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How much of the money will each partner receive

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The following balance sheet is for a local partnership in which the partners have become very unhappy with each other.

Cash: $63,000

Land: 245,000

Building: 235,000

Total assets: $543,000

Liabilities: $53,000

Adams, capital: 161,500

Baker, capital: 51,000

Carvil, capital: 106,000

Dobbs, capital: 171,500

Total liabilities and capital: $543,000

Question 1: The building is immediately sold for $143,000 to give total cash of $206,000. The liabilities are then paid, leaving a cash balance of $153,000. This cash is to be distributed to the partners. How much of this money will each partner receive if profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:3:3 basis, respectively?

Question 2: Assume that profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 1:3:4:2 basis, respectively. How much money must the firm receive from selling the land and building to ensure that Carvil receives a portion?

Reference no: EM132583376

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