Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,000 30.How much did Jade receive in the cash settlement?
Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the residual profit and loss sharing ration are as follows: Cash 198,000 Accounts payable 149,000 Inventory 80,000 Jade, capital (40%) 79,000 Plant assets 230,000 Kale, capital (40%) 140,000 Lilo, capital (20%) 140,000 Total assets 508,000 Total liabilities & equity508,000 Assuming that noncash assets were sold for P250,000 30.How much did Jade receive in the cash settlement?
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 53P
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Jade, Kale, And Lilo are in the process of liquidating their
Cash 198,000 Accounts payable 149,000
Inventory 80,000 Jade, capital (40%) 79,000
Plant assets 230,000 Kale, capital (40%) 140,000
Lilo, capital (20%) 140,000
Total assets 508,000 Total liabilities & equity508,000
Assuming that noncash assets were sold for P250,000
30.How much did Jade receive in the cash settlement?
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