Assume the same information as in Exercise 12 14 except that

Assume the same information as in Exercise 12-14 except that capital deficiencies at liquidation are absorbed by the remaining partners according to their income (loss) ratio.

Required
Prepare the entry to distribute the remaining cash to the partners. Round calculations to the nearest whole dollar.

Membership

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$13.99
START MEMBERSHIP
OR

Non-Members