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  • After The Accounts Are Closed On September 10 2008 Prior

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    M Bilal Saleem
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    The capital accounts for partners Mark, Donna, and Janice are $32,200, $5,400, and $28,400 respectively as of September 10, 2008. Total assets are $4,300 in cash and $73,700 in non-cash assets, with $12,000 owed to creditors. Between September 10-30, non-cash assets are sold for $47,300, the partner with a capital deficiency pays it to the partnership, and liabilities are paid.

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    After the Accounts Are Closed on September 10 2008 Prior

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    The capital accounts for partners Mark, Donna, and Janice are $32,200, $5,400, and $28,400 respectively as of September 10, 2008. Total assets are $4,300 in cash and $73,700 in non-cash assets, with $12,000 owed to creditors. Between September 10-30, non-cash assets are sold for $47,300, the partner with a capital deficiency pays it to the partnership, and liabilities are paid.

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    8 views1 page

    After The Accounts Are Closed On September 10 2008 Prior

    Uploaded by

    M Bilal Saleem
    The capital accounts for partners Mark, Donna, and Janice are $32,200, $5,400, and $28,400 respectively as of September 10, 2008. Total assets are $4,300 in cash and $73,700 in non-cash assets, with $12,000 owed to creditors. Between September 10-30, non-cash assets are sold for $47,300, the partner with a capital deficiency pays it to the partnership, and liabilities are paid.

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    © All Rights Reserved
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    After the accounts are closed on September 10 2008 prior

    After the accounts are closed on September 10, 2008, prior to liquidating the partnership, the
    capital accounts of Mark Nichols, Donna Newby, and Janice Patel are $32,200, $5,400, and
    $28,400, respectively. Cash and noncash assets total $4,300 and $73,700,
    respectively.Amounts owed to creditors total $12,000. The partners share income and losses in
    the ratio of 1:1:2. Between September 10 and September 30, the noncash assets are sold for
    $47,300, the partner with the capital deficiency pays his or her deficiency to the partnership, and
    the liabilities are paid.Instructions1. Prepare a statement of partnership liquidation, indicating (a)
    The sale of assets and division of loss, (b) The payment of liabilities, (c) The receipt of the
    deficiency (from the appropriate partner), (d) The distribution of cash.2. If the partner with the
    capital deficiency declares bankruptcy and is unable to pay the deficiency, explain how the
    deficiency would be divided between the partners.View Solution:
    After the accounts are closed on September 10 2008 prior
    SOLUTION-- http://expertanswer.online/downloads/after-the-accounts-are-closed-on-
    september-10-2008-prior/

    See Answer here expertanswer.online


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