Question: Step by step solution please Questions 16 and 17 are based on the following balance sheet for the A, B & C Partnership, whose partners

Step by step solution please

Step by step solution please Questions 16 and 17 are based on

Questions 16 and 17 are based on the following balance sheet for the A, B & C Partnership, whose partners share net income and losses in a 2:2:1 ratio, respectively: super gunn Assets Liabilities & Partners' Capital $ 20,000 Liabilities Cash A, Capital $ 50,000 Other Assets 180,000 B, Capital 37,000 i waled Insists C, Capital 65,000 48,000 Total $200,000 $200,000 16. If the A, B & C Partnership is liquidated by the realization of other assets in installments, the first realization of noncash assets with a carrying amount of $90,000 realizes $50,000, and all cash available after settlement with creditors is distributed to the partners, the respective partners would receive (to the nearest dollar) A. A, $0; B, $13,333; C, $6,667 B. A, $0; B, $3,000; C, $17,000 C. A, $8,000; B, $8,000; C, $4,000 D. A. $6,667; B, $6,667; C, $6,666 E. Some other amounts. 17. If the facts are as in question 16, except that $3,000 cash is to be withheld for potential liquidation costs, the respective partners would receive (to the nearest dollar): A. A, $0; B, $11,333; C, $5,667 B. A, $0; B, $1,000; C, $16,000 C. A, $6,800; B, $6,800; C, $3,400 D. A, $5,667, B, $5,667; C, $5,666 E. Some other amounts. Faold

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