Reference no: EM131157363
PROBLEM 1;
OBAMA, BIDEN AND PUTIN FORMED A PARTNERSHIP WITH EACH PARTNER HAVING A 1/3 SHARE. AFTER MANY SUCCESSFUL YEARS THEY HAVE DECIDED TO TERMINATE THE PARTNERSHIP. THE FOLLOWING BALANCE SHEET EXISTS
ASSETS: EQUITY:
CASH $50,000 OBAMA CAPITAL $8,000
A/R $60,000 BIDEN CAPITAL $2,000
INVENTORY $20,000 PUTIN CAPITAL $130,000
LAND $10,000
TOTAL $140,000 $140,000
DUE TO PUTIN'S EXCEPTIONAL NEGOTIATING SKILLS, THERE WILL BE NO COSTS TO LIQUIDATE THE PARTNERSHIP
A) What, if any, safe payments can each of the partner's take?
B) No partner has taken any safe payments, and the inventory is sold for $5,000, now what safe payments can each of the partner's take?
C) No partner has taken any safe payments, and the inventory is sold for $5,000 and the land is sold for $31,000, now what safe payments can each of the partner's take?
D) No partner has taken any safe payments, and the inventory is sold for $5000, the land is sold for $31,000 and the receivables are sold for $24,000. Any partner with a negative capital account is unable to pay into the partnership, how much does each partner collect at liquidation?
E) No partner has taken any safe payments, and the inventory is sold for $5000, the land is sold for $31,000 and the receivables are sold for $24,000. Any partner with a negative capital account is able to cover their shortage. How much does each partner collect or pay at liquidation?
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