The balance sheet of the Park, Quid, and Reggie partnership on November 1, 2014 (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 30, 2014 should be distributed.

Question

The balance sheet of the Park, Quid, and Reggie partnership on November 1, 2014 (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 30, 2014 should be distributed.

Quizplus · Accepted Answer

The Answer of The balance sheet of the Park, Quid, and Reggie partnership on November 1, 2014 (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 30, 2014 should be distributed.

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