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Partners Ana, Beth, and Cathy have capital account balances of $98000 each. The income and loss ratio is 5:2:3, respectively. In the process of liquidating the partnership, noncash assets with a book value of $66700 are sold for $29800. The balance of Beth’s Capital account after the sale is $90620. $106940. $77990. $68034.

Respuesta :

Answer:

Balance of Beth’s Capital account after the sale = $90,620

Explanation:

Loss on sale of noncash assets = Assets' book value - Sales amount = $66,700 - $29,800 = $36,900

Beth’s share of loss on sale of noncash assets = $36,900 * (2 / (5 + 2 + 3)) = $36,900 * 0.20 = $7,380

Balance of Beth’s Capital account after the sale = Balance of Beth’s Capital account before the sale - Beth’s share of loss on sale of noncash asset = $98,000 - $7,380 = $90,620

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