The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:   Cash$90,000 Liabilities$60,000Noncash assets 300,000 Henry,capital 80,000    Isaac, capital 110,000    Jacobs, capital 140,000Total$390,000 Total$390,000??Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.?What amount of cash was available for safe payments, based on the above information?

A. $35,000.
B. $30,000.
C. $25,000.
D. $40,000.
E. $85,000.


Answer: C

Business

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What will be an ideal response?

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A) credit to Ian, Capital for $12,000 B) debit to Felix, Capital for $12,000 C) debit to Felix, Capital for $8000 D) credit to Income Summary for $20,000

Business

Which of the following is not an example of obvious financial reporting frauds as discussed in the text?

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