How much cash would each partner have received, Accounting Basics

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How much cash would each partner have received

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:

Amos, capital $45,000
billings, capital $75,000
Cleaver, capital $30,000

Required: If the investment was sold for $80,000, how much cash would each partner have received?

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Accounting Basics: How much cash would each partner have received

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Accounting Basics: How much cash would each partner have received

Reference No:- TGS0698721

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How much cash would each partner have received

Reference No:- TGS0698721

Recent Questions Asked Accounting Basics

Q : what is Rondo tax basis in his R&L ownership

Q : What is amount of revenue reported on the income statement

Q : Prove that f is differentiable at given point

Q : How much of the existing cash balance

Q : How much cash would each partner have received

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Q : Why does function not contradict the mean value theorem

Q : Does it matter if taxpayer b plans to live in her house

Q : Problem based on placing of point charges

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