Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. after several years of business, abel, barney and

After several years of business, Abel, Barney and Cole are liquidating. the following are post-closing...

60.1K

Verified Solution

Question

Accounting

After several years of business, Abel, Barney and Cole are liquidating.

the following are post-closing account balances.

Cash 18,000

inventory 73,000

other assets 157,000

Accounts payable 61,000

Abel, capital 50,000

Barney, capital 50,000

Non-cash assets are sold for $275,000. Profits and losses are shared equally.

After all liabilities are paid, divide the remaining cash amongst the partners.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Plot each of the following functions in separate graph papers Show tabulation for each piecewise...

Basic Math
Q

There is a bond that has a quoted price of 97.695 and a par value of...

Finance
Q

Determine the pH at the equivalence (stoichiometric) point in the titration of 48 mL of 0.29...

Chemistry
Q

There are a number of empirical \"laws\" which relate different bulk continuum properties of materials. Describe...

Electrical Engineering
Q

After corona effects on 1.Infrastructure 2.Transport 3.Business 3.Tech companies. Consider various news sites analyse and then answer.But do not copy directly.Use...

General Management
Q

Listen point Which of the following scenarios represents the phenomenon of gene flow Only some...

Biology
Q

Explain the difference between finding P(A or B) and P(A and B). Suppose A and...

Basic Math
Q

3 Find the length of the hypotenuse X cos a 5 8

Calculus
Q

Graph each function in the interval from 0 to 2 2 sin x 1 4...

Algebra
Q

CCS Inc. issued 30,000 nonqualified stock options valued at $60,000 (in total) on December 31,...

Accounting
Q

On September 1, ABC Company borrows $8,000 from a bank and signs a note for...

Accounting
Q

Calculate WACC The Weighted Average Cost of Capital is sometimes called the Opportunity Cost of...

Finance