Just answer C&D. It is now 2030 and sadly, the partnership of Pelosi, Trump,...
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Accounting
Just answer C&D.
It is now 2030 and sadly, the partnership of Pelosi, Trump, Schiff, and DeSantis is coming to an end On January 1 st 2030 they have the following balance sheet (remember, losses are divided equally profits: Pelosi and Trump 30\% Schiff and DeSantis 20% Required: a) On January 1st how much can each partner take as a safe payment? No Safe payments can be taken b) On January 31st, the equipment is sold for $400,000 On February 1st, how much can each partner take as a safe payment (assume no safe payments have been made so far) Cash still less than liabilities, so no safe payments c) On February 28th, the accounts receivable were sold for $400,000. On this date the partnership paid off the note payable and the accounts payable On March 1st how much can each partner take as a safe payment (assume no safe payments have been made so far) Pelosi$150,000.00TrumpSchiffDeSantis$150,000.00$0.00$0.00 d) On March 31st, the land was sold for $550,000 On April 1st how much will cash will each partner receive ( or pay in) if: a) any partner with a negative capital balance CANNOT cover their shortage b) any partner with a negative capital balance CAN cover their shortage
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Just answer C&D.