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Grouse, Flicker, and Partridge are partners sharing profits and losses 3 0 / 3 0 / 4 0 respectively.Their balance sheet is below.Cash$ 2 0
Grouse, Flicker, and Partridge are partners sharing profits and losses respectively.Their balance sheet is below.Cash$Payables to Creditors$Receivable from GrouseLoan to Partridge,Receivable from FlickerGrouse, CapitalProperty & EquipmentFlicker, CapitalGoodwillPartridge, Capital$$The business is doing poorly, and they decided to liquidate. As such, the goodwill is nonexistent.The goodwill was recorded when Flicker entered the business and was put entirely into Flicker's capital.The noncash assets were sold for $ and there are $ of liquidation expenses.All partners are personally insolvent.Prenare a lidudation schedule showins anv cash available to the nartners.
Grouse, Flicker, and Partridge are partners sharing profits and losses respectively.Their balance sheet is below.Cash$Payables to Creditors$Receivable from GrouseLoan to Partridge,Receivable from FlickerGrouse, CapitalProperty & EquipmentFlicker, CapitalGoodwillPartridge, Capital$$The business is doing poorly, and they decided to liquidate. As such, the goodwill is nonexistent.The goodwill was recorded when Flicker entered the business and was put entirely into Flicker's capital.The noncash assets were sold for $ and there are $ of liquidation expenses.All partners are personally insolvent.Prenare a lidudation schedule showins anv cash available to the nartners.
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