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The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 45,000 Liabilities $ 43,500 Noncash assets 249,000 Drysdale,
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation:
Cash | $ | 45,000 | Liabilities | $ | 43,500 |
Noncash assets | 249,000 | Drysdale, loan | 30,000 | ||
Drysdale, capital (50%) | 83,500 | ||||
Koufax, capital (30%) | 73,500 | ||||
Marichal, capital (20%) | 63,500 | ||||
- Liquidation expenses are estimated to be $24,000. Prepare a predistribution schedule to guide the distribution of cash.
- Assume that assets costing $83,000 are sold for $64,500. How is the available cash to be divided?
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