The partnership of Rachel,Adams,and Nixon has the following trial balance on September 30,20X9:
The partners share profits and losses as follows: Rachel,50 percent; Adams,30 percent; and Nixon,20 percent.The partners are considering an offer of $180,000 for the accounts receivable,inventory,and plant and equipment as of September 30.The $180,000 will be paid to creditors and the partners in installments,the number and amounts of which are to be negotiated.
Required:
Prepare a cash distribution plan as of September 30,20X9,showing how much cash each partner will receive if the offer to sell the assets is accepted.

Problem 65 (continued):

Question

The partnership of Rachel,Adams,and Nixon has the following trial balance on September 30,20X9:
The partners share profits and losses as follows: Rachel,50 percent; Adams,30 percent; and Nixon,20 percent.The partners are considering an offer of $180,000 for the accounts receivable,inventory,and plant and equipment as of September 30.The $180,000 will be paid to creditors and the partners in installments,the number and amounts of which are to be negotiated.
Required:
Prepare a cash distribution plan as of September 30,20X9,showing how much cash each partner will receive if the offer to sell the assets is accepted.
  
Problem 65 (continued):

Quizplus · Accepted Answer

The Answer of The partnership of Rachel,Adams,and Nixon has the following trial balance on September 30,20X9:
The partners share profits and losses as follows: Rachel,50 percent; Adams,30 percent; and Nixon,20 percent.The partners are considering an offer of $180,000 for the accounts receivable,inventory,and plant and equipment as of September 30.The $180,000 will be paid to creditors and the partners in installments,the number and amounts of which are to be negotiated.
Required:
Prepare a cash distribution plan as of September 30,20X9,showing how much cash each partner will receive if the offer to sell the assets is accepted.
  
Problem 65 (continued):

The Partnership of Rachel,Adams,and Nixon Has the Following Trial Balance