Following is the balance sheet of the Annie, Tommy, & Brittany Partnership on December 10,...
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Accounting
Following is the balance sheet of the Annie, Tommy, & Brittany Partnership on December 10, 2019, the date the partners authorized liquidation of the partnership. There were no unrecorded liabilities. Annie, Tommy, & Brittany Partnership Balance Sheet, December 10, 2019 Cash $ 30,000 Accounts payable $200,000 Other assets 470,000 Loan payable to Tommy 30,000 Annie, capital 92,000 Tommy, capital 100,000 Brittany, capital 78,000 Total assets $500,000 Total equities $500,000
Additional information:
a. The partners' income (loss)-sharing ratio: Annie, 55%; Tommy, 35%; and Brittany, 20%.
b. On December 10, noncash assets with a carrying amount of $340,000 were sold for $230,000 and all available cash was paid to creditors and to partners
State how much cash each partner would receive on December 10th assuming all available cash was paid to them after the creditors have been paid. SHOW WORK
Annie $__________ Tommy $__________ Brittany $__________
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