Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. cash is distributed as assets are realized, how

1. Cash is distributed as assets are realized, how much is the total cash received...

60.1K

Verified Solution

Question

Accounting

image

1. Cash is distributed as assets are realized, how much is the total cash received by partner A?

2. Cash is distributed as assets are realized, how much is the total cash received by partner C?

The statement of financial position of A, B, C partnership as of December 31, 2020 is presented below: CASH LIABILITIES P20,000 280,000 OTHER ASSETS A, LOAN A, CAPITAL B, CAPITAL C, CAPITAL TOTAL 50,000 25,000 125,000 70,000 30,000 300,000 TOTAL 300,000 Profits and loss ratio is 3:2:1 for A, B and C, respectively. Other assets were realized as follows: DATE CASH RECEIVED BOOK VALUE JAN. 2020 60,000 90,000 FEB. 2020 35,000 77,000 MAR. 2020 125,000 113,000 Liquidation expenses paid are as follows: January - P500 February - P700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider an option on a non-dividend-paying stock when the stock price is $48, the exercise price...

Finance
Q

wnload 3 17 jpg 29 1 KB SAV fe 14

Biology
Q

12 Reflection of a pulse from a less rigid medium has what effect on its...

Physics
Q

20 We have a sample of 100 g of caesium The half life of caesium...

Basic Math
Q

A survey of 600 randomly selected high school students determined that 536 play organized sports...

Statistics
Q

Find the second degree Taylor polynomial for f x 5x 9x 2 about x 0...

Calculus
Q

Graph the particular solution to Choose the correct graph OA y X dy x 2...

Calculus
Q

Purchased 30,000 shares of Boston Company common stock for $13 per share. These shares were...

Accounting
Q

Prepare a classified balance sheet in good form as of December 31, 2025. (List Current...

Accounting
Q

This information relates to Carla Vista Co. for the year 2025. Retained earnines,...

Accounting
Q

Check my workCheck My Work button is now enabled Item12 Item 12 1 points ...

Accounting
Q

The Importance of Corporate Governance from managerial accounting perspective [CG] and Corporate Social Responsibility initiatives...

Accounting