Eve,Fig,Gus,and Hal are partners who share profits and losses 50%,25%,15%,and 10%,respectively.The partnership will be liquidated gradually over several months beginning January 1,2011.The partnership trial balance at December 31,2010 is as follows:
Required:
Prepare a cash distribution plan for January 1,2011,showing how cash installments will be distributed among the partners as it becomes available.Prepare vulnerability rankings for the partners and a schedule of assumed loss absorption.

Question

Eve,Fig,Gus,and Hal are partners who share profits and losses 50%,25%,15%,and 10%,respectively.The partnership will be liquidated gradually over several months beginning January 1,2011.The partnership trial balance at December 31,2010 is as follows:
  Required:
Prepare a cash distribution plan for January 1,2011,showing how cash installments will be distributed among the partners as it becomes available.Prepare vulnerability rankings for the partners and a schedule of assumed loss absorption.

Quizplus · Accepted Answer

The Answer of Eve,Fig,Gus,and Hal are partners who share profits and losses 50%,25%,15%,and 10%,respectively.The partnership will be liquidated gradually over several months beginning January 1,2011.The partnership trial balance at December 31,2010 is as follows:
  Required:
Prepare a cash distribution plan for January 1,2011,showing how cash installments will be distributed among the partners as it becomes available.Prepare vulnerability rankings for the partners and a schedule of assumed loss absorption.

Eve,Fig,Gus,and Hal Are Partners Who Share Profits and Losses 50%,25%,15%,and