Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 4.00

Freda, and Grace partnership

Safe payments schedule

A condensed balance sheet with profit sharing percentages for the Evers, Freda, and Grace partnership on January 1, 2011, shows the following:

Cash

$100,000

Liabilities

$ 80,000

Other assets

500,000

Evers capital (40%)

100,000
   

Freda capital (40%)

250,000
   

Grace capital (20%)

170,000
 

$600,000

  

$600,000

On January 2, 2011, the partners decide to liquidate the business, and during January they sell assets with a book value of $300,000 for $170,000.

REQUIRED: Prepare a safe payments schedule to show the amount of cash to be distributed to each partner if all available cash, except for a $10,000 contingency fund, is distributed immediately after the sale.

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Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 4.00

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