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Need asap 30 minutes please, thank you this is all given information !! show calculation please Beauty and Beast formed a partnership on May 1,
Need asap 30 minutes please, thank you this is all given information !! show calculation please
Beauty and Beast formed a partnership on May 1, 2015 and agreed to share profits and losses equally. However, on February 11th, 2021, they decided to liquidate their partnership. Assuming that after all noncash assets have been sold, the following account balances are available: Debit Credit Cash $40,000 Accounts Payable $32,000 Loan Payable to Beauty 6,000 Beauty, Capital 7,000 Beast, Capital 9,000 Assume that Beauty is personally solvent. To be fair to all the partners, available cash should be distributed with $32,000 for outside debt (i.e. accounts payable) and then: A. $0 to Beauty and $8,000 to Beast. B. $6,000 to Beauty and $2,000 to Beast. C. $4,000 to Beauty and $4,000 to Beast. D. Beauty should make additional investment to the partnership to eliminate her capital defici:before any cash can be distributed to the partnersStep by Step Solution
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