a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits andlosses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the$10,000 be divided?Answer is complete but not entirely correctAdamsBakerCarvilDobbsSAAdamsBakerCarvilDobbs$$$b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits andlosses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?Answer is complete but not entirely correct$$$2,000X3,000X3,000X2,000X692,000X2,000X3,000X3,000X The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 63,000 Liabilities $ 53,000 Land 245,000 Adams, capital 161,500Building 235,000 Baker, capital 51,000 Carvil, capital 106,000 Dobbs, capital 171,500 Total assets $543,000 Total liabilities and capital $543,000 To avoid more conflict, the partners have decided tocease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership's liquidation.

Partnership -A partnership is a type of business in which two or more people formally agree to…

a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? Answer is complete but not entirely correct Adams Baker Carvil Dobbs S S $ S 2,000X 3,000X 3,000X 2,000X b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?

a. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? Answer is complete but not entirely correct Adams Baker Carvil Dobbs S S $ S 2,000X 3,000X 3,000X 2,000X b. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 55,000 Liabilities $ 45,000 Land 205,000 Adams, capital 131,000 Building 195,000 Baker, capital 48,000 Carvil, capital 90,000 Dobbs, capital 141,000 Total assets $ 455,000 Total liabilities and capital $ 455,000 To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership’s liquidation. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and…
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 46,000 Liabilities $ 36,000 Land 160,000 Adams, capital 96,500 Building 150,000 Baker, capital 45,000 Carvil, capital 72,000 Dobbs, capital 106,500 Total assets $ 356,000 Total liabilities and capital $ 356,000 To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership’s liquidation. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and…
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. Cash $ 40,000 Liabilities $ 30,000 Land 130,000 Adams, capital 80,000 Building 120,000 Baker, capital 30,000 Carvil, capital 60,000 Dobbs, capital 90,000 Total assets $ 290,000 Total liabilities and capital $ 290,000 To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnership’s liquidation. Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion? (Do not round intermediate calculations.)
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