As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentagesfor the sharing of profits and losses:Cash$160,000Noncash assets410,000Liabilities94,000Carlin, capital (30%)Yearly, capital (40%)Granite, capital (30%)276,000239,500(39,500)The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be$20,000.How much of the existing cash balance could be distributed safely to partners at this time?Short Answer Toolbar navigation.B I U S E : = E E E>

As granite capital is in negative the partner will bring cash upto that amount. 1. Determination…

As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and losses: Cash $160,000 Noncash assets 410,000 Liabilities 94,000 Carlin, capital (30%) Yearly, capital (40%) 276,000 239,500 Granite, capital (30%) (39,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $20,000. How much of the existing cash balance could be distributed safely to partners at this time? Short Answer Toolbar navigation

As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and losses: Cash $160,000 Noncash assets 410,000 Liabilities 94,000 Carlin, capital (30%) Yearly, capital (40%) 276,000 239,500 Granite, capital (30%) (39,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $20,000. How much of the existing cash balance could be distributed safely to partners at this time? Short Answer Toolbar navigation

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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