Bauer and Flynn share profits and losses in the ratio of 60/40

$5.00

Description

.0001pt; vertical-align: baseline;”>Bauer and Flynn share profits and
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.
=”msonormal”>

.0001pt; vertical-align: baseline;”>
11. If the Other Assets are sold for a lump sum of $70,000,
Bauer will receive which of the following amounts from
the partnership?
A. $20,000
B. $14,000
c. $12,000
D. $10,000
=”msonormal”>
.0001pt; vertical-align: baseline;”>
12. If the Other Assets are sold for a lump sum of $60,000 and
Flynn is solvent, Bauer will receive
A. $20,000.
B. $14,000.
c. $8,000.
D. $5,000.
=”msonormal”>
.0001pt; vertical-align: baseline;”>
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?
A. $32,000
B. $20,000
c. $15,000
D. $12,500

=”msonormal”>

Reviews

There are no reviews yet.

Be the first to review “Bauer and Flynn share profits and losses in the ratio of 60/40”

Your email address will not be published. Required fields are marked *