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$50.00 Q4 advance accounting

  • From Business: Accounting
  • Closed, but you can still post tutorials
  • Due on May. 11, 2011
  • Asked on May 09, 2011 at 10:02:18PM
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slow1320
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Q:
12/31/2010 balance sheet of the Dick, Daniel, and Johnny partnership, along with the partners' residual profit and loss sharing ratios, is summarized as follows: Assets Cash 150.000 Rec 300,000 Inventory 375,000 Other 475,000 Total 1,300,000 Liabilities A/Pay 225,000 Loan from Daniel 50,000 Dick Capital (20%) 250,000 Daniel Capital (30%) 400,000 Johnny Capital (50%) 375,000 Total 1,300,000 The partners agree to liquidate their partnership as soon as possible after 1/1/11 and to distribute all cash as it becomes available. Required Prepare an advance cash distribution plan to show howcash will be distributed as it becomes available.