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THE GAGA, BIEBER, MADONNA PARTNERHIP IS SADLY COMING TO AN END. GAGA AND BIEBER WERE 30% PARTNERS AND MADONNA WAS A 40% PARTN ERHIP WHEN THEY ANNOUNCED THEIR DECISION TO TERMINATE THE BUSINESS THEIR FIRM HAD THE FOLLOWING BALANCE SHEET BALANCE SHEET JANUARY 4TH (WHEN PARTNERSHIP ANNOUNCES PLAN TO TERMINATE) ASSETS CASH ACCTS REC. LAND EQUIP (NET) 40,000 60,000 100,000 100,000 LIABILITIES NOTE PAYABLE 180,000 EQUITY GAGA CAPITAL BIEBER CAPITAL MADONNA CAPITAL 10,000 40,000 70,000 TOTAL ASSETS 300,000 A) WHAT, IF ANY, SAFE PAYMENTS CAN EACH PARTNER TAKE ON JANUARY 4TH? B) ON JANUARY 20TH THE PARTNERSHIP SOLD THE RECEIVABLES FOR $45,000; ASSUMING NO PARTNERS TOOK SAFE PAYMENTS ON JANUARY 4TH WHAT SAFE PAYMENTS CAN EACH PARTNER TAKE NOW? THE GAGA, BIEBER, MADONNA PARTNERHIP IS SADLY COMING TO AN END. GAGA AND BIEBER WERE 30% PARTNERS AND MADONNA WAS A 40% PARTN ERHIP WHEN THEY ANNOUNCED THEIR DECISION TO TERMINATE THE BUSINESS THEIR FIRM HAD THE FOLLOWING BALANCE SHEET BALANCE SHEET JANUARY 4TH (WHEN PARTNERSHIP ANNOUNCES PLAN TO TERMINATE) ASSETS CASH ACCTS REC. LAND EQUIP (NET) 40,000 60,000 100,000 100,000 LIABILITIES NOTE PAYABLE 180,000 EQUITY GAGA CAPITAL BIEBER CAPITAL MADONNA CAPITAL 10,000 40,000 70,000 TOTAL ASSETS 300,000 A) WHAT, IF ANY, SAFE PAYMENTS CAN EACH PARTNER TAKE ON JANUARY 4TH? B) ON JANUARY 20TH THE PARTNERSHIP SOLD THE RECEIVABLES FOR $45,000; ASSUMING NO PARTNERS TOOK SAFE PAYMENTS ON JANUARY 4TH WHAT SAFE PAYMENTS CAN EACH PARTNER TAKE NOW

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