10) The ABC partnership has the following capital accounts on its books at December 31, 2017: Credit $200,000 120,000 40,000 A, Capital B, Capital C, Capital All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: a) A, $152,000; B, $88,000 C, $40,000 b) A, $128,000, B, $72,000; C, S-0- c) A. $152,000; B, $88,000, C, S-0- d) A, $60,000; B, $40,000; C, $100,000
10) The ABC partnership has the following capital accounts on its books at December 31, 2017: Credit $200,000 120,000 40,000 A, Capital B, Capital C, Capital All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: a) A, $152,000; B, $88,000 C, $40,000 b) A, $128,000, B, $72,000; C, S-0- c) A. $152,000; B, $88,000, C, S-0- d) A, $60,000; B, $40,000; C, $100,000
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
Related questions
Question
F18.
Transcribed Image Text:10) The ABC partnership has the following capital accounts on its books at December 31, 2017:
Credit
$200,000
120,000
40,000
A, Capital
B, Capital
C, Capital
All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in
excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash
assets are sold for $200,000, the partners should receive as a final payment:
a) A, $152,000, B, $88,000 C, $40,000
b) A, $128,000, B, $72,000; C, $-0-
c) A. $152,000; B, $88,000, C, $-0-
d) A, $60,000; B, $40,000; C, $100,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT