Following is the balance sheet of the Annie, Tommy, & Brittany Partnership on December 10,...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Following is the balance sheet of the Annie, Tommy, & Brittany Partnership on December 10, 2019, the date the partners authorized liquidation of the partnership. There were no unrecorded liabilities. Annie, Tommy, & Brittany Partnership Balance Sheet, December 10, 2019 Cash $ 30,000 Accounts payable $200,000 Other assets 470,000 Loan payable to Tommy 30,000 Annie, capital 92,000 Tommy, capital 100,000 Brittany, capital 78,000 Total assets $500,000 Total equities $500,000
Additional information:
a. The partners' income (loss)-sharing ratio: Annie, 55%; Tommy, 35%; and Brittany, 20%.
b. On December 10, noncash assets with a carrying amount of $340,000 were sold for $230,000 and all available cash was paid to creditors and to partners
State how much cash each partner would receive on December 10th assuming all available cash was paid to them after the creditors have been paid. SHOW WORK
Annie $__________ Tommy $__________ Brittany $__________
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: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.