Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 15, Problem 8P
To determine
Identify the correct option for who gets the money if the
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A partnership has the following capital balances: X (50 percent of profits and losses) = $150,000; Y (30 percent of profits and losses) = $120,000; Z (20 percent of profits and losses)= $80,000. If the partnership is to be liquidated and $30,000 becomes immediately available, who gets that money? Choose the correct.a. $0 to X, $18,000 to Y, $12,000 to Z.b. $15,000 to X, $9,000 to Y, $6,000 to Z.c. $12,800 to X, $8,600 to Y, $8,600 to Z.d. $24,000 to X, $6,000 to Y, $0 to Z.
A partnership has the following capital balances: X (50 percent of profits and losses) = $150,000; Y (30 percent of profits and losses) = $120,000; Z (20 percent of profits and losses) = $80,000. If the partnership is to be liquidated and $30,000 becomes immediately available, who gets that money?
$0 to X, $18,000 to Y, $12,000 to Z.
$15,000 to X, $9,000 to Y, $6,000 to Z.
$12,800 to X, $8,600 to Y, $8,600 to Z.
$24,000 to X, $6,000 to Y, $0 to Z.
5. Assume that a partnership had assets with a book value of P240,000 and a
market value of P195,000, outside liabilities of P70,000, loans payable to
partner Able of P20,000, and capital balances for partners Able, Baker, and
Chapman of P70,000, P30,000, and P50,000.
How much would Able receive upon liquidation of the partnership assuming
profits and losses are allocated equally?
a. P70,000
b. P90,000
C. P75,000
d. P55,000
Chapter 15 Solutions
Advanced Accounting
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...
Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29P
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