SATHENE Format Tools Table Window Sch SM_001-03 d age of e A me rt DARUB Design Layout Preces Mags Documents3 View Aria 8 A A A EL E E ACEA Once Update Topup-top crypt o cho Check for Account Notice wervenite a primit your prion, and we need your he t 49. DE F are partners. According to the articles of partnership they agree to share profit and loss in ther of The partners have agreed to liquide d e liquidation expense would total $28,000. Prior to liquidation the following balance were available | Cash S50,000 Noncash Assets $400.000 No Pay Other ibilities $330.000 D Capital $80,000 E Capital F Capital (Deficit) $20.000 Instructions A l iquidation expenses are $40.000 and that cash assets sold for 360,000 Determine how the set will be distributed. F had met penals of $20.000 @TOTA? Q99PWNIE ATHENE Document14 eferences Mailings Review View Aa AOE AEEE = = = Ev a AaBbcode AalbCode AaBbCcDc AaBb CeDdE No Spacing Heading 1 Heading 2 A: Normel s, fixes, and improvements, choose Check for Updates. ce 365 subscription, and we need your help to fix it. I am not understanding where the allocation deficit come from? Can please break down the number know how to get this. ATHENE Document15 Review ferences Mailings AOE A View E 21 la | AaBbCcDc AalbDd AaBb foces, and improvements, choose Check for Updates 365 subscription, and we need your help to fix it. Cash The 12,000 I am not sure where come from? 49. D, E & Fare partners. According to the articles of copartnership they agree to share profit and loss in the ratio of 40% 40% and 20%... The partners have agreed to liquidate and anticipate liquidation expense would total $28,000. Prior to liquidation the following balance were available: $50,000 Noncash Assets $400,000 Notes Payable to E S 24,000 Other liabilities $330.000 D Capital $80,000 E Capital $36,000 F Capital (Deficit) ($20,000) Instructions: Assuming actual liquidation expenses are $40,000 and that noncash assets sold for $360,000. Determine how the assets will be distributed. F had net personal assets of $20,000. ANSWER: Cash Noncash Liabilities D Capital E Capital F Capital Assets Begin $50000 $400,000 $330,000 $80000 $60000 ($20000) Balance (516000) ($16000) (58000) (400,000) ($32,000) ($32,000) (516,000) Liquid (540000) exp Sale Non $320,000 Cash Paymt of ($330,000) liab Contrib S20000 by F (5330,000) S20000 ($12000) ($12000) $24,000 Alloca of F deficit Dist to partner ($20,000) (520,000 (520,000)
