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The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: Keaton, Lewis, and Meador share profits...
The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $10,000.Assume that Lewis was personally insolvent and could not contribute any assets to the partnership, while Keaton and Meador were both solvent. What amount of cash would Keaton have received from the distribution of partnership assets? $38,000. $30,000. $24,000. $34,000. $31,600. The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.Before liquidating any assets, the partners determined the amount of cash available for safe payments. How should the amount of safe cash payments be distributed? In a ratio of 2:4:4 among all the partners. $18,333 to Henry and $16,667 to Jacobs. In a ratio of 1:2 between Henry and Jacobs. $15,000 to Henry and $10,000 to Jacobs. $21,667 to Henry and $3,333 to Jacobs. Gonda, Herron, and Morse is considering possible liquidation because partner Morse is personally insolvent. The partners have the following capital balances: $60,000, $70,000, and $40,000, respectively, and share profits and losses 30%, 45%, and 25%, respectively. The partnership has $200,000 in noncash assets that can be sold for $150,000. The partnership has $10,000 cash on hand, and $40,000 in liabilities. What is the minimum that partner Morse's creditors would receive if they have filed a claim for $50,000? $0. $27,500. $45,000. $47,500. $50,000. The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.All partners were solvent.What amount would noncash assets need to be sold for in order for any partner to receive some cash? $185,000 $170,000 $165,000 $ 95,000 $ 90,000 The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.All partners were solvent.What would be the minimum amount for which the noncash assets must have been sold, in order for Quincy to receive some cash from the liquidation? Any amount in excess of $170,000. Any amount in excess of $190,000. Any amount in excess of $260,000. Any amount in excess of $280,000. Any amount in excess of $300,000.
