The Keller, Long, and Mason partnership had the following ba…

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Cash $ 115,000 Liabilities $ 45,000 Noncash assets 230,000 Keller, Capital 100,000     Long, Capital 70,000     Mason, Capital 130,000 Total $ 345,000 Total $ 345,000 Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?   Keller Long Mason A) $ 14,000 $ 28,000 $ 28,000 B) $ 37,000 $ 74,000 $ 74,000 C) $ 63,833 $ 0 $ 57,667 D) $ 0 $ 0 $ 121,500 E) $ 57,833 $ 12,000 $ 51,667

On April 1, 2023, Shannon Company, a U.S. company, borrowed…

On April 1, 2023, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1, 2024. The dollar value of the loan was as follows: Date Amount April 1, 2023 $ 97,000 December 31, 2023 103,000 April 1, 2024 105,000 How much foreign exchange gain or loss should be included in Shannon’s 2023 income statement? $3,000 gain $3,000 loss $6,000 gain $6,000 loss $7,000 gain

A partnership began its first year of operations with the fo…

A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the  net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.What was Young’s total share of net income for the second year?  

The Henry, Isaac, and Jacobs partnership was about to enter…

The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: Cash $ 90,000 Liabilities $ 60,000 Noncash assets 300,000 Henry, capital 80,000     Isaac, capital 110,000     Jacobs, capital 140,000 Total $ 390,000 Total $ 390,000 Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.What amount of cash was available for safe payments, based on the above information?  

The Allen, Bevell, and Carter partnership began the process…

The Allen, Bevell, and Carter partnership began the process of liquidation with the following balance sheet: Cash $ 25,000 Liabilities $ 175,000 Noncash assets 500,000 Allen, capital 90,000     Bevell, capital 100,000     Carter, capital 160,000 Total $ 525,000 Total $ 525,000 Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.If the noncash assets were sold for $275,000, what amount of the loss would have been allocated to Bevell with respect to the noncash assets?