Wenyou Company at December 31 has (amounts in thousands) cash 20,000, non-cash assets 100,000, liabilities 55,000, and
Question:
Wenyou Company at December 31 has (amounts in thousands) cash ¥20,000, non-cash assets ¥100,000, liabilities ¥55,000, and the following capital balances: Wen ¥45,000 and You ¥20,000. The firm is liquidated, and ¥105,000 in cash is received for the non-cash assets. Wen and You income ratios are 60% and 40%, respectively.
Instructions
Prepare a schedule of cash payments.
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Item Balances before liquidation Sale of noncash assets and allo cation of gain Ne...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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