Question: 4) Answer the questions in ascending order. Problem 4 (15%) W, X,Y,&Z were partners who shared profits and losses on a 5:3:1:1basis, respectively. They were

Answer the questions in ascending order.

$4) Answer the questions in ascending order. Problem 4 (15\%) W, X,Y,&Z$

Problem 4 (15\%) W, X,Y,&Z were partners who shared profits and losses on a 5:3:1:1basis, respectively. They were beginning to liquidate their business. The partnership had the following balance- sheet: The partnership anticipated liquidation expenses of $37,000. Required: Enter your answers on the space provided on the next page 1. Prepare a predistribution plan 2 Assuming $105000 of cash was available, how much cash would go to each partner? SODO 3. The partnership had cash of $52,000, how much cash must the partnership sell the other assets for in order to ensure that partner Z will get $27,000 ? PART 2(4%) The $105,000 should be distributed as follows: 157,000Creditors/liq.Exp.wxvz PART 3(4\%) The total cash needed from the sale of assets to pay partner Z$27000 is

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

W, x, Y, & Z were partners who shared profits and losses on a 5:3:1:1basis, respectively. They were beginning to liquidate their business. The partnership had the following balance- sheet: CASH...

W, X, Y, & Z were partners who shared profits and losses on a 5:3:1:1 basis, respectively. They were beginning to liquidate their business. The partnership had the following balance sheet amounts:...

6. The following condensed balance sheet is presented for the partnership of Archer, Bows and Cross, who share profits and losses in the ratio 6:3:1, respectively: Cash P10,000 Other assets 290,000...

Probability and Statistics - Problem Set c Keith M. Chugg October 2, 2015 1 Preliminaries, Combinatorics, Set Probability 1.1. A number of bats are in a cave. 2 bats can see out of their left eye. 3...

Can you please answer tutor, thank you 1 If the partners have no agreement on how to divide profits or losses, the ideal is to divide it based on their ________________. Select one: a. Capital...

business law For the year ended 30 June 2012, the audit team included a manager, two supervisors, two qualified seniors and three trainees. This audit, which lasted approximately five weeks, was very...

Could you take a look at the attached tax forms and see if I filled them out correctly. It is a group assignment, and I only have to provide IRS Forms 3800 and 5884. I'm also attaching the story...

Based upon the information contained in this financial statement, calculate the following for 2019: Written Premium _________________________________ Earned Premium __________________________________...

Find the natural frequency of oscillation of the system as shown in figure. Pulleys are mass less and frictionless. Spring and string are also mass less.

Rudolph told his mother that his friend Taiwan wears glasses and read menu math and science book as his mother if Taiw n is more likely to be a science student or Museum guide his mother says that...

15%) Use the data in the following table to calculate The effective duration when rates increase from 4% to 4.2% The effective duration when rates decrease from 4% to 3.5% 4% Coupon 10-year T-note...