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Please answer all parts clearlyIt is now 2 0 3 0 and sadly ( or maybe happily ) Biden, McCarthy, Pelosi and Trump have decided
Please answer all parts clearlyIt is now and sadly or maybe happily Biden, McCarthy, Pelosi and Trump have decided to retire and get out of the septic tank business!
the Balance sheet on January is as follows:
Cash Accounts payable
Accounts receivable Note payable
Equipment
ad equipment Biden Capital
Land McCarthy Capital
Pelosi Capital
total assets Trump Capital
Remember, partners share profits equally and losses: Biden McCarthy Pelosi Trump
Because of the decision to dissolve the partnership, partners will NOT receive salary or interest in
a On January st what if any safe payments can the partners take?
b On January rd the partnership pays off the accounts payable
On January th what if any can the partners take?
c On January th the partnership sells the accounts receivables to the Harris Company for $
On January th what if any safe payments can the partners take
d On February th the partnership sells the land to the DeSantis Company for $
On February th what if any safe payments can the partners take assume no one has taken any safe payments so far
e On March nd the partnership sells the equipment to the Gavin Company for $ and pay off the note payable.
On March rd the company dissolves
how much does each partner receive if any partner with a negative capital balance is insolvent nobody has taken any safe payments
how much does each partner pay or receive if any partner with a negative capital balance is solvent and covers their negative balance.
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