Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000. After the liquidation expenses of $12,000 had been paid and the noncash assets sold, Creighton had a deficit of $8,000. For what amount were the noncash assets sold?

Complete Question:

The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:

Cash 16,000

Noncash asset 434,000

Total- 450,000

Liability-150000

Abrams-80,000

Bartle- 90,000

Creighton-130,000

total- 450,000

Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.

After the liquidation expenses of $12,000 were paid and the noncash assets sold, Creighton had a deficit of $8,000. For what amount were the noncash assets sold? Show your work.

Amount for which the noncash assets were sold = $170,000

Explanation:

Creighton's capital = $130,000

Creighton had a deficit of $8,000 that means total loss to Creighton = $130,000 + $8,000

  = $138,000

Creighton profits and losses ratio = 5/10

Hence total loss to all partners = $138,000 * (10/5) = $276,000

After the liquidation expenses paid , reamining cash = $16,000 - $12,000 =$4,000

Amount for which the noncash assets were sold = $450,000 - ( $276,000 + $4,000)

  = $450,000 - $280,000

  = $170,000

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi