QUESTION 27 Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $50,000, and each partner is personally insolvent, Partner Macki will eventually receive cash of O a. $10,000 O b. $20,000 O c. $12,000 O d. $0 QUESTION 28 Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. Noncash assets with a book value of $110,000 are sold for $50,000. What amount of loss on realization should be allocated to Alpha? O a. $20,000 O b. $50,000 Oc $30,000 O d. $60,000

QUESTION 27 Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $50,000, and each partner is personally insolvent, Partner Macki will eventually receive cash of O a. $10,000 O b. $20,000 O c. $12,000 O d. $0 QUESTION 28 Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000, respectively, at the time they decide to terminate the partnership. Noncash assets with a book value of $110,000 are sold for $50,000. What amount of loss on realization should be allocated to Alpha? O a. $20,000 O b. $50,000 Oc $30,000 O d. $60,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter4: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 23CE

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