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Not sure if what I have is correct. Following is the balance sheet of the BDO Partnership: $12,000 41,000 Cash Accounts Receivable Inventory Equipment $10,000
Not sure if what I have is correct.
Following is the balance sheet of the BDO Partnership: $12,000 41,000 Cash Accounts Receivable Inventory Equipment $10,000 41,000 32,000 Liabilities Brink, Capital Davis, Capita 34,000 56,000 Olsen, Capita 52,000 $139,000 $139,000 The partners share income 40:40:20, respectively. Assume that 70% of the receivables are collected and that inventory with a book value of $14,000 is sold for $9,000. All cash available at this time is to be distributed. Determine the proper distribution of cash, using the safe payment approach. (Round answers to O decimal places, e.g. 5,125. Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Noncash Assets Brink 40% Capital Balances Davis 40% Olsen 2090 Cash Liabilities unt Balances $10,000 $ 129,000 41,000) 28,700 38,700 9,000 47,700 Sale of Inventory. Colle 100,300 (12,000 41,000 (34,000 (52,000 Payment to Creditors 14,000 2,000 2,000 1,000 Payment to Partners (2,800)Step by Step Solution
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