Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the partnership of winn, xie, yang, and zed has th

The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: $ 53,000...

50.1K

Verified Solution

Question

Accounting

image

The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: $ 53,000 Liabilities $ 68,000 83,000 102,000 63,000 53,000 Cash Other assets 316,000 winn, capital (50% of profits and losses) xie, capital (30) Yang, capital (10%) Zed, capital (108 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $28,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $28,000 from the liquidation Determine the amount for which the partnership must sell the other assets to ensure that Zed receives $28,000 from the liquidation? Liquidation expenses are expected to be $38,000. (Do not round intermediate calculations.) Minimum amount

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students