Solution-Determine the amount distributed to alvarez

Determine the amount distributed to alvarez

Assignment Help Accounting Basics

Reference no: EM131125740

1. Prior to liquidating their partnership, Min and Alvarez had capital accounts of $120,000 and $200,000, respectively. The partnership assets were sold for $60,000. The partnership had no liabilities. Min and Alvarez share income and losses equally.

(a) Determine the amount of Min's deficiency.

(b) Determine the amount distributed to Alvarez, assuming Min is unable to satisfy the deficiency.

Reference no: EM131125740

Questions Cloud

How would you investigate, and what remedies would : You are a management consultant and have been asked by Messrs. Schmidt, Page, and Brin to investigate the public perception of Google as unresponsive, self-centered, and dangerously cocky. How would you investigate, and what remedies would you sugges..

Examine the development of one or two aspects of science : The goal is to write an essay of 1500 words, in which you examine the development of one or two aspects of science during a narrow time period (for example, try to limit it to 50 years, e.g. 600-650 BCE).

True about the maintenance of information systems : Which of the following statements is true about the "maintenance" of information systems?

Calories in a cheese burger : If a cheese burger has 320 calories, how many mL of ice cold water would a person have to drink to burn up the calories in a cheese burger?

Determine the amount distributed to alvarez : Prior to liquidating their partnership, Min and Alvarez had capital accounts of $120,000 and $200,000, respectively. The partnership assets were sold for $60,000.

Difficult time attracting-retaining effective-reliable sales : Maximillian Snell is having a very bad Monday at his “pre-owned” car dealership, Maximillian Motors. Known county-wide for his “eye-catching” (some would say obnoxious) television advertisements (with staged customers proclaiming “Thanks a million, M..

Apply the principle of superposition : The effect of the input R(s) and the disturbance Td(s) on the output Y(s) can be considered independently of each other because: a. This is a linear system, therefore we can apply the principle of superposition.

Why is success not more enduring : So often we see the successful firm eventually losing its pattern of success. Why is success not more enduring?

Determine the amount received by myers as a final : Prior to liquidating their partnership, Myers and Baird had capital accounts of $22,000 and $30,000, respectively.

User Account

All Pages

Determine the amount distributed to alvarez

Reference no: EM131125740

Reference no: EM131125740

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT