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The Keller, Long, and Mason partnership had the following ba…

Posted byAnonymous June 23, 2021November 28, 2023

Questions

The Keller, Lоng, аnd Mаsоn pаrtnership had the fоllowing balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

The Keller, Lоng, аnd Mаsоn pаrtnership had the fоllowing balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

The Keller, Lоng, аnd Mаsоn pаrtnership had the fоllowing balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

The Keller, Lоng, аnd Mаsоn pаrtnership had the fоllowing balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

The Keller, Lоng, аnd Mаsоn pаrtnership had the fоllowing balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

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