(1) After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.Cash 18,000Inventory 73,000Other assets 157,000 Accounts Payable 61,000 Abel, Capital 50,000 Barney, Capital 50,000 Cole, Capital 87,000Non-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.;(2) The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:Cash $10,000Other Assets 8,000Liabilities 4,000Brandon, Capital 7,000Ryan, Capital 7,000a. If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?;b. If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?
Paper#18872 | Written in 18-Jul-2015Price : $34