wing balance just before liquidation: Cash 162, 000 Suzy, capital (50%) 297,000 Other assets 803,250 Milette, capital (25%) 209,500 Liabilities 269,750 Myra, capital (25%) 189,000 On the first month of liquidation, certain assets with book value of P500,000 were sold for P432,000. Liquidation expenses of P13,500 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P72,900 and sufficient cash is retained to insure the payment to creditors before making payments to partners. On the first payment to partners, Suzy receives P84,375. What is the amount of cash withheld for anticipated liquidation expense? a. 0 b. 237,600 c.197,100 d. 40,500
A balance sheet for the
Cash 162, 000 Suzy, capital (50%) 297,000
Other assets 803,250 Milette, capital (25%) 209,500
Liabilities 269,750 Myra, capital (25%) 189,000
On the first month of liquidation, certain assets with book value of P500,000 were sold for P432,000. Liquidation expenses of P13,500 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P72,900 and sufficient cash is retained to insure the payment to creditors before making payments to partners. On the first payment to partners, Suzy receives P84,375.
What is the amount of cash withheld for anticipated liquidation expense?
a. 0
b. 237,600
c.197,100
d. 40,500
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