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Problem Question 2 everal years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to operate the Deli Sisters Cafe. Rerouting
Problem Question everal years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to operate the Deli Sisters Cafe. Rerouting of bus lines caused declines in patronage to the extent that the partners have agreed to dissolve the partnership and liquidate the assets. The November balance sheet of the Deli Sisters Cafe and other data appear below. The partnership agreement did not specify how profits and losses were to be shared. DELI SISTERS CAF Balance Sheet November Cash $ Liabilities $ Supplies LoanIngram Equipment CapitalDennis Fixtures CapitalEdwards CapitalLacy CapitalIngram Total assets $ Total liabilities and capital $ Additional information: During November, sold half of the fixtures for $ Sold equipment with a book value of $ for $ During December, paid all outside creditors. A neighboring restaurant bought Deli Sisters Cafe's supplies at percent of cost Sold the remaining fixtures for $ During January, sold equipment with a book value of $ for $ Following the safe payment approach, specify how cash is to be distributed at the end of November, December, and January. Dennis Edwards Lacy Ingram November Answer Answer Answer Answer December Answer Answer Answer Answer January Answer Answer Answer Answer
Problem Question everal years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to operate the Deli Sisters Cafe. Rerouting of bus lines caused declines in patronage to the extent that the partners have agreed to dissolve the partnership and liquidate the assets. The November balance sheet of the Deli Sisters Cafe and other data appear below. The partnership agreement did not specify how profits and losses were to be shared.
DELI SISTERS CAF
Balance Sheet
November
Cash $ Liabilities $
Supplies LoanIngram
Equipment CapitalDennis
Fixtures CapitalEdwards
CapitalLacy
CapitalIngram
Total assets $ Total liabilities and capital $
Additional information:
During November, sold half of the fixtures for $ Sold equipment with a book value of $ for $
During December, paid all outside creditors. A neighboring restaurant bought Deli Sisters Cafe's supplies at percent of cost Sold the remaining fixtures for $
During January, sold equipment with a book value of $ for $
Following the safe payment approach, specify how cash is to be distributed at the end of November, December, and January.
Dennis Edwards Lacy Ingram
November Answer
Answer
Answer
Answer
December Answer
Answer
Answer
Answer
January Answer
Answer
Answer
Answer
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