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thats all i found in the textbook Problem 11-8A Liquidation of a partnership LOS excel CHECK FIGURES:a. Cash to Lul: $79,938; b. Cash to Lut:
thats all i found in the textbook
Problem 11-8A Liquidation of a partnership LOS excel CHECK FIGURES:a. Cash to Lul: $79,938; b. Cash to Lut: $68.625. c. Cash to Luk: $52.375d. Cash to Lul: $46,000 Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Premium Pool and Spa Balance Sheet June 30, 2020 $ 68,750 $130,375 Assets Cash Machinery Less: Accumulated depreciation.... Total assets $588,750 137.500 451,250 $520,000 Liabilities Accounts payable... Equity Jim Lul. Kent Montavo, capital. Dave Johnson, capital.. Total equity. Total liabilities and equity $ 76,250 200,875 112.500 . 389,625 $520,000 791 CHAPTER 11 Partnerships Required Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties on June 30, 2020, complete the schedule provided below. Jim Lui Capital Kent Dave Montavo, Johnson Capital Capital Machinery Accounts (net) Payable Cash Account balances June 30, 2020... Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: a. The machinery is sold for $488,130. b. The machinery is sold for $375,000. c. The machinery is sold for $212,500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187.500, and the partners have no assets other than those invested in the business. Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above Step by Step Solution
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