L, M, and N are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 which is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash 500,000 Other assets 225,000 Select one: O a. 198,900 b. 120,600 C. 0 d. 143,500 Accounts payable L, capital (20%) O O O M, capital (30%) N, capital (50%) 262,000 Using a safe payment schedule, how much cash should M receive in the first distribution? 25,000 168,000 270,000

L, M, and N are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 which is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: Cash 500,000 Other assets 225,000 Select one: O a. 198,900 b. 120,600 C. 0 d. 143,500 Accounts payable L, capital (20%) O O O M, capital (30%) N, capital (50%) 262,000 Using a safe payment schedule, how much cash should M receive in the first distribution? 25,000 168,000 270,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Q.3.2 Discuss technical insolvency and explain how this is different from absolute insolvency.
Select one:a.(iii) and (iv) onlyb.(ii) and (iii) onlyc.(i) and (ii) onlyd.All four
What does the IAS 2 explains?
But why? for number 3
b. Discuss the effect on c and p, when there is an increase in: i. So ii. iii. O K
help me with this 2 pls
How do I solve this
need help with question 6
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
pls answer no. 4 and 5
excel