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.

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Advanced Accounting

ISBN: 9780132568968

11th Edition

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

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Question Posted: Oct 15, 2011 10:36 AM

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Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are

Question:

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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