Accounting for Partnerships and Limited Liability Companies Question MC #87 (Points: 1.8) Partners Ken and Macki...
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Accounting for Partnerships and Limited Liability Companies Question MC #87 (Points: 1.8) Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $60,000, and both partners agree to make up an capital deficits with personal cash contributions, Partner Macki will eventually receive cash of 1. $16,000. 2. $24,000. 3. $0. 4. $4,000. Accounting for Partnerships and Limited Liability Companies Question MC #87 (Points: 1.8) Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $60,000, and both partners agree to make up an capital deficits with personal cash contributions, Partner Macki will eventually receive cash of 1. $16,000. 2. $24,000. 3. $0. 4. $4,000.
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Related Book For
Accounting
ISBN: 978-1133607601
25th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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