The RiMiA decided to end their partnership business on September 30, 2018. On this date, their capital balances (before income allocation) and income and loss ratio were: Rino (40%) USD50,000; Mia (30%) USD60,000; and Ana (30%) USD20,000. From January 1 to September 30, 2018, the net income was USD44,000. Furthermore, cash and liabilities are USD40,000 and USD90,000, respectively, as of this date. Compute the amount that must be realized from the sale of the firm's non-cash assets for Rino to receive USD55,200 in full settlement of his interest in the firm?
The RiMiA decided to end their partnership business on September 30, 2018. On this date, their capital balances (before income allocation) and income and loss ratio were: Rino (40%) USD50,000; Mia (30%) USD60,000; and Ana (30%) USD20,000. From January 1 to September 30, 2018, the net income was USD44,000. Furthermore, cash and liabilities are USD40,000 and USD90,000, respectively, as of this date. Compute the amount that must be realized from the sale of the firm's non-cash assets for Rino to receive USD55,200 in full settlement of his interest in the firm?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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The RiMiA decided to end their
Rino (40%) USD50,000; Mia (30%) USD60,000; and Ana (30%) USD20,000.
From January 1 to September 30, 2018, the net income was USD44,000. Furthermore, cash and liabilities are USD40,000 and USD90,000, respectively, as of this date. Compute the amount that must be realized from the sale of the firm's non-cash assets for Rino to receive USD55,200 in full settlement of his interest in the firm?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT