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grin007 [14]
3 years ago
13

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realizatio

n, their capital balances are $30,000 and $20,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $38,000. a. What is the amount of a gain or loss on realization
Business
1 answer:
GrogVix [38]3 years ago
6 0

Answer:

$12,000

Explanation:

The amount of a gain or loss on realization is the difference between the sum of capital balances of partners and cash balance after settling all liabilities.

Total capital balances = $30,000 + $20,000 = $50,000

Total loss = Cash balance - Total capital balances = $38,000 - $50,000 = $12,000 loss.

Therefore, the amount of loss on realization is $12,000.

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The question that cannot be answered based on the information in the delivery truck data base is 2) What is the average number of customer deliveries made by each truck on a particular day?

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The total number of deliveries will then be added up and divided by the number of trucks making deliveries.

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2 years ago
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3 years ago
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Your answer is going to be true. 
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