The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash . . . . . . . . . . . . . . . . . . . $ 50,000 Liabilities . . . . . . . . . . . . . .. . $ 42,000Other assets . . . . . . . . . . . . 150,000 Miller, capital . . . . . . . . . . . . 69,000Tyson, capital . . . . . . . . . . . .69,000Watson, capital . . . . . . . . . . 20,000 For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital Cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation? Short Answer Toolbar navigation BI U S E > !!!

What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________ or a ________..

The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan Total assets $ 93,000 815,000 44,000 Beginning balances Sold assets $952,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $125,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Cash Other Assets $ 48,000 54,000 380,000 240,000 230,000 $952,000 Accounts Payable Hardwick, Loan and Capital Saunders, Capital Ferris, Loan & Capital