Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2011, are

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Fed, Ela, and Luc 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 cash immediately.
REQUIRED
Determine the amount of cash that should be paid to each partner.

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Advanced Accounting

ISBN: 978-0133451863

12th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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Question Posted: Nov 04, 2016 02:50 AM

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Fed, Ela, and Luc have decided to liquidate their partnership. Account balances on January 1, 2011, are

Question:

$120,000 120,000 $240,000 $40,000 85,000 25,000 90,000 $240,000 Cash Other assets Accounts payable Fed capital (30%) Ela capital (30%) Luc capital (40%)

Step by Step Answer:

30 Fed 30 Ela 40 Luc January 1 balances 85000 25000 9...View the full answer

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