The Justin, Kyle, and Lulu partnership was dissolved by the partners on May 1, 2014. Their balance sheet on that date is shown below:
In May, other assets with a book value of $46,000 were sold for $50,000 in cash.
Required:
Determine how the available cash on May 31, 2014 will be distributed.

Question

The Justin, Kyle, and Lulu partnership was dissolved by the partners on May 1, 2014. Their balance sheet on that date is shown below:
  In May, other assets with a book value of $46,000 were sold for $50,000 in cash.
Required:
Determine how the available cash on May 31, 2014 will be distributed.

Quizplus · Accepted Answer

The Answer of The Justin, Kyle, and Lulu partnership was dissolved by the partners on May 1, 2014. Their balance sheet on that date is shown below:
  In May, other assets with a book value of $46,000 were sold for $50,000 in cash.
Required:
Determine how the available cash on May 31, 2014 will be distributed.

The Justin, Kyle, and Lulu Partnership Was Dissolved by the Partners