Page 1 of 1
The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $20,00
Posted: Sun Jun 05, 2022 7:32 pm
by answerhappygod
- The Balance Sheet Of Morgan And Rockwell Was As Follows Immediately Prior To The Partnership S Liquidation Cash 20 00 1 (16.03 KiB) Viewed 75 times
The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $20,000; other assets, $160,000; liabilities, $40,000; Morgan, capital, $60,000; Rockwell, capital, $80,000. The other assets were sold for $139,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling Oa. $60,000 Ob. $49,500 Oc. $46,000 Od. $51,000