Question: Help with accounting please. eBook Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance.

Help with accounting please.
eBook Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to

eBook Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Bray and Lincoln advanced $420 and $630 of their own respective funds to pay for advertising and other expenses, After collecting for all sales and paying creditors, the partnership has $1,710 in cash. Use the minus sign to indicate any deficiency for the capital accounts. a. How much net income was earned from the venture? b. How should the $1,710 be distributed? Bray Capital balances and cash distribution c. Assume that the partnership has only $900 Instead of $1,710. Lincoln Mapes Total Complete the following table to determine if any of the three partners have a capital deficiency? Bray Capital balances Lincoln Mapes Total

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