Multiple Choice A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow: A B C Before the sale 48,000 12,000 62,000 After the sale 32,800 10,800 24,000 The carrying amount of the assets sold is: a. 60,400 b. 182,400 c. 195,600 d. 204,000
Multiple Choice A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow: A B C Before the sale 48,000 12,000 62,000 After the sale 32,800 10,800 24,000 The carrying amount of the assets sold is: a. 60,400 b. 182,400 c. 195,600 d. 204,000
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 39P
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Multiple Choice
A, B, and C decided to liquidate their
| A | B | C | |
| Before the sale | 48,000 | 12,000 | 62,000 |
| After the sale | 32,800 | 10,800 | 24,000 |
The carrying amount of the assets sold is:
a. 60,400
b. 182,400
c. 195,600
d. 204,000
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