Answer the following questions (thank you): 1. The book value of the partnership equity (i.e.,...
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Answer the following questions (thank you): 1. The book value of the partnership equity (i.e., total equity of the partners) on June 30, 2014 is: A) $ 58,000. B) $ 60,000. C) $ 84,000. D) $120,000. 2) The cash available for distribution to the partners on July 31, 2014 is: A) $ 4,000. B) $ 8,000. C) $14,000. D) $22,000. 3) How much cash would Baker receive from the cash that is available for distribution on July 31? (Assume a safe payments schedule is used.) A) $ 0 B) $800 C) $2,400 D) $4,000 4) How much cash would Able receive from the cash that is available for distribution on July 31? (Assume a safe payments schedule is used.) A) $ 0 B) $800 C) $2,400 D) $4,000
On June 30,2014 , the Able, Baker, and Charlie partnership had the following fiscal year-end balance sheet: The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on July 1, 2014, and began the liquidation process. During July the following events occurred: * Receivables of $6,000 were collected. * All inventory was sold for $8,000. * All available cash was distributed on July 31, except for $4,000 that was set aside for contingent expenses
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