value .2.00 polnts The following condensed balance sheet is presented for the pa

Question

value .2.00 polnts The following condensed balance sheet is presented for the partnership of Finn, Gary, and Eugene who share profits and losses in the ratio of 2:4:4, respectively: Cash Other assets Finn, loan $70,000 730,000 Accounts payable Eugene, loan Finn, Capital Gary, Capital Eugene, Capital $250,000 30,000 110,000 230,000 82 Assume that the partners decide to liquidate the partnership. If the other assets are sold for $600,000, how much of the available cash should be distributed to Finn? O $90.000 O $84.000 O $64,000 O $110,000

Explanation / Answer

Cash to be distributed to Finn

Details Amount ($) Capital Balance 110,000 Less : Finn ' Loan (20,000) Less : Portion of loss on sales of other assets distributed to Finn : ($730,000 - $600,000) (26,000) Cash to be distributed to Finn $64,000

Related Questions

Navigate

• Browse (All)
• Browse V
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.