The following is the balance sheet of the fellowship. Other Assets Zendaya's Receivables $290,000 Accounts Payable Zendaya's Capital Moursh's Capital Total Liabilities $90,000 $15,000 $110,000 $105,000 Total Assets $305,000 $305,000 Zendaya and Moursh share a profit and loss sharing ratio of 55% : 45%. They agreed to liquidate the partnership. If other assets are sold for $310,000. So how much cash is available to be distributed to each partners?

The following is the balance sheet of the fellowship. Other Assets Zendaya's Receivables $290,000 Accounts Payable Zendaya's Capital Moursh's Capital Total Liabilities $90,000 $15,000 $110,000 $105,000 Total Assets $305,000 $305,000 Zendaya and Moursh share a profit and loss sharing ratio of 55% : 45%. They agreed to liquidate the partnership. If other assets are sold for $310,000. So how much cash is available to be distributed to each partners?

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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