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