Dino, Doods and Dong have the following accounts and their normal balances on July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership |Cash : 20,000 Accounts Receivable 25,000 Allowance for Bad Debts 5,000 Merchandise Inventory 60,000 Furniture & Equipment 50,000 Accumulated Depreciation 5,000 Accounts Payable 10,000 Notes Payable 27,000 Loan due to Dino 5,000 Loan due to Doods 7,000 Dino, Capital 20,000 Doods, Capital 40,000 Dong, Capital 36,000 The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow: Accounts receivable 10,000 Merchandise Inventory 30,000 Furniture & Equipment 20,000

Dino, Doods and Dong have the following accounts and their normal balances on July 31, 2015, the dale the partners agreed to liquidate their 3D Partnership |Cash : 20,000 Accounts Receivable 25,000 Allowance for Bad Debts 5,000 Merchandise Inventory 60,000 Furniture & Equipment 50,000 Accumulated Depreciation 5,000 Accounts Payable 10,000 Notes Payable 27,000 Loan due to Dino 5,000 Loan due to Doods 7,000 Dino, Capital 20,000 Doods, Capital 40,000 Dong, Capital 36,000 The partners divide profits and losses 4:1:5, respectively. Sales proceeds follow: Accounts receivable 10,000 Merchandise Inventory 30,000 Furniture & Equipment 20,000

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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