Use the following information to answer the question(s)below.
On June 30,2011,the Able,Baker,and Charlie partnership had the following fiscal year-end balance sheet:
The percentages shown are the residual profit and loss sharing ratios.The partners dissolved the partnership on July 1,2011,and began the liquidation process.During July the following events occurred:
* Receivables of $6,000 were collected.
* All inventory was sold for $8,000.
* All available cash was distributed on July 31,except for
$4,000 that was set aside for contingent expenses.
-The book value of the partnership equity (i.e. ,total equity of the partners)on June 30,2011 is

Question

Use the following information to answer the question(s)below.
On June 30,2011,the Able,Baker,and Charlie partnership had the following fiscal year-end balance sheet:
  The percentages shown are the residual profit and loss sharing ratios.The partners dissolved the partnership on July 1,2011,and began the liquidation process.During July the following events occurred:
* Receivables of $6,000 were collected.
* All inventory was sold for $8,000.
* All available cash was distributed on July 31,except for
$4,000 that was set aside for contingent expenses.
-The book value of the partnership equity (i.e. ,total equity of the partners)on June 30,2011 is

Quizplus · Accepted Answer

A)($28,000 Able capital + $20,000 Baker capital + $12,000 Charlie capital + $10,000 Loan from Charlie - $12,000 Loan to Able)

Use the Following Information to Answer the Question(s)below