Test bank for modern advanced accounting 10th edition by hilton murray, herauf darrell

Test bank for modern advanced accounting 10th edition by hilton murray, herauf darrell A partnership is currently holding $350,000 in assets and $180,000 in liabilities. The partnership is to be liquidated and $25,000 is the best estimation of the expenses that will be incurred during this process. The four partners share profits and losses on a1:2:3:4 basis, respectively. Capital balances at the start of the liquidation are as follows: Boland, Capital $45,000 Marissa, Capital $30,000 Belz, Capital $24,000 Boland, Capital $15,000 The partners realize that Boland will be the first partner to start receiving cash. How much cash will Boland receive before any of the other partners collect any cash? a. $ 9,500 b. $30,000 c. $12,750 d. $14,000 - $30,000 Tolulope, Aris , and Stephanie have the following capital balances: Tolulope (30%) $120,000, Aris (20%) $160,000, and Stephanie (50%) $70,000. If the partnership is liquidated and $100,000 becomes available, which partner(s) will get that amount? a. $18,000 Tolulope, $72,000 Aris, $0 Stephanie b. $30,000 Tolulope, $20,000 Aris, $50,000 Stephanie c. $12,000 Tolulope, $88,000 Aris, $0 Stephanie d. $40,000 Tolulope, $60,000 Aris, $0 Stephanie - 12,000 Tolulope, $88,000 Aris, $0 Stephanie On December 31, 2016, the Decarreau, Andrew, and Bui partnership had the following fiscal year-end balance sheet: Cash $10,000 Accounts Receivable $20,000 Inventory $25,000 Plant assets - net $30,000 Loan to Decarreau $18,000 Total Assets $103,000 Accounts Payable $14,000 Loan from Bui $15,000 Decarreaua, Capital (20%) $32,000 Andrew, Capital (10%) $23,000 Bui, Capital (70%) $19,000 Total Liab./Equity $103,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on January 1, 2017, and began the liquidation process. During July the following events occurred: * Receivables of $18,000 were collected. * All inventory was sold for $15,000. *All available cash was distributed on January 31, except for $8,000 that was set aside for contingent expenses. The book value of the partnership equity (i.e., total equity of the partners) on December 31, 2016 is a. $58,000 b. $71,000 c. $66,000 d. $81,000 - $71,000 On December 31, 2016, the Decarreau, Andrew, and Bui partnership had the following fiscal year-end balance sheet: Cash $10,000 Accounts Receivable $20,000 Inventory $25,000 Plant assets - net $30,000 Loan to Decarreau $18,000 Total Assets $103,000 Accounts Payable $14,000 Loan from Bui $15,000 Decarreaua, Capital (20%) $32,000 Andrew, Capital (10%) $23,000 Bui, Capital (70%) $19,000 Total Liab./Equity $103,000 The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on January 1, 2017, and began the liquidation process. During July the following events occurred: * Receivables of $18,000 were collected. * All inventory was sold for $15,000. *All available cash was distributed on January 31, except for $8,000 that was set aside for contingent expenses.