Question: Please show all work (if answer and working notes can be done in Word it would be greatly appreciated!) The year-end balance sheet and residual

Please show all work (if answer and working notes can be done in Word it would be greatly appreciated!)

Please show all work (if answer and working notes can be done

The year-end balance sheet and residual profit and loss sharing percentages for the Lugman, Idris, and Nylah partnership on December 31, 2020, are as follows: Cash $ 30,000 Accounts payable $200,000 Loan to Luqman 40,000 Loan from Idris 50,000 Accounts Receivable 100,000 Luqman, capital (25%) 70,000 Inventory 100,000 Idris, capital (25%) 80,000 Plant Assets 280,000 Nylah, capital (50%) 150,000 Total assets $550.000 Total liabilities and equity $550.000 The partners agree to liquidate the business and distribute cash when it becomes available. Required: Prepare a cash distribution plan for the Luqman, miwa Idris, and Nylah partnership (Include Vulnerability rankings and a Schedule of Loss Absorption Potential)

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