Question

The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below.


The partners share profits and losses 30% (Cook), 50% (Parks), and 20% (Argo). The partners are all personally insolvent.

Required:
A. The partners wish to distribute the $40,000 in cash. Record in journal entry form the distribution of the available cash.
B. Record in journal entry form the completion of the liquidation process, assuming that the other assets of $50,000 are sold for$15,000.


$1.99
Sales13
Views115
Comments0
  • CreatedMarch 16, 2015
  • Files Included
Post your question
5000