Answer
Minimum amount for which the partnership must sell the other assets =$82,476
Explanation
When partnership gets liquidate, residual funds are distributed among partners as per their capital ratio calculated before liquidation.
Hence, capital ratio of Zed in the partnership = Zed capital / Total capital
= 42,000 / (72,000+90000+52,000+42,000)
= 42/256 = 16.41%
If Zed to obtain minimum $5,000 from the liquidation, then the residual money (to be distributed in partners) which should be left = $5,000 / 16.41% = $30,476
Total realization from total assets would be = Residual distributable + Liquidations expenses + Liabilities = $30,476 + $27,000 + $67,000 = $124,476
The minimum amount to be realised out of Other Assets = Total realization required - Cash available before liquidation = $124,476 - $42,000 = $82,476
Answer: The correct answer is
A: Decide the extent of necessary followup work.
Explanation: It is the responsibility of the Chief Audit Executive to decide the follow up process to be done.
The nature, timing and extent of follow up is communicated by the Chief Audit Executive and he also has the responsibility to find out from management why actions have not been taken.
Answer:
A. $ 2,152
Explanation:
The total selling price of 100 shares at $22.62 is
100 *22,62 = $ 2,262
Less:Brokerage firm fees <u>$ 110</u>
Money received from sale of 100
shares of TMX $ 2,152
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Answer: B.) Product Association
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