for P50,000? Gonda, Herron and Morse is considering possible liquidation
What amount were the non-cash assets sold : For what amount were the non-cash assets sold? Liquidation expense are expected to be P12,000, After the liquidation expenses of P12,000
Explain role of accessory pigments such as the carotenoids : Chlorophylls are the main pigments that absorb photons of light in the reaction center and donate an electron to the electron transport chain.
Genetic diversity of herd of cattle : 1. A farmer wants to increase the genetic diversity of her herd of cattle. a. Explain why the farmer would want to increase the genetic diveristy of her herd.
What amount should ruiz record on march : The fair value of the detachable warrants was $2.00 each. What amount should Ruiz record on March 1, 2021 as paid-in capital from stock warrants?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which diagram represents the activity

A business simulation game that is used by colleges and universities all over the world has students submit decisions over the Internet.

  What amount may Mary claim as an itemized deduction

Mary's mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in interest. What amount may Mary claim as an itemized deduction

  Prepare a schedule indicating cash payments

Prepare a schedule indicating cash payments for operating expenses for June, July, and August

  Prepare the entry to record the issuance of the convertible

Prepare the entry to record the issuance of the convertible bonds

  Prepare a material purchases budget for the same period

Prepare a material purchases budget for the same period

  Decide how to plan to structure audit report for evidence

Evaluate the evidence provided by the Apollo Shoes Case Study. Compose an audit report, which reflects the appropriate length, sections, and content for the provided information.

  What is the bond capital gain or loss yield

The bond sells for $1,100. (Assume that the bond has just been issued.) What is the bond capital gain or loss yield

  Whats going on in that labasked derek warren chief

whats going on in that lab? asked derek warren chief administrator for cottonwood hospital as he studied the prior

  Clinton poultry farms has used the declining balance method

Briefly describe the way Clinton should report this accounting change in the 2010-2011 comparative financial statements.

  What is the expected rate of return of the market index

If the expected rate of return of the U.S. government T-bill is 0.08, what is the expected rate of return of the market index

  Define the status of accounts before adjustment

Prepaid insurance totaling $350 has expired. For each of the above items indicate the following. (Enter answers in alphabetical order.)

  How much gross income should each beneficiary report

How much gross income should each beneficiary report? The Amy Trust is a simple trust that uses the calendar year for tax purposes.

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