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irina [24]
2 years ago
10

Partners X, Y and Z have capital balances of $80, 000, $180,000 and $60,000 respectively. Immediately prior to liquidation. Tota

l remaining assets have a book value of $320,000 and assume liabilities have been paid. There is one remaining asset with a fair market value of $70,000. All three partners agree to share profit and loss equally. Z wishes to take the asset with him and start a new business and would accept $70,000 in cash; the remaining partners agree this would be fair. How much cash in addition to the asset would first be distributed to Z before any of the other partners receive anything? a. $100,000 b. $240,000 c. $30,000 d. $50,000
Business
1 answer:
Marysya12 [62]2 years ago
5 0

The cash distributed to Partner Z before the other partners is <em>$60,000.</em>

Data and Calculations:

Book value of assets = $320,000

Fair value of asset = $70,000

                                                     X              Y                Z             Total

Capital balances                $80,000   $180,000  $60,000    $320,000

Total assets available for distribution                                     $390,000

Assets assumed by Z                                          ($70,000)     ($70,000)

Balance                                                                                    $320,000

Distribution to partners  $80,000   $180,00   $60,000    $320,000

Cash distribution to partners depends on the cash realized from the assets.

Thus, the cash distributed to Partner Z before the other partners is<em> $60,000.</em>

Learn more about cash distributions to partners upon a partnership liquidation here: brainly.com/question/22693552

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Answer:

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4 0
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Answer:

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