The partnership of Rachel, Joy, and Cecilia has the following account balances: Cash -36,000 Noncash assets - 100,000 Liabilities 17,000 Rachel, capital - 69,000 Joy, capital - (8,000) deficit Cecilia, capital - 58,000 This partnership is in the process of being liquidated. Rachel and Joy are each entitled to 40 percent of all profits and losses with the remaining 20 percent to Cecilia how much is to be paid to Cecilia?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The partnership of Rachel, Joy, and Cecilia has the following account balances:
Cash -36,000
Noncash assets - 100,000
Liabilities - 17,000
Rachel, capital - 69,000
Joy, capital - (8,000) deficit
Cecilia, capital - 58,000
This partnership is in the process of being liquidated. Rachel and Joy are each entitled to 40 percent of
all profits and losses with the remaining 20 percent to Cecilia
how much is to be paid to Cecilia?
Transcribed Image Text:The partnership of Rachel, Joy, and Cecilia has the following account balances: Cash -36,000 Noncash assets - 100,000 Liabilities - 17,000 Rachel, capital - 69,000 Joy, capital - (8,000) deficit Cecilia, capital - 58,000 This partnership is in the process of being liquidated. Rachel and Joy are each entitled to 40 percent of all profits and losses with the remaining 20 percent to Cecilia how much is to be paid to Cecilia?
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