What will be the amount of cash received by downey

Assignment Help Accounting Basics
Reference no: EM131126103

1. Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Hilliard, $24,000 Dr.; Downey, $90,000 Cr.; and Petrov, $64,000 Cr. If Hilliard is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by Downey and Petrov upon liquidation?

Reference no: EM131126103

Questions Cloud

The members decide to liquidate the limited liability : In winding up operations during the month of May, noncash assets with a book value of $94,000 are sold for $116,500, and liabilities of $30,000 are satisfied. Prior to realization, Capital Sales has a cash balance of $8,000.
How can boston beer prevent such incidents from happening : We saw the detection of a problem with the freshness of a beer at a restaurant by Jim Koch himself. How can Boston Beer prevent such incidents from happening again? Can such distributor negligence or shortsighted actions be totally prevented by Bosto..
The partners share net income and loss in the ratio : The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29, 2010.
Describe the best tools and techniques organizations can use : What risks does the organization take if it does not invest in the resources necessary for maintaining alignment between IT and business strategy?
What will be the amount of cash received by downey : Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Hilliard, $24,000 Dr.; Downey, $90,000 Cr.; and Petrov, $64,000 Cr.
Relationship between religion in islamic circles : Much of Pop Art focused on mundane objects and repetitive imagery. Was there a meaningful "message" to Pop Art - Consider the subject matter and techniques of artists like Andy Warhol and Roy Lichtenstein.
How should the money be distributed : Assuming that the partnership has only $540 instead of $1,020, do any of the three partners have a capital deficiency? If so, how much?
Explain the pathogenesis of entrapment syndromes : While waiting in line at the department of motor vehicles you notice that one of the workers stops working on her computer to massage her wrists. You suspect that she may have carpal tunnel syndrome. Explain the pathogenesis of entrapment syndrome..
Explain the pathogenesis of the symptoms : Explain the mechanisms involved in the development of hypothermia, and explain the pathogenesis of the symptoms this man will be having

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Prepare an unadjusted trial balance

Prepare an unadjusted trial balance

  Amount of loss on the distribution of the land

There was no business purpose for Crow Corporation acquiring the land on April 12, 2009. As a result of the distribution what amount of Loss may Crow Corporation recognize on the distribution of the land?

  Problem regarding the phenomenological grounds

On phenomenological grounds, and from past  experience,  a  gamma distribution has been postulated for the population from which the data was sampled. The population parameters are unavailable. Carry out an A-D test to validate this probability mo..

  Determine the amount that polaris invested in capital assets

Determine the amount that Polaris invested in capital assets for that year

  Explain the difference between these two audit techniques

The test data method and an integrated test facility are similar in that they are both tests of applications controls and they both rely on the use of test data. Explain the difference between these two audit techniques.

  Property and liability insurance risk management problem

Property and Liability Insurance Risk Management Problem Using the steps in ths risk management process and all of the considerations regarding the handling of nsks. prep= a risk management proposal for the hypothetical business outlined below.

  Executes trades to fulfill orders placed by other investors

1. A Traders is one who executes trades to fulfill orders placed by other investors.

  Never used an accountant services

In the early part of 2015, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2014 but had never used an accountant's services.

  Entries related to armstrong''s net income and dividends

Prepare Simmons's entries related to Armstrong's net income and dividends, assuming Simmons now owns 10% of Armstrong's stock.

  On march 20terrells petty cash fund of 11487 is replenished

on march 20terrells petty cash fund of 114.87 is replenished when the fund contains 10.92 in cash and receipts for

  Compute the net present value and internal rate

Compute the net present value and internal rate of return to determine the financial feasibility of this project.

  Direct materials used 29000 direct labor 17000 variable

company has no beginning and ending inventories and reports the following information about its only productdirect

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd