Question

A partnership currently holds three assets: cash, $10,000; land, $35,000; and a building, $50,000. The partners anticipate that expenses required to liquidate their partnership will amount to $5,000. Capital balances are as follows:
Ace, capital . . . . . . . . . . . . . . . . . $25,000
Ball, capital . . . . . . . . . . . . . . . . . 28,000
Eaton, capital . . . . . . . . . . . . . . . . 20,000
Lake, capital . . . . . . . . . . . . . . . . . 22,000
The partners share profits and losses as follows: Ace (30%), Ball (30%), Eaton (20%), and Lake (20%). If a preliminary distribution of cash is to be made, how much will each partner receive?



$1.99
Sales2
Views132
Comments0
  • CreatedOctober 04, 2014
  • Files Included
Post your question
5000