The Balance Sheet of Rogers, Dennis & Berry LLP Prior

question 71

Essay

The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following:
$$\begin{array} { | l | r | } \hline \text { Cash } & \$ 40,000 \\\hline \text { Noncash assets } & 80,000 \\\hline \text { Liabilities } & 20,000 \\\hline \text { Loan Payable to Rogers } & 10,000 \\\hline \text { Rogers, Capital } & 35,000 \\\hline \text { Dennis, Capital } & 30,000 \\\hline \text { Berry, Capital } & 25,000 \\\hline\end{array}$$ The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid $35,000, and the balance of cash was retained pending future developments.
Record the journal entry for the cash distribution to the partners.

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Definitions:

Sample Proportion

The fraction of individuals in a sample displaying a particular trait or characteristic.

Control Limits

Statistical boundaries in quality control that indicate whether a process is operating within acceptable parameters.

Centerline

The centerline in statistical process control charts represents the process mean or average, around which all monitored values should ideally fluctuate within set control limits.

Delivery Men

Individuals who are responsible for transporting goods from one location to another, often employed by courier or food delivery services.