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The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez

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The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and Escobedo $20,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Rodriguez and Escobedo income ratios are 60% and 40%, respectively.

Instructions

Prepare a schedule of cash payments.


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THE BEST COMPANY Schedule of Cash Payments Item Cash Noncash Assets Liabilities Rodrigue…View the full answer


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Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Details
Chapter # 12- Accounting for Partnerships
Section: Exercises
Problem: 8
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Question Posted: September 13, 2011 08:48:16
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