On December 31, 2020, the partnership of Abe, Bravo, Charlie, and Delta decided to liquidate the following account balances: Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to 10,000; 15,000; 10,000; and 5,000 respectively; determine the cash settlement given to Abe if the NCAs were sold for 100,000

On December 31, 2020, the partnership of Abe, Bravo, Charlie, and Delta decided to liquidate the following account balances: Cash NCA Liab. Bravo Charlie Abe Bravo Charlie Delfin Loan Loan (10%) (20%) (45%) (25%) 20,000 180,000 100,000 10,000 5,000 15,000 25,000 15,000 30,000 Assuming that that Bravo and Charlie are limited partners and Abe, Bravo, Charlie and Delfin are solvent up to 10,000; 15,000; 10,000; and 5,000 respectively; determine the cash settlement given to Abe if the NCAs were sold for 100,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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