Use the following information to answer the question(s) below.
Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows:

-Que, Rae, and Sye are in the process of liquidating their partnership. Sye has agreed to accept the inventory, which has a fair value of $60,000, as part of her settlement. A balance sheet and the residual profit and loss sharing percentages are as follows: If the partners then distribute the available cash using a safe payments schedule, Sye will receive

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Use the following information to answer the question(s) below.
Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows:
 
-Que, Rae, and Sye are in the process of liquidating their partnership. Sye has agreed to accept the inventory, which has a fair value of $60,000, as part of her settlement. A balance sheet and the residual profit and loss sharing percentages are as follows:  If the partners then distribute the available cash using a safe payments schedule, Sye will receive

Quizplus · Accepted Answer

To find out how much cash Sye will receive, we need to first calculate the total value of the assets and liabilities, which is $315,000 ($245,000 in assets + $70,000 in liabilities). Sye's 30% share of this amount is $94,500. Since she has already agreed to accept the inventory with a fair value of $60,000, she will only receive the difference between her share of $94,500 and the value of the inventory ($94,500 - $60,000 = $34,500). However, there is also $6,000 in cash available for distribution, which brings Sye's total amount received to $41,500 ($34,500 + $6,000). The correct answer is therefore choice A.

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