Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are
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Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are as follows:
The partners agree to keep a $10,000 contingency fund and to distribute available cashimmediately.
Transcribed Image Text:
Cash Other assets Accounts payable Fred capital (30%) Ethel capital (30%) Lucy capital (40%) $ 40,000 $120,000 85,000 $240,000 90.000 $240,000
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30 Fred 30 Ethel 40 Lucy January 1 balances 85000 25000 9...View the full answer
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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