The ABC Partnership Is to Be Liquidated and You Have

question 106

Essay

The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Andie, Becka, and Candice share income and losses in the ratio of 4:3:3, respectively. Assume the following:
1. The noncash assets were sold for $75,000.
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.)
Instructions
Using the above information, complete the Schedule of Cash Payments below:

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Definitions:

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