1. How much will Emmy receive, if any, under Priority 1?

2. How much will Joy receive, if any, under Priority 2?

3. How much will Emmy receive, if any, under Priority 2?

4. How much will Art receive, if any, under Priority 2?

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Twitter, Angry, and Flappy of Bird Partnership showed the following condensed information from their statement of financial position as of December 31, 2021: ASSETS Cash Noncash Assets Art, Loan P 12,000 212,000 8,000 Period 1st 2nd 3rd P 232,000 Profit and losses were shared as follows: Joy, 30 % ; Emmy, 30 % ; and Art, 40 %. It was decided to liquidate the business. The following is a summary of the realization and liquidation activities: Book Value of Asset Realized P104,000 60,000 48,000 Suppose that you prepared a CASH PRIORITY PROGRAM. LIABILITIES & OWNERS' EQUITY Accounts Payable Joy, Loan Emmy, Loan Joy, Capital Emmy, Capital Art, Capital Cash Collected P64,000 40,000 24,000 Expenses P3,200 P 40,000 8,000 16,000 30,400 57,600 80,000 P 232,000 3,200 1,600 Liabilities Paid P40,000 Twitter, Angry, and Flappy of Bird Partnership showed the following condensed information from their statement of financial position as of December 31, 2021: ASSETS Cash Noncash Assets Art, Loan P 12,000 212,000 8,000 Period 1st 2nd 3rd P 232,000 Profit and losses were shared as follows: Joy, 30 % ; Emmy, 30 % ; and Art, 40 %. It was decided to liquidate the business. The following is a summary of the realization and liquidation activities: Book Value of Asset Realized P104,000 60,000 48,000 Suppose that you prepared a CASH PRIORITY PROGRAM. LIABILITIES & OWNERS' EQUITY Accounts Payable Joy, Loan Emmy, Loan Joy, Capital Emmy, Capital Art, Capital Cash Collected P64,000 40,000 24,000 Expenses P3,200 P 40,000 8,000 16,000 30,400 57,600 80,000 P 232,000 3,200 1,600 Liabilities Paid P40,000

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Here are the answers to your questions 1 Emmy will receive 0 under Priority 1 This is because the to... View the full answer