Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and...

 

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Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 1:3:4 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $254,900; total liabilities, $213,000, Jake, Capital, $9,300, Sacha, Capital, $11,300; and Brianne, Capital, $21,300. The cash proceeds from selling the assets were sufficient to repay all but $58,000 to the creditors. Calculate the loss from selling the assets. (Round the final answers to the nearest dollar.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total Determine how much of the remaining liability should be paid by each partner. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Capital balances after loss Jake Sacha Brianne Total Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 1:3:4 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $254,900; total liabilities, $213,000, Jake, Capital, $9,300, Sacha, Capital, $11,300; and Brianne, Capital, $21,300. The cash proceeds from selling the assets were sufficient to repay all but $58,000 to the creditors. Calculate the loss from selling the assets. (Round the final answers to the nearest dollar.) Loss on sale of assets Allocate the loss to the partners. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Allocation of loss Jake Sacha Brianne Total Determine how much of the remaining liability should be paid by each partner. (Round the final answers to the nearest dollar. Negative amounts should be indicated by minus sign.) Capital balances after loss Jake Sacha Brianne Total

Answer rating: 100% (QA)

1 Calculate the loss from selling the assets Total assets 254900 Amount repaid to creditors 254900 5... View the full answer