3. As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash $ 80,000 Noncash assets 205,000 Liabilities 47,000 Canton, capital (30%) 138,000 Yulls, capital (40%) 119,500 Garr, capital (30%) (19,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be S10,000. A. How much of the existing cash balance could be distributed safely to partners at this time? B. How much cash should Canton receive at this time, pursuant to a proposed schedule of liquidation?

3. As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash $ 80,000 Noncash assets 205,000 Liabilities 47,000 Canton, capital (30%) 138,000 Yulls, capital (40%) 119,500 Garr, capital (30%) (19,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be S10,000. A. How much of the existing cash balance could be distributed safely to partners at this time? B. How much cash should Canton receive at this time, pursuant to a proposed schedule of liquidation?

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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