The partnership balance sheet shows cash of $5,000, non-cash assets of $14,000, and no liabilities. Assuming no liquidation expenses, what safe payment could be made? a. P5,000 split between Branden & Caylin by a ratio of 5/8 and 3/8, respectively. b. P5,000 to Branden only c. P1,000 to Allen, P2,500 to Branden, and P1,500 to Caylin d P18,000 to Branden only

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The partnership balance sheet shows cash of $5,000, non-cash assets of $14,000, and no liabilities. Assuming no liquidation expenses, what safe payment could be made? a. P5,000 split between Branden & Caylin by a ratio of 5/8 and 3/8, respectively. b. P5,000 to Branden only c. P1,000 to Allen, P2,500 to Branden, and P1,500 to Caylin d P18,000 to Branden only
Allen, Branden & Caylin are in the process
of liquidating their partnership. They have
the following capital balances and profit
and loss percentages:
Capital Balance
Profit/Loss %
Allen
5,000 debit
20%
Branden
18,000 credit
50%
Сaylin
6,000 credit
30%
Transcribed Image Text:Allen, Branden & Caylin are in the process of liquidating their partnership. They have the following capital balances and profit and loss percentages: Capital Balance Profit/Loss % Allen 5,000 debit 20% Branden 18,000 credit 50% Сaylin 6,000 credit 30%
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