Item Nos. 13 and 14 are based on the following information:The following are the assets and liabilities of Tee, Pak, and Longpartnership on April 30, 200B prior to liquidation:CashP 25,000Liabilities.P 52,000Other Assets180,00040,000Tee Capital (40%)Pak Capital (40%)65,000Long Capital (20%)48,000P 205,000P 205,000The first sale of noncash assets having a carrying amount of P 90,000realized P 50,000.13. The amount of cash each partner should receive in the first installment is:a. Tee, P 0; Pak, P 0; Long, P 23,000.b. Tee, P O; Pak, P 5,000; Long, P 18,000.c. Tee, P 12,000; Pak, P 13,000; Long, P 18,000.C.d. Tee, P 27,000; Pak, P 5,000; Long, P 18,000.14. If P 3,000 cash is withheld for future liquidation expenses, how much cashshould Long receive?a. P 21,000.c.P 17,000.b. P 20,000.d. P 3,000.

Under piecemeal distribution, payments are made to creditors and partners as and when assets are…

The following are the assets and liabilities of Tee, Pak, and Long artnership on April 30, 200B prior to liquidation: sh. P 25,000 Liabilities P 52,000 ther Assets 180,000 40,000 Tee Capital (40%) Pak Capital (40%) 65,000 Long Capital (20%) - 48,000 P 205,000 P 205,000

The following are the assets and liabilities of Tee, Pak, and Long artnership on April 30, 200B prior to liquidation: sh. P 25,000 Liabilities P 52,000 ther Assets 180,000 40,000 Tee Capital (40%) Pak Capital (40%) 65,000 Long Capital (20%) - 48,000 P 205,000 P 205,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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