losses in the ratio of 60/40. The afterclosing
trial balance of their partnership just prior to liquidation showed
Cash $5,000; Other Assets $80,000; Liabilities $60,000; Bauer, Capital
$20,000; and Flynn, Capital $5,000.
11. If the Other Assets are sold for a lump sum of $70,000,
Bauer will receive which of the following amounts from
12. If the Other Assets are sold for a lump sum of $60,000 and
Flynn is solvent, Bauer will receive
13. Assuming the partnership is liquidated on an installment
basis and Other Assets with a book value of $50,000 are
sold for $70,000, which one of the following amounts may
be paid to Bauer at that time?