If the inventory is sold for $180,000, how much should Thomas receive upon liquidation? a. $28,000 b.

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If the inventory is sold for $180,000, how much should Thomas receive upon liquidation?

a. $28,000

b. $32,500

c. $37,000

d. $55,000 The balance sheet for the partnership of Joan, Charles, and Thomas, whose shares of profits and losses are 40, 50, and 10 percent, respectively is as follows:

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Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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Question Posted: Mar 14, 2024 12:00 AM

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If the inventory is sold for $180,000, how much should Thomas receive upon liquidation? a. $28,000 b.

Question:

Cash Inventory $ 50,000 Accounts Payable $150,000 360,000 Joan, Capital 160,000 Charles, Capital 45,000 Thomas, Capital 55,000 Total Assets $410,000 Total Liabilities & Equities $410,000

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Advanced Financial Accounting

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