The partnership of Ace, Cid, and Ben is going to be liquidated immediately. The partnerships financial position
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Question:
The partnership of Ace, Cid, and Ben is going to be liquidated immediately. The partnership’s financial position on December 31, 2016, is as follows:
Cash | $110,000 | Ace capital (35%) | 55,000 |
Other assets | 50,000 | Cid capital (35%) | 65,000 |
Loan to Cid | 10,000 | Ben capital (30%) | 50,000 |
$170,000 | $170,000 |
The partners decide to liquidate the business on January 3, 2017.
Required:
Prepare a safe payments schedule to show the amount of cash to be distributed to each partner if all available cash, except for a $10,000 contingency fund.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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