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44. Profit sharing among A, B, C, and D is carried out in the ratios of 40%, 40%, 15% and 5%. The estimates held by the partners prior to liquidation are as follows. Offset (Debit balance) Loans (Credit balance) Capital (Credit balance) $ 5,000 $ 40,000 10,000 30,000 $ 4,500 15,000 2,500 25,000 Cash available for distribution to partners currently amounts to $10,000. Prepare the journal entries needed to record the distribution of cash and the calculations to support this distribution.

44. Profit sharing among A, B, C, and D is carried out in the ratios of 40%, 40%, 15% and 5%. The estimates held by the partners prior to liquidation are as follows. Offset (Debit balance) Loans (Credit balance) Capital (Credit balance) $ 5,000 $ 40,000 10,000 30,000 $ 4,500 15,000 2,500 25,000 Cash available for distribution to partners currently amounts to $10,000. Prepare the journal entries needed to record the distribution of cash and the calculations to support this distribution.

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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44. Profit sharing among A, B, C, and D is carried out in the ratios of 40%, 40%, 15% and 5%. The estimates held by the partners prior to liquidation are as follows. Offset (Debit balance) Loans (Credit balance) Capital (Credit balance) $ 5,000 $ 40,000 10,000 30,000 $ 4.500 15,000 G 2,500 25,000 Cash available for distribution to partners currently amounts to $10,000. Prepare the journal entries needed to record the distribution of cash and the calculations to support this distribution. ロ| 山
Transcribed Image Text:44. Profit sharing among A, B, C, and D is carried out in the ratios of 40%, 40%, 15% and 5%. The estimates held by the partners prior to liquidation are as follows. Offset (Debit balance) Loans (Credit balance) Capital (Credit balance) $ 5,000 $ 40,000 10,000 30,000 $ 4.500 15,000 G 2,500 25,000 Cash available for distribution to partners currently amounts to $10,000. Prepare the journal entries needed to record the distribution of cash and the calculations to support this distribution. ロ| 山
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