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Cash Accounts receivable. $ 28,250 Liabilities..... Larson, capital (20%). Norris, capital (30%) . Spencer, capital (20%) . Harrison, capital (30%). Total liabilities and capital... $ 47,000 44,000 Inventory..... Land and buildings. Equipment . Total assets 60,000 75,000 41,250 104,000 $238,250 $238,250

Cash Accounts receivable. $ 28,250 Liabilities..... Larson, capital (20%). Norris, capital (30%) . Spencer, capital (20%) . Harrison, capital (30%). Total liabilities and capital... $ 47,000 44,000 Inventory..... Land and buildings. Equipment . Total assets 60,000 75,000 41,250 104,000 $238,250 $238,250

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation expenses. All partners are currently solvent.

The balance sheet reported by this partnership at the time that the liquidation commenced follows. The percentages indicate the allocation of profits and losses to each of the four partners.

Based on the information provided, prepare a predistribution plan for liquidating this partnership.

Cash Accounts receivable. $ 28,250 Liabilities..... Larson, capital (20%). Norris, capital (30%) . Spencer, capital (20%) . Harrison, capital (30%). Total liabilities and capital... $ 47,000 44,000 Inventory..... Land and buildings. Equipment . Total assets 60,000 75,000 41,250 104,000 $238,250 $238,250
Transcribed Image Text:Cash Accounts receivable. $ 28,250 Liabilities..... Larson, capital (20%). Norris, capital (30%) . Spencer, capital (20%) . Harrison, capital (30%). Total liabilities and capital... $ 47,000 44,000 Inventory..... Land and buildings. Equipment . Total assets 60,000 75,000 41,250 104,000 $238,250 $238,250
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