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1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 24,000 2,000 23,000 11,200 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Fahed, Capital Total Account receivable Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment 4,800 $81,000 Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of $ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribulion schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.

1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 24,000 2,000 23,000 11,200 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Fahed, Capital Total Account receivable Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment 4,800 $81,000 Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of $ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribulion schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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= Before: 0 pt DR Group 0.) Position Wrap Bring Text Forward Backward - e Hyphenation Right 0" Send Selection After: 0 pt A Rotate Pane Paragraph Arrange 1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Eabed, Capital Total Account receivable 24,000 2,000 23,000 11,200 4,800 $81,000 Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of$ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribution schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.
Transcribed Image Text:= Before: 0 pt DR Group 0.) Position Wrap Bring Text Forward Backward - e Hyphenation Right 0" Send Selection After: 0 pt A Rotate Pane Paragraph Arrange 1- The partners in Al-Amoaj company decided to liquidate the firm when the balance sheet shows the following. Al-AMOAJ COMPANY Balance sheet March 30,2018 Assets Liabilities and owners' Equity $16,000 Cash $28,000 19,000 (1000) 28,000 17,000 (10,000) $81,000 Notes payable Accounts payable Wages payable Sultan, Capital Ahmed, Capital Eabed, Capital Total Account receivable 24,000 2,000 23,000 11,200 4,800 $81,000 Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation - equipment Total The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1- A total of$ 43,000 was received from converting noncash into cash 2- Liabilities were paid in full 3- Cash was paid to the partners with credit balances Instruction: a- Prepare a cash distribution schedule. b- Prepare the entries to record the transactions. C- Post to the cash and capital accounts.
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