2 eBook Printem Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture Bray and Lincoln advanced 1225 and $300 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying creditors, the partnership has $1,500 in cash Use the minus sign to indicate any deficiency for the capital accounts a. How much net income was earned from the venture? 975 b. How should the $1.500 be distributed? Bray Lincoln Mapes Total Capital balances and cash distribution 75 x 75 x 75 X 225 x Assume that the partnership has only $300 instead of $1,500. Complete the following table to determine if any of the three partners have a capital defidency? Bray Lincoln Mapes Total Capital balances a Allocate equally the remaining cash adjusted for the advanced amount distributed income to partners. The original investments adjusted for the net income determines the tapital for each partner b. When remaining cash is less than cash advanced a lot occurs Allocate this ofference equally as the rest to the parties. The original investments less the net for determines the Goal for each partner. Are any of the capitales ng Check My Workmore Cheet Next A Wave Ce SIM