D, E & F Are Partners Instructions: Assuming Actual Liquidation Expenses Are $40,000 and That Noncash

question 33

Essay

D, E & F are partners.According to the articles of copartnership they agree to share profit and loss in the ratio of 40%.40% and 20%...The partners have agreed to liquidate and anticipate liquidation expense would total $28,000.Prior to liquidation the following balance were available:
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$$\begin{array} { | l | l | } \hline \text { Cash } & \$ 50,000 \\\hline \text { Noncash Assets } & \$ 400,000 \\\hline \text { Notes Payable to E } & \$ 24,000 \\\hline \text { Other liabilities } & \$ 330,000 \\\hline \text { D Capital } & \$ 80,000 \\\hline \text { E Capital } & \$ 36,000 \\\hline \text { F Capital (Deficit) } & ( \$ 20,000 ) \\\hline & \\\hline\end{array}$$ Instructions: Assuming actual liquidation expenses are $40,000 and that noncash assets sold for$360,000.Determine how the assets will be distributed.F had net personal assets of $20,000.

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Definitions:

Lines of Authority

This refers to the formal chain of command within an organization, detailing who reports to whom.

Wider Spans

Refers to broader scopes of management control where supervisors oversee a larger number of subordinates or a wider range of activities.

Complex Tasks

Activities or jobs that require a high level of skill, expertise, and problem-solving abilities due to their intricate nature.

Team Effort

The collaborative work done by a group of people towards achieving a common goal or completing a task.