Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2016, are
Question:
The partners agree to keep a $30,000 contingency fund and to distribute available cash immediately.
REQUIRED:
Determine the amount of cash that should be paid to each partner.
Transcribed Image Text:
Cash Other assets S160,000 180.000 $340,000 Accounts payable Fed capital (30%) Ela capital (30%) Luc capital (40%) $60,000 110,000 50,000 120,000 $340,000
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30 Fed 30 Ela 40 Luc January 1 balances 110000 50000 12000...View the full answer
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Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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