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Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $44,000 and $59,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $129,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?

Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $44,000 and $59,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $129,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?

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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Distribution of Cash Upon Liquidation

David Oliver and Umar Ansari, with capital balances of $44,000 and $59,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $129,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?

 

 

 

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