Question
Harold and Jack do business as Nothshore Supplies, a general partnership. On January 1, 2013, Harold and Jack admitted Sandra to the partnership. On October
Harold and Jack do business as Nothshore Supplies, a general partnership.
On January 1, 2013, Harold and Jack admitted Sandra to the partnership.
On October 1, 2013, Northshore Supplies purchased and paid for equipment. There were no dispositions of property and equipment during 2013.
Partners drawings for 2013 were as follows: Harold: $560,000, Jack: $400,000, and Sandra: $300,000.
On January 1, 2014, the partners decide to liquidate the partnership. They agree all cash should be distributed as soon as it becomes available during the liquidation process. They also agree that a cash predistribution plan is necessary to facilitate the distribution of cash.
Task
Enter in the shaded cells the correct percentage to determine how much cash should be distributed to the creditors and partners, respectively, as it becomes available.
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