The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership\'s being liquidated: cash, $22,286 other assets, $122,674 liabilities, $14,646 Marilyn capital, $58,416 Monroe capital, $71,898. The other assets were sold for $129,287. Marilyn and Monroe share profits and losses in a 2:1 ratio. Find the amount of cash that Marilyn should receive as a final cash distribution from the liquidation.
Select the correct answer.
Solution
Ans=62825
129287-122674=6613
6613*2/3+58416=62825
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The balance sheet of Marilyn and Monroe was as follows immediately pri.docx
1. The balance sheet of Marilyn and Monroe was as follows immediately prior to the partnership's
being liquidated: cash, $22,286 other assets, $122,674 liabilities, $14,646 Marilyn capital,
$58,416 Monroe capital, $71,898. The other assets were sold for $129,287. Marilyn and Monroe
share profits and losses in a 2:1 ratio. Find the amount of cash that Marilyn should receive as a
final cash distribution from the liquidation.
Select the correct answer.
$58,416
$62,825
$22,286
$14,857
Solution
Ans=62825
129287-122674=6613
6613*2/3+58416=62825
