Use the following account balance information for Granobfin Partnership with income ratios of 2 4 4 for George, Noble, and Finn, respectively Assets Liabilities and Owners Equity Cash $53900 Accounts payable $125900 Accounts receivable 132200 George, Capital 138800 Inventory 438800 Noble, Capital 4...

Answer is option 287700 Calculations are attached below Assets Equity Liabiliti ...

Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for George, Noble,

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Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for George, Noble, and Finn, respectively.

Assets
Cash	$53900	Accounts payable	$125900
Accounts receivable	132200	George, Capital	138800
Inventory	438800	Noble, Capital	47700
		Finn, Capital	312500
	$624900		$624900

Assume that, as part of liquidation proceedings, Granobfin sells its non-cash assets for $509000. The amount of cash that would ultimately be distributed to Finn would be

$287700.

$203600.

$312500.

$517100.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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Posted Date: Mar 29, 2022 05:44 AM

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Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for George, Noble,

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Answer is option 287700 Calculations are attached below Assets Equity Liabiliti... View the full answer

Intermediate Accounting

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