Partners Thelma Lou and Aunt Bee each have a $50,000 capital balanceand share profits and losses in a 2:1 ratio, respectively. The cash balanceis $40,000, non-cash assets total $210,000, and liabilities total $150,000. Ifthe non-cash assets are sold for $180,000, what amount will Thelma Loureceive after liquidation?$40,000O $70,000O $30,000O $50,000Which of the following statements about partnership financial statementsis false?OThe salary that a partner receives for profit sharing is reported on the partnershipincome statement.O The financial statements of a partnership are similar to those of a proprietorship.The partnership balance sheet will contain a withdrawal account for each partner.A partnership's balance sheet will contain a capital account for each partner.

Partners Thelma Lou and Aunt Bee each have a $50,000 capital balance and share profits and losses in a 2:1 ratio, respectively. The cash balance is $40,000, non-cash assets total $210,000, and liabilities total $150,000. If the non-cash assets are sold for $180,000, what amount will Thelma Lou receive after liquidation? O $40,000 O $70,000 O $30,000 O $50,000

Partners Thelma Lou and Aunt Bee each have a $50,000 capital balance and share profits and losses in a 2:1 ratio, respectively. The cash balance is $40,000, non-cash assets total $210,000, and liabilities total $150,000. If the non-cash assets are sold for $180,000, what amount will Thelma Lou receive after liquidation? O $40,000 O $70,000 O $30,000 O $50,000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 46P

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