Question
Help with accounting please. eBook Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance.
Help with accounting please.
eBook Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Bray and Lincoln advanced $420 and $630 of their own respective funds to pay for advertising and other expenses, After collecting for all sales and paying creditors, the partnership has $1,710 in cash. Use the minus sign to indicate any deficiency for the capital accounts. a. How much net income was earned from the venture? b. How should the $1,710 be distributed? Bray Capital balances and cash distribution c. Assume that the partnership has only $900 Instead of $1,710. Lincoln Mapes Total Complete the following table to determine if any of the three partners have a capital deficiency? Bray Capital balances Lincoln Mapes Total
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