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    The document contains 3 multiple choice questions about liquidating partnership assets and distributing funds to partners based on priority. The questions ask to calculate amounts of noncash assets, amounts needed to be realized from asset sales, and amounts partners would receive under priority distribution.

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    The document contains 3 multiple choice questions about liquidating partnership assets and distributing funds to partners based on priority. The questions ask to calculate amounts of noncash assets, amounts needed to be realized from asset sales, and amounts partners would receive under priority distribution.

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    ACC 5

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    The document contains 3 multiple choice questions about liquidating partnership assets and distributing funds to partners based on priority. The questions ask to calculate amounts of noncash assets, amounts needed to be realized from asset sales, and amounts partners would receive under priority distribution.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views1 page

    Acc 5

    Uploaded by

    Unknown 01
    The document contains 3 multiple choice questions about liquidating partnership assets and distributing funds to partners based on priority. The questions ask to calculate amounts of noncash assets, amounts needed to be realized from asset sales, and amounts partners would receive under priority distribution.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    1.

    The amount of noncash assets before liquidation is


    a. 220,000 c. 210,000 e. none of these
    b. 218,600 d. 208,600

    2. The amount to be realized by the partnership on the sale of its assets so that
    Amy will receive a total of P38,000 in the final settlement of her interest is?
    a. 206,600 c. 238,600 e. none of these
    b. 18,600 d. 12,000

    3. Assuming Wisky received a total of P66,000, the amount that Troy would have received
    using priority program is
    a. 0 c. 10,000 e. 40,335 g. none of these
    b. 4,000 d. 43,333 f. 45,330

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