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The LDP Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Landon, David, and Patricia share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $76.500 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency) Using the above information, complete the Schedule of Cash Payments below: (If an amount reduces the account balance then enter with a negative sign preceding the number eg-15,000 or parentheses eg (15,000)) Item Balances before liquidation Sale of noncash assets New balances Pay liabilities New balances Allocate capital deficiency New balances Cash distribution Cash $25,000 Noncash Assets $148,000 LDP PARTNERSHIP Schedule of Cash Payment Liabilities $51,000

The LDP Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Landon, David, and Patricia share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $76.500 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency) Using the above information, complete the Schedule of Cash Payments below: (If an amount reduces the account balance then enter with a negative sign preceding the number eg-15,000 or parentheses eg (15,000)) Item Balances before liquidation Sale of noncash assets New balances Pay liabilities New balances Allocate capital deficiency New balances Cash distribution Cash $25,000 Noncash Assets $148,000 LDP PARTNERSHIP Schedule of Cash Payment Liabilities $51,000

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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The LDP Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Landon, David, and Patricia share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $76,500. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency) Using the above information, complete the Schedule of Cash Payments below: (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg (15,000)) Item Balances before liquidation Sale of noncash assets New balances Pay liabilities New balances Allocate capital deficiency New balances Cash distribution Final balances Cash $25,000 Noncash Assets $148,000 LDP PARTNERSHIP Schedule of Cash Payment Liabilities $51,000
Transcribed Image Text:The LDP Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Landon, David, and Patricia share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $76,500. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency) Using the above information, complete the Schedule of Cash Payments below: (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or parentheses eg (15,000)) Item Balances before liquidation Sale of noncash assets New balances Pay liabilities New balances Allocate capital deficiency New balances Cash distribution Final balances Cash $25,000 Noncash Assets $148,000 LDP PARTNERSHIP Schedule of Cash Payment Liabilities $51,000
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