The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation:...
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The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $22,700; other assets, $143,400; liabilities, $42,500; Morgan, capital, $58,400; Rockwell, capital, $65,200. The other assets were sold for $120,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling Oa, $58,400 Ob. $42,800 Oc, $15,133 Od. $22,700 The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $22,700; other assets, $143,400; liabilities, $42,500; Morgan, capital, $58,400; Rockwell, capital, $65,200. The other assets were sold for $120,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling Oa, $58,400 Ob. $42,800 Oc, $15,133 Od. $22,700
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Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson
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