ACTG 3110 Chapter Notes -List Of Compositions By Johann Sebastian Bach
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1 Nov 2011
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The partnershipof W, X, Y, and Z has the following balance sheet: |
Cash | $ 34,000 | Liabilities | $ 45,000 |
Other assets | 240,000 | W,capital (50% of profits and losses) | 64,000 |
X,capital (30%) | 87,000 | ||
Y,capital (10%) | 44,000 | ||
Z,capital (10%) | 34,000 | ||
Z is personallyinsolvent, and one of his creditors is considering suing thepartnership for the $9,000 that is currently due. The creditorrealizes that liquidation could result from this litigation anddoes not wish to force such an extreme action unless the creditoris reasonably sure of getting the money that is due. If thepartnership sells the other assets, how much money must it receiveto ensure that $9,000 would be available from Zâs portion of thebusiness? Liquidation expenses are expected to be $19,000.(Do not round intermediate calculations.) Minimum Amount: |