Question: please help......................................... A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1

please help.........................................

A partnership is considering possible liquidation because one of the partners (Bell)

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are Bell, capital $65,000 Hardy, capital 62, ooo Dennard, capital 14, ooo Suddath, capital 86, ooo Bell's creditors have filed a $27,000 claim against the partnership's assets. The partnership currently holds assets of $360,000 and liabilities of $133,000. If the assets can be sold for $220,000, what is the minimum amount that Bell's creditors would receive?

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!

Q:

Help A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 432.1 basis, respectively Capital balances at...

Q:

ANSWER IS IN BOLD. PLEASE EXPLAIN A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis,...

Q:

ACC442 Module 3 Connect Assignment 3 Chapters... i 14 15 points eBook Print References Mc Graw m Bell, capital Hardy, capital A partnership is considering possible liquidation because one of the...

Q:

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the...

Q:

A partnership is considering possible liquidation because one of the partners ( Bell ) is personally insolvent. Profits and losses are divided on a 4 : 3 : 2 : 1 basis, respectively. Capital balances...

Q:

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the...

Q:

Advanced accounting I want the solution with steps detail Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate...

Q:

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the...

Q:

A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the...

Q:

A partnership is considering possible liquidation because one of the partners (Bell) is personally Insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the...

Q:

Four brothers organized Beverly Entertainment Enterprises on October 1, 2010. The following transactions occurred during the first month of operations: October 1: Received contributions of $10,000...

Q:

How do you interpret the validity results for the clerical test and work sample? Are they favorable enough for the company to consider using them for keeps in selecting new job applicants?

Q:

What would the range be if the x - intercepte are 2 , 4 . The y - intercepts is - 8 . The veryex is ( 3 , 1 ) . The function has a maximum value of 1 .

Q:

Sonya Munoz, one of the department's supervisors, noticed his low moods. Mu-Noz called Scott to her office to deal with his issues. Scott used the chance to voice his concerns and disappointments....

Q:

4. Present multiple themes at once. Then you will get to know a little about how others think, when some of the themes are rejected.

Q:

5. Get a third party to mediate, so that both parties have the opportunity to go back to their original negotiating point that they had before the third party put forward his/her proposal.

Q:

1. Discuss the following statements: a) What we seek to achieve is different from why we seek to achieve it. b) Thoughts are different from what we are thinking about. c) Writing to find out what one...