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Grackle, Buzzard, and Crow are partners sharing profits and losses 40/40/20 respectively. The business is doing poorly, and they decide to go out of business.
| Grackle, Buzzard, and Crow are partners sharing profits and losses 40/40/20 respectively. | |||
| The business is doing poorly, and they decide to go out of business. Their balance | |||
| sheet is below: | |||
| Cash | $200,000 | ||
| Receivable from Grackle | 100,000 | ||
| Property & Equipment | 550,000 | ||
| _______ | |||
| $850,000 | |||
| Property & Equipment of $350,000 was sold for $250,000. They estimate that liquidation | |||
| expenses will be $35,000. | |||
| Prepare a safe payment schedule after the assets are sold. | |||
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
