partnership of Rachel, Adams, and Nixon
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 3SEB
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Question
The partnership of Rachel, Adams, and Nixon has the following
| Debit | Credit | |
|---|---|---|
| Cash | $ 20,000 | |
| Accounts Receivable (net) | 30,000 | |
| Inventory | 35,000 | |
| Plant and Equipment (net) | 215,000 | |
| Accounts Payable | $ 40,000 | |
| Rachel, Capital | 120,000 | |
| Adams, Capital | 90,000 | |
| Nixon, Capital | 50,000 | |
| Total | $ 300,000 | $ 300,000 |
The partners share
Required:
Prepare a cash distribution plan as of September 30, 20X9, showing how much cash each partner will receive if the offer to sell the assets is accepted.
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