InThe Early Part Of 2018 ?? > Gray, Stone andxGA partnership has the foll x conn

Question

InThe Early Part Of 2018 ?? > Gray, Stone andxGA partnership has the foll x connectmheducation.com/flow/connecthtml Saved Help Save & Exit Sub Check my worl A partnership has the following account balances Cash, $91,000, Other Assets, $645,000, Liabilities $326 00, Cleveland (30 percent), $135,000, Pierce (20 percent), $90,000. The company liquidates and $18,500 ,000, Nixon (50 percent of becomes available to the partners Who gets the $18,500? Determine how much of this amount should be distributed to each partner (Do not round intermediate calculations.) Nixon Cleveland Pierce Safe payments 1 of 1

Explanation / Answer

Solution:

Nixon Cleveland Pierce

Safe payments 11,100 7,400

Working:

Nixon Cleveland Pierce

Reported balance 185,000 135,000 90,000

Anticipated loss of 391,500 to be divided in 5:3:2 195,750 117,450 78,300

Potential balances -10,750 17,550 11,700

Potential loss 10,750 spilt in 3:2 -6,450 -4,300

Ccurrent cash distribution 11,100 7,400

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