ex 184 the abc partnership is to be liquidated and you have been hired to prepare a 4325024

Ex. 184

The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following:

1.The noncash assets were sold for $70,000.

2.Liabilities were paid in full.

3.The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency.)

Instructions

Using the above information, complete the Schedule of Cash Payments below:

ABC PARTNERSHIP

Schedule of Cash Payments

NoncashAlexaBitsyCoco

ItemCash+  Assets=Liabilities+Capital+Capital+Capital

Balances before

  liquidation25,000+150,000=50,000+25,000+35,000+65,000

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!