The partnership of anderson, berry, hammond, and winwood is being liquidated. it currently holds cash of $20,000 but no other assets. liabilities amount to $30,000. the capital balances are

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DesireeGuzman4899 DesireeGuzman4899

21-11-2017
Business

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The partnership of anderson, berry, hammond, and winwood is being liquidated. it currently holds cash of $20,000 but no other assets. liabilities amount to $30,000. the capital balances are

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W0lf93 W0lf93 · Answer 1 · 2017-11-30T22:43:11+01:00

The company has no capital balance. On the contrary, it has -$10, 000 in debt since the amount in liability exceeds its cash after liquidation. Liquidation by its very meaning implies bankruptcy(the company can no longer meet its financial obligation) . I'm saying that If the company is being liquated and has no other asset beside its $20, 000 and if the company has to pay $30, 000 in debt.This is pretty intitutive, isn't It?