Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bracken, louden, and menser, who share profits and

Bracken, Louden, and Menser, who share profits and losses in a ratio of 4:3:3, respectively...

90.2K

Verified Solution

Question

Accounting

Bracken, Louden, and Menser, who share profits and losses in a ratio of 4:3:3, respectively are partners in a home decorating business that has not been able to generate the income the partners had hoped for. They have decided to liquidate the business and have sold all assets except for their decorating equipment. All partnership liabilities have been settled and all the partners are personally insolvent. The decorating equipment has a book value of $58,000, and the partners have capital account balances as follows:

Bracken, capital $ 37,600
Louden, capital 6,800
Menser, capital 13,600

Required: Determine the amount of cash each partner will receive as a liquidating distribution if the decorating equipment is sold for the amount stated in each of the following independent cases: (Do not round intermediate calculations.) a. $42,000

image

b. $33,000

image

c. $19,000

image

Capital Balances Louden Bracken Menser Final distribution of cash Capital Balances Louden Bracken Menser Final distribution of cash Capital Balances Louden Bracken Menser Final distribution of cash

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

PLEASE BE DETAILED & CITE all SOURCES : Write on the key aspects of corporate governance....

Operations Management
Q

Q1: (250-300 words) Apply Ansoff Matrix options to any product of your choice by: A . Using the...

General Management
Q

Find the potential of J with respect of G 1 40 V 2 60 V...

Physics
Q

A golf ball is hit upward with an initial velocity of 63 meters per second...

Basic Math
Q

The angle of elevation fromthe bottom of the ski lift tothe top of the mountain...

Basic Math
Q

You have a friend that is taking statistics at another college They are struggling with...

Statistics
Q

A firework is shot straight up into the air with an initial velocity of 500...

Statistics
Q

Determine whether the following polynomials span P2 polynomial of degree 2 p1 1 x 2x2...

Algebra
Q

January 2022 Jeanne husband firs. in October 2022 Jeanne married Toby. Jeanne has no dependents....

Accounting
Q

Doru veya Yanl... Uzun vadeli bir bor senedi dzenlendiinde, tutarn tamam balangta uzun vadeli bir...

Accounting
Q

C 15 5.25 points Exercise B-17 (Algo) Future value of an amount plus an annulty...

Accounting
Q

Required information [The following information applies to the questions displayed below.] "We really need to...

Accounting