The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000
The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling: Group of answer choices a) $49,500 b) $60,000 c) $46,000 d) $51,000
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
Related questions
Question
The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Marilyn capital, $60,000; Monroe capital, $80,000. The other assets were sold for $139,000. Marilyn and Monroe share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Marilyn will receive cash totaling:
Group of answer choices
a) $49,500
b) $60,000
c) $46,000
d) $51,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,