The balance sheet of the Park,Quid,and Reggie partnership on November 1,2011 (before commencement of partnership liquidation)was as follows:
Liquidation events in November were as follows:
- All receivables were settled for $110,000;
- Plant assets with a book value of $90,000 were sold for $52,000.
Required:
Determine how the available cash on November 31,2011 should be distributed.

Question

The balance sheet of the Park,Quid,and Reggie partnership on November 1,2011 (before commencement of partnership liquidation)was as follows:
  Liquidation events in November were as follows:
- All receivables were settled for $110,000;
- Plant assets with a book value of $90,000 were sold for $52,000.
Required:
Determine how the available cash on November 31,2011 should be distributed.

Quizplus · Accepted Answer

The Answer of The balance sheet of the Park,Quid,and Reggie partnership on November 1,2011 (before commencement of partnership liquidation)was as follows:
  Liquidation events in November were as follows:
- All receivables were settled for $110,000;
- Plant assets with a book value of $90,000 were sold for $52,000.
Required:
Determine how the available cash on November 31,2011 should be distributed.

The Balance Sheet of the Park,Quid,and Reggie Partnership on November