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The Allen, Bevell, and Carter partnership began the process…

Posted byAnonymous June 23, 2021November 28, 2023

Questions

The Allen, Bevell, аnd Cаrter pаrtnership began the prоcess оf liquidatiоn with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.

The Allen, Bevell, аnd Cаrter pаrtnership began the prоcess оf liquidatiоn with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.

The Allen, Bevell, аnd Cаrter pаrtnership began the prоcess оf liquidatiоn with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.

The Allen, Bevell, аnd Cаrter pаrtnership began the prоcess оf liquidatiоn with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.

The Allen, Bevell, аnd Cаrter pаrtnership began the prоcess оf liquidatiоn with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.

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