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Ex 2: XYZ Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Sara $45,000 and Ahmed $20,000.
Ex 2:
XYZ Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Sara $45,000 and Ahmed $20,000. The firm is liquidated, and $120,000 in cash is received for the noncash assets. Sara and Ahmed income ratios are 60% and 40%, respectively.
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College Accounting A Practical Approach 1-15
Authors: Jeffrey Slater
4th Edition
013142050X, 978-0131420502
