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 P20,000 35.How much did Lilo 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 P20,000 35.How much did Lilo receive in the cash settlement?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 2BD
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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 P20,000
35.How much did Lilo receive in the cash settlement?
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