TheCullumberCompany at December 31 has the following account balances. THECULLUMBERCOMPANY Item Cash + Noncash Assets = Liabilities

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TheCullumberCompany at December 31 has the following account balances.

THECULLUMBERCOMPANY

Item Cash + Noncash Assets = Liabilities + Ho, Capital + Li, Capital

Balances before liquidation $18,600 $136,400 $74,400 $49,600 $31,000

a. Cash of $136,400is received for the noncash assets. Ho's and Li's income ratios are60% and40%, respectively. Calculate how much cash each partner will receive on the liquidation of the partnership assuming any deficiencies are paid by the partners.

b. Cash of $74,400is received for the noncash assets. Ho's and Li's income ratios are60% and40%, respectively. Calculate how much cash each partner will receive on the liquidation of the partnership assuming any deficiencies are paid by the partners.

Posted Date: Jun 21, 2024 07:09 PM

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TheCullumberCompany at December 31 has the following account balances. THECULLUMBERCOMPANY Item Cash + Noncash Assets = Liabilities

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