A third party offered to buy the non-cash assets and assume the accounts payable of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A third party offered to buy the non-cash assets and assume the accounts payable of the partnership for P960,000. However, certain assets are to be revalued as follows: Accounts receivable, P90,000; Inventory, P150,000; and Equipment, P640,000 Requirement: Compute for the cash distributions to the partners. A third party offered to buy the non-cash assets and assume the accounts payable of the partnership for P960,000. However, certain assets are to be revalued as follows: Accounts receivable, P90,000; Inventory, P150,000; and Equipment, P640,000 Requirement: Compute for the cash distributions to the partners.
Expert Answer:
Answer rating: 100% (QA)
To compute the cash distributions to the partners we need to determine the partnerships net assets a... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
You are working in the finance department of MicroNet Technologies Ltd (MNT). TheCompany has spent $2.7 million in research and development over the past 18 monthsdeveloping technology which will be...
-
Thirty years ago, Jack Houston and his wife, Trinity, established The Edge Car Wash Inc. on 20 acres of worthless land on the outskirts of Amarillo, Texas. They would have never imagined the urban...
-
The Professor ask us to put a comment to our classroom post , you can put a Question or Anything 1- For my upcoming assignment on Market Segment Analysis, I am going to focus on pet owners. I am a...
-
Solve: [1+ log (xy)] dx + [ 1 + x/y ]dy = 0.
-
With the assumptions of Example 18.4 (Section 18.1), how does the density of air at sea level compare to the density at an altitude of 100 m above sea level?
-
Compute the atomic packing factor for cesium chloride using the ionic radii in Table 12.3 and assuming that the ions touch along the cubediagonals. Ionic Radius Ionic Radius Cation (nm) Anion (nm)...
-
For a test of H0: 1 = 2 versus H1: 1 2, the sample sizes were n1 = 15 and n2 = 25. How many degrees of freedom are there for the test statistic? Use the simple method.
-
Consider a multiple-choice examination with 50 questions. Each question has four possible answers. Assume that a student who has done the homework and attended lectures has a 75% probability of...
-
Mortgages are annuities in that a fixed monthly payment is made to the lender (assume end of month payments and an interest rate that compounds semi-annually). Sara is planning to take on a mortgage...
-
In the quantity discount model in Example 12.2, the minimum total annual cost is obtained by ordering enough to achieve the smallest unit purchasing cost. Evidently, the larger unit purchasing costs...
-
1 If 83 cubic inches of O 2 gas at 56 psig is allowed to expand to 354 cubic inches w/o changing its temperature, what will be the final pressure of the O 2 gas expressed as a gauge pressure? 2. In a...
-
Globalization and increased cross-cultural business bring moral issues and competitiveness front and center today. Why is it important for companies to take a position on social issues and build a...
-
Why is it important for firms to do business with integrity and earn the publics trust in international business today?
-
How are risk and return each defined? Do you think there is a relationship between them?
-
Define relevant range. Why is it important?
-
What is the difference between short-term and long-term capital?
-
Sarah is buying some new shirts and sweaters. She is able to buy 2 shirts and 1 sweaters for $99 or she is able to buy 7 shirts and 2 sweaters for $243. How much does a shirt cost? How much does a...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
When considering an application for a special use permit to develop and operate a ski resort at Sandy Butte, a mountain in Washington that is part of a national forest, the Forest Service prepared an...
-
Developers under a plan approved by the city of Rye had constructed six luxury cooperative apartment buildings and were to construct six more. In order to obtain certificates of occupancy for the six...
-
L.V.R.V. Inc., D/B/A Wheelers Las Vegas RV (Wheelers) sold a 1996 Coachmen Santara motor home (the RV) to * * * Arthur R. Waddell and Roswitha M. Waddell (the Waddells). * * * *** * * * Before they...
-
The needle indicator of an electronic instrument is connected to a torsional viscous damper and a torsional spring. If the rotary inertia of the needle indicator about its pivot point is \(25...
-
Find the responses of systems governed by the following equations of motion for the initial conditions \(x(0)=1, \dot{x}(0)=0\) : a. \(2 \ddot{x}+8 \dot{x}+16 x=0\) b. \(3 \ddot{x}+12 \dot{x}+9 x=0\)...
-
Find the frequency of oscillation and time constant for the systems governed by the following equations: a. \(\ddot{x}+2 \dot{x}+9 x=0\) b. \(\ddot{x}+8 \dot{x}+9 x=0\) c. \(\ddot{x}+6 \dot{x}+9 x=0\)
Study smarter with the SolutionInn App