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It is now January 1st 2025 and sadly the Schiff, Schumer, Pelosi, Trump (PSST) partnership is coming to an end On January 1st the balance
It is now January 1st 2025 and sadly the Schiff, Schumer, Pelosi, Trump (PSST) partnership is coming to an end On January 1st the balance shee of the PSST is as follows: Accounts payab 500,000 cash accts rec. equip (net) land 200,000 300,000 300,000 300,000 Schiff Capital Schumer capital Pelosi capital Trump capital 200000 100,000 40,000 260,000 total assets assets 1,100,000 Remember, partners share profits equally 40% Schumer, 30% Schiff 20% Pelosi 10% Trump A) On January 2nd can any partners take a safe payment? If yes who and how much. On January 22nd the partnership sold the accounts receivable for $180,000. B) On January 24th can any partners take a safe payment? If yes who and how much On February 11th the partnership sold the land for $150,000 C) On February 15th can any partner take a safe payment? If yes who and how much On March 5th the partnership sold the equipment for book value and paid off the accounts payable D) If any partner with a negative capital account balance CAN'T cover their negative balance how much does each partner receive on March 7th when the partnerships finally dissolves? E) If any partner with a negative capital account balance CAN cover their negative balance how much does each partner contribute or pay into the partnerhip on March 7th when the partnership finally dissolves
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