Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. chenard, jennings, and blair share profits and los

Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:...

70.2K

Verified Solution

Question

Accounting

Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:

CHENARD, JENNINGS, AND BLAIR PARTNERSHIP

Balance Sheet

December 31, 2020

Assets

Liabilities and Owners' Equity

Cash

$30,000

Liabilities

$170,000

Noncash assets

280,000

Chenard, Capital

50,000

Jennings, Capital

70,000

Blair, Capital

20,000

$310,000

$310,000

The partnership is liquidated by selling the noncash assets for $365,000, and creditors are paid in full.

Calculate the total amount of cash that Chenard will receive in the 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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Harris, Inc., has equity with a market value of $23.8 million and debt with a market value...

Finance
Q

A researcher found that there is an increase in undergraduate students doing part- time jobs to...

Statistics
Q

What would happen to the SA node if a chemical blocker was used to reduce transport...

Medical Sciences
Q

Listening is a difficult skill. What does it take to be an effective listener? Assess your...

Psychology
Q

Interview two police managers about instances when they've had to act on intuition, include what the...

Psychology
Q

O To determine the amount of income taxes withheld O To report annual income and...

Basic Math
Q

Find the surface area of the composite figure 4 cm 3 cm 4 cm 13...

Basic Math
Q

Compute the magnitude of the tangent vector and the unit tangent vector at t 1...

Calculus
Q

1 6 pts Rewrite the rational function g x are constants x 7 X in...

Algebra
Q

The following selected data were taken from the financial statements of Vidahill Inc. for December...

Accounting
Q

Lets say that professor Sanford dies (Note: This is not a duplicate question), and the...

Finance
Q

Question 1 [10 marks] Houston House (Pty) Ltd and Whitney Holdings are competitors in the...

Finance