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The partners of Felch, Louise, & Jones LLP decided to liquidate on August 1, 2013. The partnership agreement stated the profit and loss ratio was
The partners of Felch, Louise, & Jones LLP decided to liquidate on August 1, 2013. The partnership agreement stated the profit and loss ratio was 25%, 45%, and 30%, respectively. The balance sheet, of the partnership, is as follows: Felch, Louise, & Jones LLP Balance Sheet August 1, 2013 Assets Cash Loan receivable from Felch Other assets $60,000 40,000 500,000 $600,000 Liabilities & Partners' Capital Trade aacounts payable Felch, capital Louise, capital Jones, capital $130,000 140,000 220,000 110,000 $600,000 Notes to the financial statement: The disposal of Other Assets, with a carrying amount of $200,000, realized $140,000. In addition, all available cash was distributed. Instructions: Prepare the schedule, in Excel, to compute the cash payments to the partners
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