Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold, and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows: Harriet, $25,400 and 30%; Mickey, ($4,300) and 40%; Zack, $46,200 and 30%. Mickey is unable to contribute any assets to reduce the deficit. How much cash will Harriet receive as a result of the partnership liquidation?
a. $25,400
b. $24,110
c. $21,100
d. $23,250
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold, and the liabilities are paid. Following these ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash and signed a security agreement for the balance. Hale properly filed the security agreement. Drew defaulted in paying the balance of the purchase price.
Answers (1)
Pogmon Solutions, a computer manufacturer, is introducing a new product-a high-end gaming laptop. Its technicians take 21 hours to produce the first unit of the laptop, and the company follows a 78 percent learning curve.
Answers (1)
How is mutual accountability fostered? Select all that apply. a. Team members share accountability for the work. b. Managers have knowledge related to the work. c. Supervisors have discretion over resources used. d.
Answers (1)
Why might you need to verify risk elements if a substantial amount of time has passed since you performed a risk assessment?
Answers (1)
The difference between part-time work and job sharing is that a. people in job-sharing positions still receive benefits because they are essentially filling a full-time position, while part-timers do not receive benefits. b.
Answers (2)
New Questions in Business
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
Answers (1)
Nareen is single, 68 years old, and reports the following in 2018: a. $12,000 alimony received (divorced in 2010) b. $82,520 Schedule C profit c. $3,500 SEP (self-employed pension) plan contribution d. $7,150 qualified dividends e.
Answers (1)
Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007. What is the annual dividend on the preferred stock? a. $60 per shareb. $30,000 in totalc.
Answers (1)
a risk averse investor, which of the following four otherwise identical investment would you prefer? A. Security W, which exhibits a standard deviation of 2% and offers an average return of 12%. B.
Answers (1)