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Need Help, Adv. Accy. Partnership-liquidation Parinerships 31 HOMEWORK EXERCISE 46 ABC Partnership had the following balances just before liquidation: Cash $26,000 31,000 62,000 Liabilities $50,000
Need Help, Adv. Accy. Partnership-liquidation
Parinerships 31 HOMEWORK EXERCISE 46 ABC Partnership had the following balances just before liquidation: Cash $26,000 31,000 62,000 Liabilities $50,000 18,000 25,000 26,000 Inventory Other Assets A, Capital B, Capital C, Capital Gain/loss ratio is 4:3:3. Liquidation expenses are estimated to be $12,000. The Other Assets are sold for $40,000. Required: Determine the distribution that can be made to the partnersStep by Step Solution
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