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Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are as follows:  The partners agree to keep a $10,000 contingency fund and to distribute...

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Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are as follows:


The partners agree to keep a $10,000 contingency fund and to distribute available cashimmediately.
Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
121 Votes
Order id: PPSub190615_293706_11
Statement showing cash distribution
Fred Ethel Lucy
Capital Balance on 1 Jan,2011 200000 85000 25000 90000
Less: Contingency fund -10000 -3000 -3000 -4000
Add: Share of accounts payable 40000 12000 12000 16000
Less: Share of loss on assets -120000 -36000...
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