Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2016, are

Question:

Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2016, are as follows:

The partners agree to keep a $30,000 contingency fund and to distribute available cash immediately.
REQUIRED:
Determine the amount of cash that should be paid to each partner.

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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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Question Posted: Feb 28, 2017 12:18 PM

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Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2016, are

Question:

Cash Other assets S160,000 180.000 $340,000 Accounts payable Fed capital (30%) Ela capital (30%) Luc capital (40%) $60,000 110,000 50,000 120,000 $340,000

Step by Step Answer:

30 Fed 30 Ela 40 Luc January 1 balances 110000 50000 12000...View the full answer

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