Assume the same information as in QS 11-15 except that the Equipment was sold for $85,000 on
Question:
Assume the same information as in QS 11-15 except that the Equipment was sold for $85,000 on April 1, 2020. Prepare the journal entry to record the final distribution of cash.
QS 11-15
Sam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April 1, 2020, the partnership showed the following account balances just prior to liquidation:
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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2020 Apr1 Sam Capital 53750 Andrew Capital 40500 Mary Capital 22750 Cash 117000 To r...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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