Answered You can hire a professional tutor to get the answer.
QUESTION
The partners agree to liquidate the business and distribute cash when it become available. REQUIRED: PREPARE A CASH DISTRIBUTION PLAN FOR THE L, I,...
The partners agree to liquidate the business and distribute cash when it become available.
REQUIRED: PREPARE A CASH DISTRIBUTION PLAN FOR THE L, I, AND N PARTNERSHIP. (MUST SHOW ALL WORK)
The year-end balance sheet and residual profit and loss sharing percentages for L, I, and N partnership at December 31, 2016 are as follows.
cash$30000account payable$200000loan to L40000loan from I50000account receivable100000L, capital (25%)70000inventory100000I, capital (25%)80000plant assets280000N, capital (50%)150000total assets$550000total liabilities and equity$550000