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Crawler Company on December 31 has cash $15,000, noncash assets $107,000, liabilities $89,400, and the following capital balances: Clemenza $14,950 and Tessio $17,650. The
Crawler Company on December 31 has cash $15,000, noncash assets $107,000, liabilities $89,400, and the following capital balances: Clemenza $14,950 and Tessio $17,650. The firm is liquidated, and $100,000 in cash is received for the noncash assets. Clemenza and Tessio income share income 2:3, respectively. Exam IV - Schedule of Cash Payments Question 45 (9 points) Prepare a Schedule of Cash Payments for the Crawler Company.
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short
8th edition
78025559, 978-0078025556
