Able, Buss, and Cane form a partnership. Able contributes $20,000 in capital and loans the firm $4000. Buss contribute
Posted: Fri Mar 04, 2022 9:39 am
Able, Buss, and Cane form a partnership. Able contributes
$20,000 in capital and loans the firm $4000. Buss contributes
$15,000 in capital. Cane contributes $5000 in capital and
allows the firm to charge $5000 worth of supplies at his (Cane’s)
hardware store. Later, the partners agree to dissolve.
After liquidating their assets, the firm has $50,000 in cash and
$22,000 owed to outside creditors. After paying all the
liabilities, how will the remaining cash be divided?
$20,000 in capital and loans the firm $4000. Buss contributes
$15,000 in capital. Cane contributes $5000 in capital and
allows the firm to charge $5000 worth of supplies at his (Cane’s)
hardware store. Later, the partners agree to dissolve.
After liquidating their assets, the firm has $50,000 in cash and
$22,000 owed to outside creditors. After paying all the
liabilities, how will the remaining cash be divided?