Charles, Carissa, and Clay are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Charles, $50,000 Cr.; Carissa, $40,000 Dr.; and Clay, $20,000 Cr. How much cash is available for distribution to the partners?
a. $20,000
b. $110,000
c. $30,000
d. $40,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Charles, Carissa, and Clay are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Question 3 Which type of business offers the best chance for quick decision-making? A) Corporation B) Limited partnership C) General partnership D) Sole proprietorship
Answers (1)
Which of the following accurately describes the difference between a change in supply and a change in quantity supplied? a.
Answers (1)
On February 1, a customer's account balance of $4,300 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?
Answers (1)
There are five steps involved in segmenting and targeting a market. what should a marketer do once he or she has grouped both potential buyers and products to be sold
Answers (1)
GDP is $7 trillion. If consumption is $3.5 trillion, investment is $1.4 trillion, and government purchases are $2.1 trillion, then: A) exports are equal to imports. B) exports exceed imports. C) imports exceed exports.
Answers (1)
New Questions in Business
In perfect competition A. the market demand curve and the individual's demand curve are identical. B. the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic. C.
Answers (1)
With regard to how people use time and their expectations of how it should be managed, members of which type of culture value efficiency production and fast results?
Answers (1)
How would u approach a fellow co-worker consistently does not perform hand-hygiene when it is indicated or appropriate.
Answers (1)
Which of the following statements is FALSE? A. The effective annual rate indicates the amount of interest that will be earned at the end of the year. B. The annual percentage rate indicates the amount of simple interest earned in one year. C.
Answers (1)
Match the business with the appropriate cost system (s) for that business using the number of the cost system where 1 = job order costing, 2 = process costing, and 3 = activity-based costing. a. Ketcher, Tryer, and Friar, attorneys-at-law b.
Answers (1)