The balance sheet of the Flail,Gail,and Hale partnership on October 1,2011 (the date of partnership dissolution)was as follows:
In October,other assets with a book value of $15,000 were sold for $17,000 in cash.
Required:
Determine how the available cash on October 31,2011 will be distributed.

Question

The balance sheet of the Flail,Gail,and Hale partnership on October 1,2011 (the date of partnership dissolution)was as follows:
  In October,other assets with a book value of $15,000 were sold for $17,000 in cash.
Required:
Determine how the available cash on October 31,2011 will be distributed.

Quizplus · Accepted Answer

The Answer of The balance sheet of the Flail,Gail,and Hale partnership on October 1,2011 (the date of partnership dissolution)was as follows:
  In October,other assets with a book value of $15,000 were sold for $17,000 in cash.
Required:
Determine how the available cash on October 31,2011 will be distributed.

The Balance Sheet of the Flail,Gail,and Hale Partnership on October